GUIDELINES ON THE ACCREDITATION AND GRANT
OF COMMISSION TO REAL ESTATE BROKERS1
(MB Resolution No. 1016 dated 09 June 2016)
A. Accreditation
1. The Broker shall have the following minimum qualifications:
a.
b.
c.
d.
Duly licensed;
In good standing;
Of good moral character; and
Must not have been charged for any crime or offense involving moral turpitude.
2. The Broker shall submit the following documentary requirements:
a.
b.
c.
d.
e.
f.
g.
h.
Certified photocopy of PRC Real Estate Broker’s License;
Photocopy of Certificate of Registration issued and certified by the PRC/HLURB;
Certificate of Good Standing from a registered Broker’s Association;
NBI Clearance;
Photocopy of Income Tax Return for two years;
Photocopy of Tax Identification Number Card;
Two (2) recent “2 x 2” pictures; and
VAT or non-VAT Certificate of Registration.
3. Brokers, who are included in the list of members of an accredited brokerage firm,
shall be treated as members of the brokerage firm, even if he/she seeks accreditation
as an individual broker.
However, an individual broker who has been accredited by the Bangko Sentral ng
Pilipinas (BSP) prior to the accreditation of the brokerage firm of which he or she is a
member shall be treated as an individual broker.
4. The Asset Management Department (AMD) shall issue a non-exclusive Authority to
Sell/Market to accredited brokers.
5. The accreditation as a broker is a privilege and may be revoked anytime by the AMD,
upon due notice.
1
Pursuant to Monetary Board Resolution No. 1016 dated 09 June 2016, the Revised Guidelines shall apply to all offers with complete supporting
documents received 15 days from approval thereof or on 24 June 2016.
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B. Duties and Responsibilities
The duties and responsibilities of a BSP-accredited broker may include but are not
limited to the following:
1.
2.
3.
4.
5.
Keep abreast of the disposal terms and conditions of BSP;
Apprise the prospective buyers of the disposal terms and conditions of BSP;
Obtain documents from the BSP to be furnished to the buyers;
Assist the buyer in identifying the property and assessing its physical condition;
Coordinate with the BSP Account Officer regarding updates or new developments on
the property;
6. Ascertain and disclose to the buyer all pertinent facts concerning the property;
7. Inform the BSP of any significant data gathered, if any, regarding the property;
8. Assist the buyer in accomplishing the required forms pertinent to the purchase of the
property;
9. Assist the BSP in the delivery of notices or correspondences to the buyer when
necessary; and
10. Assist the BSP, when necessary, in ensuring the timely return of the duly executed
CTS by the buyer and regular payments of his monetary obligations.
C. Prohibited Acts
The prohibited acts of a BSP-accredited broker may include but are not limited to the
following:
1. Collect or receive payments in behalf of either the BSP or the buyer;
2. Employ the name of the BSP in any advertisements in the media (i.e., newspaper,
internet, radio, TV, flyers);
3. Represent himself as an employee or official of BSP;
4. Represent himself as the owner of the property;
5. Bribe or attempt to bribe any BSP employee to gain advantage in his transactions
with BSP;
6. Defraud the buyer in any manner regarding the sale of the property;
7. Falsify or forge any document or signature with the purpose of committing fraud;
8. Act as broker simultaneously for two or more buyers for the same property; and
9. Commit any act in violation of the Code of Ethics of Real Estate Brokers.
D. Payment of Commission
1. The rates of a BSP-accredited broker’s commission are as follows:
i.
ii.
iii.
iv.
Sales of P5M and below
Sales over P 5.0 to P 10.0 M
Sales over P 10.0 to P 50.0 M
Over P 50.0 M
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5%
4%
3%
2%
2. The broker’s commission shall be paid as follows:
a. Cash Sale – upon receipt of full payment of the purchase price and execution of
the Deed of Absolute Sale.
b. Installment Sale –
i. Upon receipt of the 20% deposit and execution of the Contract to Sell (CTS).
ii. For bulk sales, the commission shall be based on the total purchase price of the
properties sold to a single buyer at the same time.
3. An accredited broker who assisted a buyer shall be so indicated in the Negotiated
Offer Form. Buyers who had initially negotiated with the AMD or the CDRP without
the assistance of a broker, for the purchase of a property shall not be allowed to
introduce a broker in the course of the negotiation proceedings or thereafter.
4. The following are not entitled to broker’s commission:
a. Brokers without Authority to Sell/Market from the BSP;
b. Brokers who negotiated a sale to the following:
1) Government institution;
2) Previous buyer who is purchasing another unit or property located in the
same condominium, row house, or subdivision, regardless of phase;
3) BSP employee or his relative within the first degree of consanguinity or
affinity; and
4) Former owner(s) or present occupant(s) of the property subject of sale
c. Brokers who committed any act in violation of the BSP guidelines and the Code
of Ethics for Real Estate Brokers; and
d. Brokers who did not perform all the duties and responsibilities stated in the
Letter of Accreditation.
5. The commission shall be made payable in the name of the BSP-accredited
broker/brokerage firm as stated in the Bid Tender Form/Negotiated Offer Form.
6. A broker shall be required to return the commission received for any sale if the right
to purchase will later on be assigned to him/her.
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E. Grounds for Revocation of Broker’s Accreditation
1. The broker is no longer a member of good standing of the Association/Organization of
which the broker is a member;
2. The broker has been found by the AMD to have violated the BSP Guidelines and the
Code of Ethics for Real Estate Brokers;
3. The broker is a defendant/respondent in any case involving moral turpitude filed in
court or quasi-judicial body;
4. The broker has been convicted of any crime penalized by the Revised Penal Code or
special criminal laws;
5. The broker was a party to the submission of false data or documents to the BSP;
6. The broker no longer possesses any of the BSP qualifications for accreditation; and
7. The broker committed any act analogous to the foregoing or detrimental to the
interest of the BSP.
F. Sanctions
The commission by the broker of any of the prohibited acts shall be subject to the
following sanctions without prejudice to additional disciplinary sanctions that the BSP may
deem necessary:
a. 1st Offense – suspension for 6 months
b. 2nd Offense – suspension for one year
c. 3rd Offense – revocation of broker’s accreditation
G.
Performance Review
Broker’s performance shall be reviewed prior to renewal of accreditation based on
the number of perfected sales, marketing initiatives undertaken, suggestions submitted
on how to increase the property’s marketability and customer feedback.
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