DTI issues new rule for realty brokers

The Department of Trade and Industry (DTI) has issued a new directive for real estate brokers, appraisers and consultants in an attempt to protect the public from fly by night operators.

Under a 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 ensure compliance and observance of the real estate practice on ethics and standards, continuing education and other licensing regulations to enhance consumer welfare and protection.

Also, the new regulation underscores that membership to these organizations will be institutionalized in order to support private sector initiatives in self-policing the conduct of real estate practice.

It likewise encourages other real-estate organizations and association to accredit themselves so 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.