Sellers Guide
Guidelines on Accreditation and Grant of Commission to Real Estate Brokers
A. Accreditation
- The Broker shall have the following minimum qualifications:
- Duly licensed;
- In good standing;
- Of good moral character; and
- Must not have been charged with any crime or offense involving moral turpitude.
- Documentary Requirements:
- PRC certified photocopy of valid Real Estate Broker’s License;
- Photocopy of Certificate of Registration issued and certified by the PRC/HLURB;
- Certificate of Good Standing from 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.
- 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 Endura Land Development Corporation (ELDC) prior to the accreditation of the brokerage firm of which he or she is a member shall be treated as an individual broker.
- Endura Land Development Corporation shall issue a non-exclusive Authority to Sell to accredited brokerage firms and walk-in or individual brokers who meet the ELDC requirements.
- The accreditation as a broker is a privilege and may be revoked anytime by ELDC, upon due notice.
B. Duties and Responsibilities
The duties and responsibilities of an accredited broker include the following:
- Inform the prospective buyers of the ELDC terms and conditions of the sale.
- Obtain documents from the ELDC to be furnished to the clients.
- Coordinate with the ELDC Account Officer to be updated on new developments.
- Ascertain and disclose all pertinent facts concerning every property.
C. Prohibited Acts
- Collect or receive payments in behalf of either the ELDC or the buyer;
- Employ the name of the ELDC in any advertisements in the media (i.e., newspaper, internet, radio, TV, flyers);
- Act as broker simultaneously for two or more buyers for the same property.
D. Payment of Commission
- The rates of commission are as follows:
- The commission shall be paid as follows:
- An accredited broker who has conducted negotiations with a buyer shall be so indicated in the buyer’s authorization. Buyers who had initially negotiated with Endura Land Development Corporation 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. In case a buyer signs several certifications, the ELDC will recognize only the broker mentioned in the certification first received.
- The following are not entitled to commission:
- Brokers without Authority to Sell/Market from the ELDC;
- Brokers who negotiated a sale to a government institution;
- Brokers who had transacted with the ELDC for a buyer who is purchasing another unit or property located in the same condominium, row house, or subdivision, regardless of phase;
- ELDC employees;
- Brokers who had transacted the sale to a ELDC employee or his relative within the first degree of consanguinity or affinity;
- Brokers who had transacted the sale to the former owner(s) or present occupant(s) of the property subject of sale; and g. Brokers who did not perform all the duties and responsibilities stated in the Letter of Accreditation.
- The broker’s commission shall be made payable in the name of the licensed broker/brokerage firm authorized by the buyer/client.
- The relationship between the ELDC and the broker shall be concluded upon payment of commission.
- 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.
E. Grounds foor Revocation of Broker’s Accreditation
- The rates of commission are as follows:
- The commission shall be paid as follows:
- An accredited broker who has conducted negotiations with a buyer shall be so indicated in the buyer’s authorization. Buyers who had initially negotiated with Endura Land Development Corporation 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. In case a buyer signs several certifications, the ELDC will recognize only the broker mentioned in the certification first received.
- The following are not entitled to commission:
- Brokers without Authority to Sell/Market from the ELDC;
- Brokers who negotiated a sale to a government institution;
- Brokers who had transacted with the ELDC for a buyer who is purchasing another unit or property located in the same condominium, row house, or subdivision, regardless of phase;
- ELDC employees;
- Brokers who had transacted the sale to a ELDC employee or his relative within the first degree of consanguinity or affinity;
- Brokers who had transacted the sale to the former owner(s) or present occupant(s) of the property subject of sale; and g. Brokers who did not perform all the duties and responsibilities stated in the Letter of Accreditation.
- The broker’s commission shall be made payable in the name of the licensed broker/brokerage firm authorized by the buyer/client.
- The relationship between the ELDC and the broker shall be concluded upon payment of commission.
- 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.
F. Sanctions
Commission of the prohibited acts shall be subject to the following sanctions without prejudice to additional disciplinary sanctions:
- 1 st Offense – suspension for 6 months
- 2nd Offense – suspension for one year
- 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 and suggestions submitted on how to increase the property’s marketability.
