Republic of the Philippines ? Professional Regulation Commission cea roy, Vaccum Manila cos ttetr ae Resolution No, 39 Series of 2019 CODE OF ETHICS AND RESPONSIBILITIES FOR REAL ESTATE SERVICE PRACTITIONERS Pursuant to Section 5 (f), Article Il 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” is 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 | 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 | 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. S g This Code shall provide for the standards that will guide the real estate service re 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 PRC Building, Paredes St, Sampaloc ames Philippine International Convention Center Manila, 1008 Philippines eee ‘Sotto St, Pasay City, 1307 PhilippinesPape 2 ots PRORAE Resoliion No. 39 (CODE OF ETHICS AND RESPONSIBILITIES FOR REAL ESTATE SERVICE PRACTITIONERS, 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) (b) () Section 2. To the Gene: (a) (b) (©) (a) The Practitioner shall always set a good example as a responsible law-abiding citizen. The Practitioner shall secure all necessary licenses, permits and authority as may be required by law, ordinance or rules and regulations, 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 1 Public The Practitioner shall contribute to the promotion of the common good by engaging in social responsibility activities and initiatives, 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 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. 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. hb \ wePage sof PRORAE-Resotiton No CODE OF ETHICS AND RESPONSTBLITES FOR REALESTATE SERVICE PRACTITIONERS Section 3. To the Client (a) The Practitioner shall be honest and trustworthy and shall observe sincerity, impartiality, faimess and loyalty in his/her professional practice, (b) The Practitioner shall exercise good faith in protecting and promoting the interest of the client vis-a-vis that of the other parties concerned (c) The Practitioner shall strictly observe _lient-practitioner confidentiality (4) 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 faimess, justice and good faith. (&) The Practitioner shall respect the dignity, honor, good reputation, and privacy of fellow practitioners. (©) 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, andlor to any court or tribunalPRERAE Reson No 39 (COLE OF ETHICS AND RESPONSIBILITIES FOR REAL ESTATE SERVICE PRACTITIONERS. 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 Let a copy hereof be furnished the UP Law Center. Done this__6th__day of __May, 2019 in the City of Manila Any, OFELIA C. BINAG ; ‘Von Chairperson FREL\M. FAJARDO PILAR SAN, leny}ber JOSE ARNOLD M. TAN VACANT Member MemberPage sors PRORAE-Resotuton No 39 CODE OF ETHICS AND RESPONSIBILITIES FOR REALESTATE SERVICE PRACTITIONERS ATTESTED: Lake A Bad ATTY. LOVELIKA T. BAUTISTA Chief, PRB Secretariat Division APPROVED: FR AL TEOFILO S. PILANDO, JR. Chairman JOSE {|CUETO, JR. lommissioner Commissioner (0-CH0.cOMMMO-COMMUPRE-RAEID SPRE TePyOAUYeOCeLTBeM UATE OF PUBLICATION IN THE OFFICIAL TE: A 24, 201 ATE OF EFFECTIVITY: Ae M, 2014