Republic of the Philippines: Professional Regulation Commission : Manila PROFESSIONAL REGULATORY BOARO 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 Il and Section 35, Article IV of Republic Act (RA) No. 8646. 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 Respensibilties for Real Estate Service Practitioners’, hereinafter feferred ta 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 cauntry. With highest regard for the mandates of the law, the Board aspires to produce, develop and nurture @ 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 te the general public. the goverment, 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 Cade, the Real Estate Service profession shall embrace all acts af the Real Estate Consultants, Real Estate Appraisers, Real Estate Assessors, Real Estate Brokers and Real Estate Salespersons as provided for in Section ‘3(Q), 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 RA. No. . 8645, iB This Code shall provide for the standards that will guide the real estate service iL practitioners in the lawful, ethical and professional practice of their respective professions, Article Ii 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 exe'cise the profession with utmost integrity, fidelity, responsibility, sincerity, respect and courtesy FRE Noildng, Varese St, Sarmpaloe aren Philippine irsernatonat Mala, 1098 hippies ete ott 5 Panay Cty,3 ot PRR Raw ts 39 ‘CODE oF EThoce AND REERCAGiT ns OR BEAL ERTATE BE RVICE PMA THOMEDS 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 Intemational technical and ethical standards related {o the practice of the profession Section 5. The Practitioner shall promote the values of camaraderie, unity, solidarity, and synergy in hissher professional relationship. Article Ill PROFESSIONAL RULES OF ETHICS AND RESPONSIBILITIES Section 1, To the Government (a) {b) (ce) The Practitioner shall always set a good example as a responsible law-abiding citizen, ‘The Practitioner shall secure all necessary licenses, permits and Suthority as may be required by law, ordinance or rules and regulations. ‘The Practitioner shall pay correct taxes and fees required by law, ‘Thay shall not encourage, tolerate or participate, directly or indirectly, in the evasion oF illegal reduction of any payment that is due to the government Section 2. To the General Public ( (b) (co) (a) ‘The Practitioner shall contribute to the promotion of the common good by engaging in social responsiblity activities and initiatives. The Practitioner shall coaperate 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, excep! those that are deemed Classified or confidential which may only be disclosed upon the Consent of the parties concemed or lawful order of competent authorities. i d \ tyPoe aor PRIA Pano Ho Sot ae Tree eRe ame ics FOR LAL ESTATE RERVICE PRACTITONEAS Section 3. To the Client {a) {b) (ce) (a) fe) i) (9) The Practitioner shall be honest and trustworthy and shall observe sincerity, impartiality, faimess and loyalty in hisMher professional practice. The Practitioner shall exercise good faith in protecting and promoting the interest of the client vis-#-vis that of the ather parties cancemed., The Practitioner shall stvictly observe _client-practitionar confidentiality, The Practitioner shall fully and truthfully disclose ali pertinent and material facts involved in the engagement ‘The Practitioner shall charge or collect professional fee which is fair and reasonable in accordance with real estate industry practice. The Practitioner shall not accept professional fees or valuable consideration from other parties unless with full disclosure and Permission from the chent The Practitioner shail always maintain transparency in all dealings with the client, Section 4. To Follow Practitioners (a) (bo) {e) The Practitioner, in the exercise of hisMer rights and in the performance of his/her duties and responsibilities, act with fairness, justice and good faith The Practitioner shall respect the dignity, honor, good reputation, and privacy of fellow practitioners. The Practitioner shall use or fur h transactional document(s}, only upon the written consent of the practitioner/s from whom such documents originated. (bo) The Practitioner shail support the AIPO by actively participating in its programs and activities ‘The Practitioner shall abide by the procedures on mediation, conciliation and arbitration of grievances and disputes. A Practitioner who isa party to any such grievances or disputes shall, as far as practicable, exhaust all possibie administrative remedies within the context of the AIPO Bylaws before elevating the same to the jurisdiction of the Board and/or Commission, andfor to any court or tribunal,rok PRAT HOMES Article IV Spacific Dutios and Rosponsibilitios Section 1. The Practitioner shall live up to the tenets enshrined in the Oath of Professional which he/she has sworm 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 shail be considered as integral parts of this Code of Ethics and Responsibilities after thoir 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 Cade of Ethi 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. ‘Leta copy hereof be fumished the UP Law Genter ‘Done this 6th __ day of 2019___ in the City of Manila wl, OFELIA C6lNAG Chairperson PILAR wae ies JOSE LOM. TAN VACANT Member MemberPrue henson ne 35 (CODE OF EThaCa AND MERON TCS Ponta tatate eerce PCT NERS Bw S Zt 4 Bat. ATTY. LOVELIKA T. BAUTISTA ‘Chief, PRB Secretariat Division APPROVED: TEOFILO S. PILANDO, JR. 2 if ‘Chairman os JOSE Y.\CUETO, JR. Commissioner ce i one: cme TeeDRsYCOSRA Tae VATE OF PUBLICATION IN THE 5 oA 24, 2009, ¥ Mae 14, 2014