PROBLEMS YOU FACE TO OBTAIN A BROKER’S LICENSE IN THE PHILIPPINES
Today, the Philippine real estate is booming and new buildings are being constructed to accommodate demand for office spaces, shop stalls, residential dwellings and even parking spaces. This symbolizes a point to a flourishing career in the real estate industry for many individuals.
Real estate agents and brokers should be authorized and licensed since they use their knowledge in the local market as well as their negotiation skills to help clients meet the objections at the most desirable cost in acquiring a property. They are tasked to be the bridge in real estate transactions between an owner and a buyer. The Real Estate Service Act of the Philippines or the RESA Law was established because of this.
Before, it is easier to obtain a broker’s license in the Philippines. All you need to do is to have a relevant bachelor’s degree from a state university or college and other educational institutions recognized by Commission on Higher Education (CHED) and pass the specific requirements. But now, the broker’s licensure exam is only limited for those who took up Bachelor of Science in Real Estate Management offered by some schools in the Philippines.
What this means for some is an increase in the costs of obtaining a Broker’s License since it may mean taking on a 2nd bachelor’s degree program to fulfill the new requirements.
Many see these changes as a challenge for them, especially the non-licensed real estate practitioners who want to get a license because even they are in the industry for many years, their real estate careers will be on hold just to pursue a four-year course first. It is time-consuming and affects their livelihood due to its additional costs.
Along with this, the degree must be taken up first along with the requirements such as good moral character as evidence by not having been convicted of any crime, completed application with the PRC, take and pass the real estate broker exam and these documents will then have to be submitted to the PRC.
Even it is a little bit hard for others to obtain a broker’s license in the Philippines, they should have the determination to bring a quality service for the clients. They are an important aspect in the real estate market transactions because they are capable of knowing how to evaluate properties.
