Real estate is considered one of the most rapidly-growing industries in the Philippines. As part of the growing need for professionalism and regulation of various industries and fields in the country, aspiring real estate brokers are required to pass the Real Estate Brokers Licensure Exam. Such preparation to become a broker involves obtaining real estate broker exam sample questions that one can review to pass the exam.
A broker is considered a licensed agent who has the ability to monitor other real estate agents and work independently in an agency. Being a real estate broker opens numerous opportunities to earn a higher income. This is due to the fact that real estate brokers are professional experts who know how to handle transactions for diverse real estate businesses.
If you are planning to begin your career as a real estate broker in the Philippines, then you need to be licensed.
Information About the Philippine Real Estate Broker Exam
The Real Estate Brokers Licensure Exam is an exam taken for the professionalization and regulation of real estate brokers in the country. The exam is taken once yearly through the Professional Regulatory Commission (PRC) under the supervision of the Board of Real Estate Service (PRBRES).
What are the Application Requirements for the Real Estate Broker Exam?
In order to take the broker exam, one must be a natural-born Filipino citizen. Aside from this, here are some of the requirements that should be submitted to the main office of the PRC or any PRC branch:
- Original and photocopy of birth certificate (PSA, as the latest office to release it, not NSO anymore) or valid passport
- Original and photocopy of Official Transcript of Records (TOR) with school seal, photo, Date of Graduation, Special Order and remarks such as “For Board Examination Purposes Only”
- Complete application form
- Community tax certificate (“sedula”)
- Original and photocopy of NBI clearance
- Original and photocopy of PSA Marriage Certificate (only for married women)
- Pieces of colored passport photos
- Metered documentary stamps
- P900 examination fee
- Bachelor of Science in Real Estate Management (BS REM) degree from an accredited school
Those who wish to take the real estate broker exam should not have been convicted of any crime and should have good moral character.
Any relevant bachelor’s degree from an academic institution under the supervision of the Commission on Higher Education (CHEd) used to be enough to qualify an applicant for the broker exam. However, RESA has made strict specifications that only those who have finished a degree in Real Estate Management (BS REM) can take the licensure exam.
All forms must be carefully filled up and the requirements must be completed prior to the deadline for filing to take the broker exam. The deadline for filing of the application for the exam is usually one month prior to the tentative exam date.
What Does the Real Estate Broker Exam Cover?
The Real Estate Broker Licensure Exam covers various topics in development, taxation, property laws, and the real estate broker program. Real estate broker exam sample questions normally revolve around the following topics:
- Documentation and Registration – basic processes of real estate transactions
- Real Estate Brokerage Practice – best strategies for operating a real estate brokerage practice or firm
- Subdivision Development – raw land conversion to a residential site
- Planning, Development, and Zoning – utilization and mapping of land for a wide variety of purposes
- Code of Ethics and Responsibilities – ethical ways of dealing with customers or clients
- Real Estate Finance and Economics – fundamental economic concepts and its application to real estate
- Urban and Rural Land Use – implementation of development without the sacrifice of agricultural land use or other uses
- Real Property Laws and Taxation – property evaluation for real estate tax and the relationship with land improvements and other forms of legislation
- Fundamentals of Property Ownership – the rights to own a property
- Legal Aspects of Sale, Mortgage, and Lease – the legal aspects of real estate transactions and the manner of client protection against fraud
- Condominium Concept and Other Types of Real Estate Holdings – with reference to the Republic Act 4726 (Condominium Act)
- Legal Requirements for Real Estate Practice – with reference to the Republic Act 9646 (Real Estate Service Act or RESA Law)
- Basic Principles of Ecology – impact of real estate development on the environment
In order to pass the real estate broker exam, you need to start reviewing licensure requirements in the Philippines. You also need to complete prep courses or review real estate broker exam sample questions. Stick to your study schedule and incorporate practice exams during your study time.
Normally, the PRC releases the exam results within 15 days since the date the broker exam was taken. You may check the PRC official website for their complete list of top-performing schools, top-notchers, and board passers. You only need to go to the online verification portion of the website and log in using your email and password to obtain your ratings.
The coverage of the entire Real Estate Brokers Licensure Exam may appear to be quite intimidating, but it is important that aspiring brokers take this exam for the improvement of the country’s real estate industry.