The Philippine Department of Trade and Industry (DTI) issued a new directive for real estate brokers, appraisers, and consultants in an attempt to protect the public from fly by night operators.
Under the new administrative order, real estate practitioners must be a member of an accredited real estate organization before a person can be given a license.
According to the DTI, membership to an accredited real estate organization contributes to the protection of the public’s interest since it addresses colorum real estate practice, and ensures compliance and observance of the real estate practice on ethics and standards, continuing educations and other licensing regulation to enhance consumer welfare and protection.
Also, the new regulation underscores that membership to these organizations will be institutionalized in order support private sectors initiative in self policing conduct of real estate practice.
It is likewise encourages other real estate organizations and associations to accredit themselves so that the new administrative order will not be limited to members of Realty Service Council of the Philippines (RESCOP), but also to new associations of practitioners. (The Philippine Star, January 17, 2008)
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