120,000 fake real estate agents selling property in PH; DHSUD seeks help to stop them

Real estate group complains of ‘colorum’ brokers, agents

During the Accredited Real Estate Salespersons of the Philippines (ACRES) Summit on Wednesday, Aug. 16, 2023, at the Radisson Blu Cebu, lawyer Carla Colaljo of the DHSUD urged the over 100 members of ACRES to join the cause of putting an end to unlicensed real estate sales persons victimizing property buyers, including the overseas Filipino workers.

The Philippine Association of Real Estate Boards Inc. (PAREB) has lamented the proliferation of “colorum” real estate agents who continue to “unscrupulously dupe” buyers despite a law regulating the practice of real estate service.

During the general membership meeting of their association’s Cebu Real Estate Board Inc. and on the occasion of its 62nd anniversary celebration Friday, PAREB senior vice president Jovencio Cainong said unlicensed brokers are already dominating Marketplace in Facebook.

“After 13 years of the implementation of RESA (Real Estate Service Act), there is a continued proliferation of unlicensed practitioners or colorums," he said.

Cainong said no person is allowed by law to practice real estate service if he has no license from the government, while real estate salesperson should be accredited and transact business under the direct supervision of a duly-licensed real estate broker.

He said those who are not working under a licensed broker violating Republic Act 9646, also known as the RESA law, will be fined PHP100,000 or imprisonment of not less than two years or both.

He added that a person who sells real property without a license commits a criminal offense.

Cainong said agents who are using Facebook are competing licensed real estate brokers and salespersons who are duly registered to transact such business.

Ninety percent of real estate salespersons on Facebook are unlicensed,” Cainong said, adding the continued operation of colorum agents have resulted in loss of income for the licensed real estate practitioners and poses a high risk for the buyers.

Cainong said buyers are at risk of being offered fictitious properties or even with problematic titles if they transact with unlicensed agents.

Agents who are under a licensed broker can get advice on the proper way of processing real estate transactions, he said.

Cainong said only a few segments of the population are aware that there are professionals whom they can deal with in terms of real estate brokering, appraisal, and consultancy.

Be a responsible buyer / seller, transact only with licensed real estate professional.

Be aware of unregistered hiring of agents