Philippine Real Estate

For the past two consecutive months, almost all the unlicensed rel estate practitioners employed / under-contract with different developers around the country are preparing for the expected 400 number of questions for the "upcoming real estate broker's examination" to be held in university schools around the location of Professional Regulation Commission, and the exact date, March 27, 2011.

This is in compliance with the RESA LAW passed and approved by then President Gloria Macapagal Arroyo last June 29, 2009. There will be 2 more possible succeeding real estate broker's examinations after the scheduled March 27, 2011 as per practitioners conducting the seminars and training needed in completing the required 120 hours of extensive review. Most of this would be examinees found, it has a very limited time in securing such proper informations needed / to acquire in order to pass the examination. But time is running out, there is a need to comply and become licensed practitioners before the said date of strict implementation, July 30, 2011 -as per the contents indicated on the said RESA.

Real estate is a noble profession, where number of professionals in the Philippines makes it a haven for improving their lives financially. It is an endeavor where our global competitiveness with the existence of e-commerce / internet and other advance electronic can't reach the grass root. Except by the existence of sales professionals going thru the thick and thin of would-be-buyers residing down the meanest link of our society. Actually, those internet-based or corporate- ladder big-time developers are still in the mercy of the hands of those what they normally say "property specialists", "account executives" and other forms of dignified names and categories. These are the people plowing the would-be investment into the community of real estate industry. Many uses the word "out-reach" and this very decent language is an essence of this field that is why Philippine government will pull it up to level of professionalism.

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So what does that mean to those aspiring to become licensed real estate broker?

With the signing of RESA into law, all real estate practitioners in the philippines must secure a license from PRC in order to continue the practice, and more importantly, what the requirements are to qualify for the exam. I’ve heard rumors that in order to qualify to take the exam, one would have to take either a 2-year or 4-year course. Again, these are just rumors so I suggest that we all just wait for the RESA Law Implementing Rules and Regulations (IRR).

RESA was enacted and signed as law governing the real estate practice in the Philippines. More so to professionalize this field of endeavor.

The 120-training hours, required by the Professional Regulatory Commission (PRC) and by the Professional Regulatory Board for Real Estate Service (PRB-RES), is in accordance to Article III Section 14 b of the Implementing Rules and Regulation (IRR) of the RESA Law:

Upcoming licensure examination for Real Estate Brokers scheduled on March 27, 2011,where aspiring real estate brokers won’t need to take a 4-year bachelor course on real estate. The licensure examination is in compliance to Article III Section 12 of the Real Estate Service Act of the Philippines or the RA 9646.

“A holder of a relevant bachelor’s degree from a state university or college, or other educational institution duly recognized by the 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 a 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.”

SCOPE OF EXAMINATION:

The licensure examination for the applicants for real estate brokers shall cover, but not limited to, the following:

Fundamentals of property ownership;
Code of Ethics and Responsibilities;
Legal Requirements for Real Estate Service Practice;
Real Estate Brokerage Practice;
Subdivision Development;
Condominium Concept and Other Types of Real Estate Holdings;
Real Estate Finance and Economics;
Basic Principles of Ecology; Urban and Rural Land Use;
Planning, Development and Zoning;
Legal Aspect of Sale, Mortgage and Lease;
Documentation and Registration; Real Property Laws and Taxation

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Philippine Real Estate

Miyerkules, Marso 23, 2011

Philippine Real Estate: Philippines Real Estate

Philippines Real Estate