Judging from the interest generated by my recent post on the 3rd batch of PRC approved licenses for Real Estate Brokers (click here) last January 14, 2011 it seems that a lot of friends either wants to know whose licenses were approved by the PRC, or we suspect that their interest was stoked on how to obtain a license themselves.
Well, assuming that you want to get a license as a Real Estate Broker (REB), how will you do it?
First, licensing in the Philippines is now governed by RA 9646 (click here), and only by the Professional Regulation Commission (PRC) (before it was by the DTI).
Second, under the RA 9646, CHED shall implement a course called Bachelor’s Degree in Real Estate Service which shall be required before taking the Board Exams for REBs.
Take heart however, as during this interim period any holder of relevant bachelor’s degree from an educational institution recognized by CHED could take the board exam provided that one has taken 120 credit units of real estate subjects and training from accredited service providers.
What to do then?
Step 1 – Find an accredited service provider, and take the required 120 credit units of CPE, and also have your credentials be checked if you will be qualified to take the exam.
This should be done before March 7, 2011 as the deadline for the filing of application for the REB exam is on that date. The exam itself will be on March 27, 2011 (Sunday) in Manila, Baguio, Cagayan De Oro, Iloilo, and Davao.
Step 2 – Prepare all your documents in advance. Here’s a list of the requirements needed to take the exam:
” Section 14. Qualifications of Applicants for Examinations
In order to be admitted to the licensure examination for real estate service, a candidate at the time of filing his/her application, shall establish to the satisfaction of the Board that he/she possesses the following qualifications:
(A) Citizen of the Philippines,
(B) A holder of relevant bachelor’s degree from a state university or college, or other educational institution duly recognized by 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 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, must not have been convicted of any crime involving moral turpitude,
(D) An applicant for the licensure examination for real estate consultants must show proof that he/she has at least ten (10) years experience as a licensed estate broker, or an assessor, or as a bank, or institutional appraiser, or an employed person performing real property valuation, or at least five (5) years experience as a licensed real estate appraiser.
All applicants for examination shall be filed with the Board who shall assess and approve said applications and issue to the qualified examinees the corresponding permits or notices of admission to take such examination upon submission of the following documents:
1. Original and photocopy of Birth Certificate or Certificate of Live Birth (NSO) and/or valid Philippine passport, or any other proof of citizenship,
2. Original and photocopy of transcript of records and/or diploma with scanned picture,
3. Original and photocopy of notarized certification by employer of his/her years of experience or pre-requisite Certificate of Registration (COR) and/or Professional Identification Card (PIC) or DTI license (for real estate consultants),
4. Original and photocopy of NBI clearance,
5. Original and photocopy of duly notarized accredited seminar and/or training certificate,
6. Community tax certificate,
7. Four (4) colored passport size pictures with white background and complete nametag and other documents in accordance with the requirements set by the Commission.”
Step 3 – Take note of the PRC schedule of the REB exam nearest your place, prepare your documents, apply, and pay the fees. Click here for the link to the PRC website.
From the IRR of RA 9646 (Rule III Section 13), here is the coverage of the exam for REBs:
“For Real Estate Brokers:
1. Fundamentals of property ownership;
2. Code of ethics and responsibilities;
3. Legal requirements for real estate practice;
4. Real estate brokerage practice;
5. Subdivision development;
6. Condominium concept and other types of real estate holdings;
7. Real estate finance and economics;
8. Basic principles of ecology;
9. Urban and rural land use;
10. Planning, development and zoning;
11. Legal aspect of sale, mortgage and lease;
12. Documentation and registration;
13. Real property laws and taxation; and
14. Any other related subjects as may be determined by the Board.
To conform with technological and modern developments, the Board may re-cluster, rearrange, modify, add to or exclude any of the foregoing subjects and their syllabi with tables of specifications as may be necessary.”
This is a golden opportunity for those aspiring to be REB’s. Who knows that after July 31, 2011, the PRC may no longer allow this, and just wait for the first crop of graduates of the Bachelor’s Degree in Real Estate Service, instead. After all, there are now several thousands of licensed REBs anyway.
From the grapevine within the industry, we heard also that several colleges and universities are now moving fast to integrate this new course into their school course offerings this year.
So to all my friends, who wants to be a real estate broker, consultant, or appraiser – strike while the iron is hot!