PROFESSIONAL REGULATORY BOARD OF REAL ESTATE SERVICE
Resolution No. 39
Series of 2019
CODE OF ETHICS AND RESPONSIBILITIES
FOR REAL ESTATE SERVICE PRACTITIONERS
Pursuant to Section 5 (f), Article II and Section 35, Article
IV of Republic Act (RA) No. 9646, otherwise known as “Real Estate Service Act
of the Philippines”, the Professional Regulation Commission (Commission),
through the Professional Regulatory Board of Real Estate Service (Board), hereby
adopts and promulgates the “Code of Ethics and Responsibilities for Real Estate
Service Practitioners”, hereinafter referred to as “The Code of Ethics and
Responsibilities”, after series of consultation with the different national
real estate associations/organizations.
PREAMBLE
The Real Estate Service practice is an honorable profession
that has a vital role in the social, political and economic development and
progress of the country. With highest regard for the mandates of the law, the
Board aspires to produce, develop and nurture a corps of technically competent,
responsible and respected professionals whose standards of practice shall be
nationally and globally competitive.
Toward this end, “The Code of Ethics and Responsibilities”
¡s hereby adopted and promulgated to govern the duties and responsibilities of
the real estate service practitioners to the general public, the government,
the client, the fellow practitioners, and the Accredited and Integrated
Professional Organization (AIPO).
Article I
SCOPE AND COVERAGE OF THE CODE OF ETHICS
As used in this Code, the Real Estate Service profession
shall embrace all acts of the Real Estate Consultants, Real Estate Appraisers,
Real Estate Assessors, Real Estate Brokers and Real Estate Salespersons as
provided for in Section 3(g), Article I and Section 27, Article IV of R.A. No.
9646 as well as of juridical entities engaged in the practice of real estate
service in accordance with Section 32, Article IV of R.A. No.9646.
This Code shall provide for the standards that will guide
the real estate service practitioners in the lawful, ethical and professional
practice of their respective professions.
Article Il
GENERAL PROVISIONS AND DECLARATION OF PRINCIPLES
Section 1 . The
Real Estate Service Practitioners (Practitioner) shall uphold the Constitution
and all the laws of the Republic of the Philippines.
Section 2. The
Practitioner shall exercise the profession with utmost integrity, fidelity, responsibility,
sincerity, respect and courtesy.
Section 3. The
Practitioner shall comply with the policies, rules and regulations promulgated
by the Board and the Commission.
Section 4. The
Practitioner shall uphold the generally accepted local and international
technical and ethical standards related to the practice of the profession.
Section 5. The
Practitioner shall promote the values of camaraderie, unity, solidarity, and
synergy in his/her professional relationship.
Article Ill
PROFESSIONAL RULES OF ETHICS AND RESPONSIBILITIES
Section 1. To the
Government
(a) The Practitioner shall always set a good example as a
responsible law-abiding citizen.
(b) The Practitioner shall secure all necessary licenses, permits
and authority as may be required by law, ordinance or rules and regulations.
(C) The Practitioner shall pay
correct taxes and fees required by law. They shall not encourage, tolerate or
participate, directly or indirectly, in the evasion or illegal reduction of any
payment that is due to the government.
Section 2. To the
General Public
(a) The Practitioner shall contribute to the promotion of the
common good by engaging in social responsibility activities and initiatives.
(b) The Practitioner shall cooperate with the government and the
AIPO in protecting the public against fraud, misrepresentation and unethical
practices of licensed, unlicensed and unauthorized individuals or parties that
adversely affect the integrity of the profession.
(c) The Practitioner shall enhance his/her competency, proficiency
and expertise in the practice by keeping abreast of the latest trends and developments
in the field of real estate service through the involvement in Continuing
Professional Development activities.
(d) The Practitioner shall participate in the proactive development
of real estate service by imparting knowledge, technical training, experiences,
studies or research, except those that are deemed classified or confidential
which may only be disclosed upon the consent of the parties concerned or lawful
order of competent authorities.
Section 3.
To the Client
(a) The Practitioner shall be
honest and trustworthy and shall observe sincerity, impartiality, fairness and
loyalty in his/her professional Practice.
(b) The Practitioner shall exercise
good faith in protecting and promoting the interest of the client vis-à-vis
that of the other parties concerned.
(c) The Practitioner shall strictly
observe client-practitioner confidentiality.
(d) The Practitioner shall fully
and truthfully disclose all pertinent and material facts involved in the
engagement.
(e) The Practitioner shall charge
or collect professional fee which is fair and reasonable in accordance with
real estate industry practice.
(f) The Practitioner shall not
accept professional fees or valuable consideration from other parties unless
with full disclosure and permission from the client.
(g) The Practitioner shall always
maintain transparency in all dealings with the client.
Section 4.
To Fellow Practitioners
(a) The Practitioner, in the
exercise of his/her rights and in the performance of his/her duties and
responsibilities, shall act with fairness, justice and good faith.
(b) The Practitioner shall respect
the dignity, honor, good reputation, and privacy of fellow practitioners.
(c) The Practitioner shall use or
furnish transactional document(s), only upon
the written consent of the practitioner/s from whom such documents originated.
Section 5.
To the Accredited and Integrated Professional Organization (AIPO)
(a) The Practitioner shall support
the AIPO by actively participating in its programs and activities.
(b) The Practitioner shall abide by
the procedures on mediation, conciliation and arbitration of grievances and
disputes. A Practitioner who is a party to any such grievances or disputes
shall, as far as practicable, exhaust all possible administrative remedies
within the context of the AIPO Bylaws before elevating the same to the jurisdiction
of the Board and/or Commission, and/or to any court or tribunal.
Article IV
Specific Duties and Responsibilities
Section 1. The Practitioner shall live up to the tenets enshrined in
the Oath of
Professional which he/she has sworn to abide by in the practice of the
profession.
Section 2. The Practitioner shall provide his/her services in a
competent, dedicated
and ethical manner compatible with the independence and integrity of
the profession.
Section 3. The Practitioner shall faithfully comply with this Code
of Ethics and
Responsibilities as well as with the separate Codes that will hereinafter
be issued for each of the real estate service disciplines. These separate
Codes shall be considered as integral parts of this Code of Ethics and
Responsibilities after their approval and promulgation.
Section 4. The Practitioner shall honor and abide by its commitments
with other
parties: Provided, that such agreement is in consonance with the laws,
public order, public policy, morals, good custom and this Code.
Article V
FINAL PROVISION
Subject to the requirements of due process, any violation of
this Code of Ethics and Responsibilities shall give rise to the imposition of
sanctions such as reprimand, suspension or revocation of license and other
penalties pursuant to Section 19, Article Ill and Section 39, Article V of RA
No. 9646, whatever is appropriate.
Article VI
EFFECTIVITY
This Code of Ethics and Responsibilities shall take effect
after (15) days following its publication in the Official Gazette or any
newspaper of general circulation in the Philippines.