Become a Licensed Real Estate Appraiser in the Philippines
Interested in pursuing your career as a licensed real estate appraiser in the Philippines? Fuel your professional career by enrolling in the NREA (National Real Estate Association Inc.) Real Estate Appraisal Comprehensive Course which will start on April 27, 2013 up until June 9, 2013.
NREA’s educational arm, NCRES (NREA Centert for Real Estate Studies) will be holding the Real Estate Comprehensive Course every Saturday and Sunday from April 27 to June 9 at the Makati Sports Club, Salcedo Village, Makati City.
The Philippine Association of Real Estate Appraisers (PARA)which specializes in continuing education and advanced training for real estate appraisers also offers a comprehensive real estate appraisal seminar and training for the board examination.
Enrollment and participation in any of these courses will be counted as fulfillment of the required 12o hours for the Real Estate Service Acts under Article 3, Section 14 of R.A. 9646
[Updated] As per the PRC Official Website, the Real Estate Appraisal Examination will be held on Sunday, July 21, 2013. The last day for filing for application is on July 1, 2013.
Roles and responsibilities of a Licensed Real Estate Appraiser
According to the (RESA) Real Estate Service Act of the Philippines, A REAL ESTATE APPRAISER is a duly registered and natural person who, for a professional fee, compensation or valuable consideration, performs or renders, or offers to perform services in estimating and arriving at an opinion of acts as an expert on real estate values, such services of which shall be finally rendered by the preparation of the report in acceptable written form.
In simple terms, the main role of a real estate appraiser is to valuate or determine a value of a property. This is meant to ascertain if the price placed on a property is indeed what it is worth. Property appraisal is also done to protect the buyer and the seller and to ensure that both parties are getting a fair deal in terms of the transaction.
Here is an in depth examination of the role of an appraiser by Randy Williams, Chattanooga Associate ion of Realtors President.
Requirements for Being a Licensed Real Estate Appraiser in the Philippines
Sec 12 of the RESA (Real Estate Service Act of the Philippines), Republic Act No. 9646: Licensure Examination – Every applicant seeking to be registered and licensed as a real estate service practitioner, except a real estate salesperson, shall undergo examination as provided for in this Act. Examinations for the practice of real estate service in the Philippines shall be given by the board
Licensure is a requirement and to qualify as a Philippine licensed real estate appraiser you must fulfill the following requirements as per the Republic Act No. 964, Real Estate Service Act of the Philippines (RESA):
1. A citizen of the Philippines;
2. A holder of a relevant bachelor’s degree from a state university or college, or other educational institution duly recognized by the CHED: Provided, That he/she has completed at least one hundred twenty (120) credit units of real estate subjects and training from accredited service providers, as may be determined by the Board; Provided, further, That as soon as a course leading to a Bachelor’s degree in Real Estate Service is implemented by the CHED, the Board shall make this course a requirement for taking the licensure examination.
3. Of good moral character and must not have been convicted of any crime involving moral turpitude: Provided, that an applicant for the licensure examination for real estate consultants must show proof that he/she has at least 10 years experience as a licensed real estate broker or an assessor, or as a bank or institutional appraiser or an employed person performing real property valuation, or at least 5 years experience as a licensed real estate appraiser.
5. Must pass the real estate appraisers exam with an average of at least 75% in all subjects, with no rating below 50% in any subject.
Why become a Philippines licensed appraiser?
What some real estate appraisers find appealing about the role are the variety, flexibility and earning potential that one gets. For licensed real estate brokers, a major incentive in becoming a licensed appraiser is the fact that this gives you a better edge and a bigger competitive advantage over other licensed brokers.
While some brokers would have to rely on licensed appraisers to valuate properties, becoming a licensed appraiser can give you more edge, allow you to legally valuate properties without needing to consult a licensed appraiser. This will help cut down time and cost spent on coordinating with a third party appraiser, and will significantly broaden your capabilities as a licensed broker in the Philippines.