2.

A certificate
of guarantydepositissuedby anybankor financinginstitution
of
goodstandingin favorof the boar.dfor the totaldevelopment
cost;
3. A letterfrom any bankof recognized standingcertifyingthat so muchhas
beenset asidefromthe bankaccountof the applicantin favorof the board
whichamountmaybe withdrawn by thechiefexecutiveofficerof the boardor
by hisdulyauthorized representative,
at anytimethe principal
failsor refuses
to complywithhis dutiesandobligationsunderthe bondcontract;
4. Anyirrevocablecreditlineto be utiiizedin thedevelopmentof the projectfrom
any bank of recognized standingand a refinancing re-structuringprogram
indicating
sourcesof fundingfromdulyaccredited fundinginstitutions.
For pre-existing
projectsany of the formsof performance
bond enumerated
abovemaybe availedof.

RULEV
REGISTRATION
OF REALESTATEDEALERS,BROKERSAND
SALESMEN
Section13' Appricationfor Registrationof Brokersand saresmen
No brokeror saresman shailengagein the businessof seilingsubdivisionrotsor
condominium unitswithoutsecuringa certificate
of registratidn
by firingwith tne
Boarda registration
statementin quadrupricate
containingthefoilowinginrJrmairon:
a. Name,ageandaddress

b' lf a corporation'
partnership,
or association,
its officeaddressand branchoffices
and the namesandaddressesof its executiveofficersanddirectors.

c' statementthat appricant

is quarified
to act as rearestatebrokerdr saresman
pursuant
lo law.
d lf app|cantis a salesman,the nameand addressof the deareror brokerwho
emptoyshim,attaching a copyof appointment.
applicantis a broker,the namesandaddresses
of salesmenemployedby
" [,fl"

Section 14. Certificateof Registration

nentsor information,unlessspecifiedby
said period shall be treatedas original
.l
^+
42
Section15. Bonds
The Bondrequiredundersection6 of the Decreemaybe eithera cashor a surety
bond issuedby a duly accreditedbondingcompanywhetherpfivateor govemment
agency.Thebondshallcontaina clausestatingamongothersthatit shallremainin
fu'ittoiceand effectunlessit is ordered,cancelled by the Board.The
or released
bondshallbe executedin favorof the H
conditioned uponthe faithfuland honestd
salesmanworkingundera brokeror deale
thatuponfailureto discharge thoseduties
to any and all personswho maysufferloss
the bondshallbe P5,000for Dealers/Brc
bonds shall no longerbe requiredif equivalentbondsor securitieshave already
been postedby applicantsfoi the same purposewith othergovernmentagencies
to law.
DUrSUant

-hit
Adea|er,brokerorsa|esmanmayapp|yinwritingwiththeBoardforthecance|lation
and release of his bond rtaiing thet6i;t t"asons. In appropFiate cases,the.B.oard
may |.equire the applicant to ciuse the publication of a noticethereforat the latteis
expenseIn a newspape,of jenerat circulation. stating'amongothers'the.factof
suln apptication. The proof6f publication shallbe submittedto the Board. Any
or
p"ito^, havingany claim for moneyor propertyagainstthe dealer'broker
s a | e s m a n i n h i s r e a | e s t a t e s e r v i c e o r p r a c t i c e ' m u s t - f i | e h i s c | a iof
mwiththeBoard
cancellation the
within15 daysfromtn" o"iu oi fublication.lf the.reasonfor the
bondishiscessationfromfurtherengaginginthebusinessofse||ingsubdivision|ots
o r c o n d o m i n i u m u n i t s , t h e d e a l e r ' b r o k e r o r s a l e s m a n s hthe a | l sRegister
u r r e n dof
erhiscertificat
to the BoarJ anJ hi. n"r" shall be cancelled from
of registration
Dealers,Brokersand Salesmen.
RULEVI
MISGELLANEOUS PROVISIONS

Section16. Definitionof Terms

defined:
For purposesof theserules,thefollowingwordsandphrasesare
Regulatory Board'
a. Boardor HLURB- shallmeantheHousingandLandUse
or alleysor pathways
b. Block - a parcelof land boundedon the sidesby streets or intendedfor
or other naturalor .an-tuo" features,and occupiedby
buildings.

A|||andsfrontingononesideofastreetbetweentheneareststreets'
meetingor crossingthe aforesaidstreet'
intersecting,
ysedfo1g[ce'
or groupof buildings'
c. CommercialCondominium - a building,
servicesand oiher commercial
professional
businesses, enterpriseorganized'
as a condominium'
ownedandmaintained

^'{",.