RMO No. 40-2010: Prescribes the policies and guidelines in the recruitment and designation of private appraiser members to the Regional Executive and Technical Committees on real property valuation

Key points

1. Sourcing nominees. Committee Chairmen secure a list of realty service organizations, such as PARA, IPREA, PAREB, CREBA and PHILCORE, and request nominees in writing from organizations recognized by the RESCOP.
2. Qualifications. Private appraisers must be licensed real estate appraisers registered with the BTRCP of the DTI and bona fide members of a realty service organization recognized by the RESCOP. They submit a certified photocopy of their license and the organization’s Certificate of Recognition issued by the BTRCP.
3. Annual verification. Each year the Chairman verifies with the BTRCP whether the appraiser’s license was suspended or revoked, or the organization’s Certificate of Recognition was withdrawn.
4. Representation and terms. A realty service organization is represented only once in the three committees in a Revenue Region. A private appraiser serves only once, for a maximum of three (3) years in the Sub-Technical Committee and two (2) years in the Technical Committee or Executive Committee.
5. Replacement. If a private appraiser member dies or resigns during the term, the Chairman asks the same organization for a replacement to complete the term.

Who is affected

• Private real estate appraisers
• Realty service organizations
• Committee Chairmen

Deadlines and effectivity

• Maximum term: three (3) years in the Sub-Technical Committee
• Maximum term: two (2) years in the Technical and Executive Committees