Rules and Regulations on Dealers, Brokers and Salesmen - HLURB

Revised Implementing Rules and Regulations on Dealers, Brokers and Salesmen

HLURB Circular No. 02, Series of 2015 (February 16, 2015)
HLURB website: http://hlurb.gov.ph/

hlurb.gov.ph

Here are the highlights of the Board Resolution.

Section 6 - All brokers and salespersons must be registered and licensed or accredited by the Professional Regulatory Board of Real Estate Service before they can engage in the practice of real estate services.

Section 7 - All business firms shall likewise first register with the HLURB in accordance with its existing rules and guidelines before they can engage in the practice of real estate service.

Section 8 - All applicants shall file a bond or security of P5,000 for dealers and brokers and P1,000 for salespersons. All business firms, on the other hand, shall post a bond of P20,000.

Section 10 - Any dealer, broker, salesperson and business firm who engages in real estate practice without registering the project with the HLURB or using an expired HLURB permit will be fined P10,000 and P5,000 respectively.

See the link for full text of this board resolution - http://hlurb.gov.ph/wp-content/uploads/laws-issuances/MC/MC-02%20Series%20of%202015.pdf

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