Republic Act No. 9646 Real Estate Service Act of the Philip…
Republic Act No. 9646
Real Estate Service Act of the Philippines
Section 3. xxx
4) REAL ESTATE BROKER – a duly REGISTERED and LICENSED natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein.
(5) REAL ESTATE SALESPERSON – a duly ACCREDITED natural person who performs service for, and in behalf of. a real estate broker who is registered and licensed by the Professional Regulatory Board of Real Estate Service for or in expectation of a share in the commission, professional fee, compensation or other valuable consideration.
Section 39. Penal Provisions – Any violation of this Act, including violations of implementing rules and regulations, shall be meted the penalty of a FINE of not less than P100,000.00 or IMPRISONMENT of not less than 2 years, or BOTH such fine and imprisonment upon the discretion of the court. In case the violation is committed by an unlicensed real estate service practitioner, the PENALTY shall be DOUBLE the aforesaid fine and imprisonment.
