The interesting thing about being a real estate broker here in the Philippines is that it could just be a part-time work you can undertake, but once you become successful in the industry, it could even let you earn a lot better than your regular job. So how can you become a real estate broker in the Philippines? The answer is very simple – you need to be licensed.
Before learning how you can become a licensed real estate broker here in the Philippines, let us first learn what it is to become a real estate broker in our country. According to a post at philrealtyservicepractitioners.blogspot.com, a “real estate broker is any person, natural or juridical, who is an agent of another person and for or in expectation of a fee, commission or other valuable consideration, shall perform any of the following acts : offers, advertises, solicits, lists, promotes, mediates, negotiates or effects the meeting of the minds on the sale, purchase, exchange, mortgage or lease of, or joint venture or other transactions in real estate or any interest therein.” ( Sec. 3, Article III, MO 39, Series of 1985, as amended )
How to become a licensed real estate broker
In order to become a licensed real estate broker here in the Philippines, you need to submit a license application to the Department of Trade and Industry complying with the following qualifications and requirements:
- Age of at least 21 years old;
- Duly filled up application form;
- (4) 1X1 pictures;
- NBI Clearance or clearance from RTC, City/Municipal Clerk of Court where you reside or hold office within a year from the application date;
- Proof of educational attainment, having completed 144 unites of College education or 72 units as long as you have been a practiced salesman for a period of at least four years;
- Report of rating for the Real Estate Broker (REB) licensure examination;
- DTI license fee of P350/year;
- Housing and Land Use Regulatory Board (HLURB) registration fee of P510/year; and
- P5,000 Surety Bond in favor of DTI or HLURB or any of the following:
- Certification from an accepted real estate group that it ensures the faithful and honest discharge by the applicant and the salesperson working under him of their duties and shall be accountable to any and all persons who may suffer damages by reason of such failure up to the amount of P5,000.
- If corporation, Board Resolution permitting a Real Estate Broker to act for and in behalf of the corporation, together with the certified true copy of the Securities and Exchange Commission (SEC) Certificate and Articles of Incorporation.
- If partnership, partnership agreement allowing a duly licensed real estate broker who will act for or in behalf of the partners in the realty practice, together with the certified true copy of the SEC Certificate and Articles of Partnership.
Applying for the Real Estate Broker Licensure Exam
The requirements above include a report of rating for the Real Estate Broker (REB) licensure examination. This means that you need to take the licensure exam for real estate brokers that is conducted annually in different testing centers in the Philippines, including Manila, Baguio, Cagayan De Oro, Cebu, Davao, and Iloilo, among others, through the Philippine Regulatory Commission.
Our law says that in order to be eligible for the real estate broker licensure exam, you must be, at the time of your application,
(1) a citizen of the Philippines;
(2) a bachelor’s degree holder from a state university or college, or any other educational institution recognized by the Commission on Higher Education (CHED) and has completed at least 120 credit units of real estate subjects and training, particularly the Comprehensive Real Estate Seminar and Review (CRESAR) from accredited service providers as determined by the PRC; and
(3) of good moral character and must not have been convicted of any crime involving immorality.
Taking into consideration the second qualification, the law further declares that as soon as the Bachelor’s Degree in Real Estate Service is implemented by CHED, this course shall become a requirement for taking the licensure examination.
As long as you possess the said qualifications, you may submit the following requirements to the PRC for checking and approval:
- Proof of Citizenship such as Certificate of Live Birth (NSO) or valid Philippine Passport (original and photocopy);
- Transcript of records (TOR) and/or diploma with scanned picture (original and photocopy);
- 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) (original and photocopy);
- NBI clearance (original and photocopy);
- Notarized accredited seminar and/or training certificate (original and photocopy);
- Community tax certificate (CTC);
- (4) colored passport size pictures with white background and complete name tag; and
- other documents that may be required by the PRC.
Once your application for the exam is approved, you will be given an admission slip, which you need to present during the exam day. You will also be informed of the details for your licensure examination, including the date of your exam, dress code, things to bring, and other special instructions. Click here to see a sample program from the PRC.
If you pass the Real Estate Broker Licensure Exam and have received your rating, you may now submit your application and other requirements to the DTI and wait for your license to be processed. There you go, once your license is released by the DTI, you now become a legitimate real estate broker in the Philippines.