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Things to Consider to Become a Licensed Real Estate Broker

If you possess the skills in sales and marketing, you may have the potential to become a real estate broker. In the past, there’s no specific regulatory board that governs such profession. That’s why anyone who has the skills to do the job can sell properties and the likes.Things-to-Consider-to-Become-a-Licensed-Real-Estate-Broker

As the real estate market flourishes and more individuals want to engage in this profitable business, the regulatory board started to set standards to professionalize the practitioners. The Real Estate Services Act or RESA, otherwise known as Republic Act 9646 was initialized to ensure that real estate brokers can implement their jobs ethically and it also makes them taxpaying citizens.

Read also: Tips before Buying Real Estate Properties in the Philippines

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The RESA Law was implemented in 2009 that constitutes stricter rules for real estate brokers. This requires those who want to engage in selling real estate to register and pass the licensure exam.

New education mandate

Before an interested individual can take the real estate licensure exam, one must comply the following:

  • Must be a Filipino citizen
  • Must be a graduate of Bachelor of Science in Real Estate Management or BS REM
  • Should have good moral character and never been convicted for any crime

Originally, any bachelor’s degree related to the job was enough for an individual to take the licensure exam for real estate broker. But in 2011, the Commission on Higher Education issued the Memorandum Order No. 28. Cited in the memorandum is the outline of the BS REM degree program including the faculty requirements, course curriculum, and program description. It was also stated that starting 2016 only graduates of the BS REM will be allowed to take the licensure exam.

Read also: Why Buying Pre-Selling Homes is a Good Investment for OFWs

Passing the licensure exam is not the end because the applicant is required to submit documents to the PRC including the following:

  • Photocopy of birth certificate
  • BS REM diploma and transcript of records
  • NBI clearance
  • Community tax certificate
  • 4 pcs. passport sized photos

Thus, the BS REM diploma eliminates the needs to provide training certificates and other experience requirements.

The provisions stated in RESA seem to be disallowing many interested individuals to start a career in the real estate industry. However, the PRBRES submitted a proposal to CHED about the BS REM new curriculum that allows second coursers to take the fast track of the BS REM degree program. Second coursers will be required to take maximum of 40 units of professional subjects.

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