The following was sent to me, and I am posting it here for informational purposes.
"WARNING TO DEALERS, BROKERS AND SALES
PERSONS
The facts are
known to you. They are public facts that no person involved in Philippines real
estate can deny or claim being unaware of.
As a professional, you not only have an ethical obligation
to tell your clients the truth, but a legal requirement to do so. Your failure
to disclose the truth about any developer, can result in criminal charges against
you ( ESTAFA) AND the loss of your professional license.
Legal requirements to sell subdivision lots or
condominium units;
PD 957, Title III, DEALERS, BROKERS AND
SALESMEN
Section 11. Registration of dealers, brokers and
salesmen. No real estate dealer, broker or salesman shall engage in the
business of selling subdivision lots or condominium units unless he has registered himself with the
Authority (HLURB) in accordance with the provisions of this section.
If the Authority shall find that the applicant is of good
repute and has complied with the applicable rules of the Authority, including
the payment of the prescribed fee, he shall register such applicant as a
dealer, broker or salesman upon filing a bond, or other security in lieu
thereof, in such sum as may be fixed by the Authority conditioned upon his
faithful compliance with the provisions of this Decree: Provided, that the
registration of a salesman shall cease upon the termination of his employment
with a dealer or broker.
Every registration under this section shall expire on the
thirty-first day of December of each year. Renewal of registration for the
succeeding year shall be granted upon written application therefor made not
less than thirty nor more than sixty days before the first day of the ensuing
year and upon payment of the prescribed fee, without the necessity of filing
further statements or information, unless specifically required by the
Authority. All applications filed beyond said period shall be treated as
original applications.
The names and addresses of all persons registered as
dealers, brokers, or salesmen shall be recorded in a Register of Brokers,
Dealers and Salesmen kept in the Authority which shall be open to public
inspection.
Section 12. Revocation of registration as dealers, brokers or salesmen.
Registration under the preceding section may be refused or any registration
granted thereunder, revoked by the Authority if, after reasonable notice and
hearing, it shall determine that such applicant or registrant:
1. Has violated any provision of this Decree or any rule
or regulation made hereunder; or
2. Has made a material false statement in his application
for registration; or
3. Has been guilty of a fraudulent act in connection with any sale of a subdivision
lot or condominium unit; or
4. Has
demonstrated his unworthiness to transact the business of dealer, broker, or
salesman, as the case may be.
In case of charges against a salesman, notice thereof
shall also be given the broker or dealer employing such salesman.
Pending hearing of the case, the Authority shall have the
power to order the suspension of the dealer's, broker's, of salesman's
registration; provided, that such order shall state the cause for the
suspension.
The suspension or revocation of the registration of a
dealer or broker shall carry with it all the suspension or revocation of the
registrations of all his salesmen.
RA 9646, Real Estate Services Act;
SEC. 19. Revocation or Suspension of the Certificate of
Registration/Professional License and Professional Identification Card. - The
Board may, after giving proper notice and hearing to the party concerned,
revoke the certificate of registration/professional license and professional
identification card of a real estate service practitioner
or suspend him/her from the practice of the profession *for any unprofessional or unethical conduct,
malpractice, or violation of any of the provisions of this Act, its
implementing rules and regulations, and the code of ethics for real estate service practitioners.
* Unethical
conduct is described as “ any willful omission or misrepresentation of fact”.
NATIONAL CODE OF ETHICS FOR THE REALTY SERVICE
PRACTICE
SECTION 3 - Relation to the Client/Customer
(a) The practitioner, in accepting an appointment or
authority to act for and in behalf of a client or customer, should pledge himself with utmost fidelity and
good faith to protect and promote the interest of his client…
Revised Penal Code Article 315: Criminal ESTAFA (
swindling)
“ ESTAFA is committed
by a person who defrauds another causing him to suffer damage, by means of
unfaithfulness or abuse of confidence, or by false pretense or fraudulent acts.
For the existence of the crime of ESTAFA, two elements are indispensable: fraud
and damage. In other words, the essential elements of ESTAFA are: (1) The
deceit employed to defraud another; and (2) the injury or damage caused
thereby”.
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