Friday, November 28, 2014

How to Obtain a Broker's License: Application

As per Philippine law, brokers must be licensed to practice and provide their services. Signed in 2009, Republic Act (R.A.) No. 9646, known as the “Real Estate Service Act” (RESA), regulates the practice of real estate through the Professional Regulations Commission (PRC). PRC governs and determines the licensing process.

If you’ve ever felt that real estate is your calling – and that brokering property might be well suited to your strengths – then look to the following steps to secure your license.

(1) Sign up for training. 
Select and sign up for an accredited real estate service training program. Take the required 120 credit units of continuing professional education (CPE).

(2) Prepare the required documents.
Prepare the original document as well as copies of the following: (a) your government IDs and proof of citizenship (such as your birth certificate and passport); (b) your college diploma and transcript of record; (c) your NBI clearance; (d) a notarized certificate of the accredited seminar or training program you completed; (e) your community tax certificate; and (f) four (4) colored passport-sized pictures with white background and a complete name tag. Check for any other requirements, and submit documents as needed.

(3) Apply for the exam. 
Check whether you’re qualified to take the exam. As per RESA, the applicant must: (a) be a citizen of the Philippines; (b) have a bachelor’s degree from a state university, college, or other CHED-recognized educational institution; (c) be of good moral character, with no history of crime involving moral turpitude on his or her record. At the time of application, the applicant must also have taken 120 hours of real estate courses. If you meet these prerequisites, go to PRC to apply and submit the necessary documents.

(4) Prepare for the exam.
Once deemed qualified, the PRC will issue the applicant a permit or notice of admission to take the exam. Check the PRC website at [] for the date and location of the exam. Then brush up on your real estate studies. As per RESA, the broker’s licensing exam covers the following topics: 
a) Fundamentals of property ownership;
b) Code of ethics and responsibilities;
c) Legal requirements for real estate practice;
d) Real estate brokerage practice;
e) Subdivision development;
f) Condominium concept and other types of real estate holdings;
g) Real estate finance and economics;
h) Basic principles of ecology;
i) Urban and rural land use;
j) Planning, development and zoning;
k) Legal aspect of sale, mortgage and lease;
l) Documentation and registration;
m) Real property laws and taxation; and
n) Any other related subjects as may be determined by the Board.

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