Thursday, November 27, 2014

How to Obtain a Broker’s License: Qualifications

Real estate in the Philippines is touted to be at a lucrative stage. Developers are raising projects left and right, but experts and research firms have weighed in that the saturation point, or market bubble, is far yet from sight. 

It’s a good time to work in the industry, to take it from insiders. Working as a broker is one way to go about it. But before setting up office, one must first procure a license from the state.

By Philippine law, brokers must possess a license to practice. To obtain this license, one must qualify to take the written licensure exam held annually by the Department of Trade and Industry (DTI).

As per Section 14 of the Real Estate Service Act of the Philippines (otherwise known as RESA), to qualify for taking the exam, the person must be:

(a) A citizen of the Philippines,

(b) 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,

(c) Is of good moral character, and must not have been convicted of any crime involving moral turpitude[.]

Applications for examination are filed to the Board, who assesses and approves the entries. Applicants then receive permits or notices of admission to take the examination upon submitting the following documents:

- Original and photocopy of Birth Certificate or Certificate of Live Birth (NSO) and / or valid Philippine passport, or any others proof of citizenship,

- Original and photocopy of transcript of records and / or diploma with scanned picture,

- Original and photocopy of NBI clearance,

- Original and photocopy of duly notarized accredited seminar and / or training certificate,

- Community tax certificate,

- Four (4) colored passport size pictures with white background and complete nametag and other documents in accordance with the requirements set by the Commission.


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