Here is a comprehensive guide for real estate brokers aspiring to become licensed brokers. This guide contains information and the requirements needed to become an a professional licensed real estate broker.
Becoming a licensed broker in the Philippines
As mentioned in our previous post, becoming a licensed broker entitles you to more
benefits which includes the ability to own your real estate business and profession, the
competitive advantage over others in the real estate field, and the license which acts as
a testimony to your profession. Now that you’ve recognized the benefits and the esteem
of becoming a licensed real estate broker, here’s what you should know if you’re keen
about getting a real estate broker license.
Requirements for becoming a Broker
As per the Republic Act 9496. which was passed last July 30, 2009, the licensing of real estate service practitioners shall now be governed by said Republic Act 9646, the Real Estate Service Act of the Philippines under the Professional Act No. 9646.
An applicant for licensure as a real estate broker must pass the real estate licensure exam and listed below are the requirements for a person to qualify for examination.
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.
Real Estate Seminars and Review
One of the biggest requirements to become a licensed broker is to pass the licensing exam as required by Professional Regulation Commission so if you are determined to pursue your real estate profession the first step would be to take review classes and seminars. In the coming years those interested in taking the licensing exam will need to take the BS Real Estate Management course .
You may enroll in the Comprehensive Real Estate Seminar Review (CRES) which is available in Makati, Mandaluyong and Paranaque. This comprehensive seminar and review class gives you the requisite 120 hour credit units you need for your licensure.
For a more detailed guide of this years Comprehensive Real Estate Seminar Review visit www.estateclass.com
The Real Estate Licensure Exam
The Real Estate Licensure exam is held yearly by the Professional Regulation Commission and is a requisite for attaining a license. Before applying for examination, make sure that you have fulfilled the requirements and have acquired 120 hours of CPE training to ensure that you are eligible for examination.
This year’s exam will be held on March 17, 2013 and the deadline for application is on February 25, 2013. Download the exam schedule here or visit the Professional Regulation Commission of the Philippines
The exam will be held in various testing centers in the following cities:
Manila, Davao, Baguio, Iloilo, Cagayan De Oro, Legaspi, Cebu, Lucena
Requirements for Examination
Once you’ve reached the big day, stay calm and focused, remember this will be one of the biggest turning points in your career. Don’t forget to make the necessary preparations and to bring all your requirements. Here are things you need to consider bringing on Examination Day. Visit the PRC website for more information
- Notice of Admission
- Application Stub
- PRC Official Receipt
- Two or more pencils (No. 2)
- Ballpens with BLACK INK ONLY
- One (1) piece Metered-Stamp Window Envelope
- One (1) piece Long Brown Envelope
- One (1) piece Long Transparent (non -colored) Plastic Envelope (to keep above items)
- MALE – school uniform/white polo shirt or T-shirt (tucked-in)
- FEMALE – school uniform/white blouse or T-shirt
Applying for a Real Estate Broker License
Once you’ve passed the real estate exam, celebrate! But don’t forget to apply for a Real Estate Broker License as proof of your triumphant feat.
Examinees who pass the licensure examination will be issued the Certificate of Registration and the Professional Identification card upon payment of registration fees.
According to the PRC website, first time registrants are required to bring the following to the PRC Main Building on their scheduled date of registration:
- Printed Oath Form (which you can print or download from the PRC site). Please be advised that the Oath Form notarized does not need to be notarized.
a. 1 documentary stamp
b. 1pc 1×1 picture in plain background with complete name tag (for Registry of Professionals)
c. Current Community Tax Certificate (cedula)
- Check the PRC website for updates on the prescribed fee.
Also, bear in mind that a professional identification card needs to be renewed every 3 years and may require the owner to satisfy Board requirements such as attendance in the CPE (Continuing Professional Eduction) program.