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Planning to start a career as a real estate broker? It officially starts the moment you get certified. Here’s your guide to the Philippine real estate brokers licensure exam:
As part of the push to regulate and professionalize different fields and industries in the Philippines, a requirement for aspiring real estate brokers is to pass the Real Estate Brokers Licensure Exam. This is conducted once a year by the Professional Regulatory Board of Real Estate Service (PRBRES), one of the bodies underneath the Professional Regulatory Commission (PRC).
How does one pass this licensure exam? Apart from being a Filipino citizen with a Bachelor of Science in Real Estate Management from an accredited school, examinees must first register online at the PRC’s website to avail of an exam application form. Then they comply with the following documentary requirements to be submitted at the PRC main office or at its branches:
- Original and photocopies of NSO birth certificate or valid passport
- Original and photocopies of Transcript of Records (TOR) with Special Order, Date of Graduation, school seal, photo, and remarks “For Board Examination Purposes Only”
- Original and photocopies of NBI clearance
- Original and photocopies of NSO Marriage Certificate (for married women)
- Community tax certificate or cedula
- 4 pcs. colored passport photos (should have been taken with a full name tag)
- Completed exam application form
- Metered documentary stamps
- Examination fee of Php900
Typically, the deadline for filing to take the exam is scheduled a month before the tentative exam date. As of this time of writing there is no date posted for the 2019 Real Estate Brokers’ Licensure Exam.
The coverage of the licensure exam includes basic topics from the real estate brokers’ course, as well as pertinent laws regarding property, taxation, and development. These subject areas include:
- Fundamentals of Property Ownership: This covers rights to property ownership, and how Filipino citizens can legally acquire property.
Code of Ethics and Responsibilities: This pertains to the ethics a broker must practice when transacting with clients and protecting their interests while complying with the law.
Legal Requirements for Real Estate Practice: Much of this pertains to Republic Act 9646, also known as the Real Estate Service Act or RESA Law.
Real Estate Brokerage Practice: This pertains to the best practices for running a real estate brokerage firm or practice
Subdivision Development: This is the process of conversion of a raw land to a residential community. This is a multi-disciplinary topic requiring input from architects, ecologists, and other planners.
Condominium Concept and Other Types of Real Estate Holdings: This pertains to Republic Act 4726, the Condominium Act, and how development can take place on limited land.
Real Estate Finance and Economics: These are basic economic concepts applied to the real of real estate.
Basic Principles of Ecology: This topic covers Environmental Impact Assessment and other aspects of how real estate development affects the surrounding environment.
Urban and Rural Land Use: This differentiates land use in urban and rural areas and focuses on development without sacrificing agricultural land or other land uses.
Planning, Development, and Zoning: This pertains to mapping and subsequent usage of land for a variety of purposes.
Legal Aspects of Sale, Mortgage, and Lease: This covers the legal aspects of real estate transactions, and how to protect clients and the real estate practice from swindlers and other legal calamities.
Documentation and Registration: This focuses on the “paper trail” required in each real estate transaction, which is the responsibility of the broker to keep track of for his or her client.
Real Property Laws and Taxation: This covers property assessment for real estate tax, and how this is affected by improvements on the land and other legislation.
Other topics may be added to this list depending on the discretion of the PBRES. The duration of the entire exam is a single day. Results are usually released after two working days. Successful examinees may then register with the PRC to avail of their licenses.
The coverage of the Real Estate Brokers Licensure Exam may seem daunting, but nevertheless, it is essential for the practice and protection of the real estate industry. Hopefully, this guide will help you pass this hurdle with flying colors!