The answer to that is yes the RESA law is prohibiting unlicensed Sales Person to sell properties that they don’t own and no if they lawfully own the property that they are selling, a trustee or assignee in bankruptcy or insolvency proceedings and any person acting pursuant to the order of any court of justice are also exempted to this law.
To those people who want to be a part of real estate selling and to those who are already selling but are not yet licensed you must take note of this. The RESA Law or the Real Estate Service Act of the Philippines aims to “safeguard and protect legitimate licensed real estate service practitioners, to finally and completely eradicate the pernicious practices of unauthorized or unlicensed individuals and lastly as an additional security for the public when transacting with brokers or appraisers. Under the bill unlicensed practitioners for real estate will be meted with a penalty ranging P200,000 to P2,000,000, as well as 1 year to 12 years imprisonment.
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