Ever since the global pandemic had eased, the state of the real estate industry of the Philippines has been continuously thriving. According to an article published last July 2022 by the Philippine Daily Inquirer, the following year’s real estate finance market was predicted to have the most significant improvement even better than it had performed pre-pandemic. Additionally, it is said that there will be hardly a decline of purchasing property because the population of the Philippines only has been increasing. With more people around, more homes and communities must be built. After all, having shelter is one of the basic needs of a human being. Everyone needs a home. With this said, it is only a given that someone who is looking for financial opportunities would want to take part in the real estate industry. It is what is in now. Those who are out of this market are missing a lot.
So, if ever you plan to expand your career choices and are yearning to thrive in the real estate industry and real estate management but are also too scared about the real estate board exam, no fret for here are a handful of things you need to know in order to pass the real estate broker exam.
What Is the Real Estate Board Exam
Some people may be surprised that even in the real estate industry, real estate agents take a board exam. What could ever be the board examination purposes?
First of all, you should not underestimate such licensure exams. It is actually ordered by the Supreme Court. Spearheaded by the Philippine Professional Regulation Commission (PRC), also known as the Official Gazette of the Republic of the Philippines, after completing and passing this licensure examination, you will be given an ID by the PRC central office. With this PRC ID, you can now call yourself an official real estate agent and you can legally now work and sell real estate services, and of course, property ownership. Many other bachelor’s degree routes require having such an ID. In order for Filipino citizens to work as a nurse, accountants, librarians, in other educational institutions prospects, and many other related subjects and jobs, they need to undergo the requirements of the PRC and go through the licensure examination. Of course, each licensure exam is different from the other.
The reason for these exams to exist is that this kind of job is not an easy feat. And, in a way, they are liable to the community. To relate this to the real estate brokerage practice, houses are an integral part of anyone’s life. Selling houses to people is not a joke since this is the building that individuals and families can call theirs, consider it their personal sanctuary, and of course, where many aspects of their lives revolve in. It is a no-brainer that being the one to introduce people to their homes must be guided by a legal aspect.
Coverage of the Board Exam for Real Estate Management
You need to hit your notes regarding the Fundamentals of Real Estate, its Special and Technical aspects, and how can one practice professionally. Below are the specific pointers you may review for the big day.
- Fundamentals of Real Estate
- Fundamentals of property ownership
- Real estate management practice
- Legal requirements and papers in real estate
- Code of Ethics and Responsibilities
- Special and Technical Knowledge
- Basic principles of ecology
- Finance and Economics of real estate
- The concept of condominiums
- Development of a subdivision
- Professional practice
These just go to show that being a real estate broker is no easy business. It takes a lot of diligence to be one and the evidence of this is that one has to go through a board exam. Furthermore, to increase the chance of you passing the exam on the first try, you can opt to enroll yourself in review classes that specialize in real estate. There are a handful of review centers or real estate businesses that offer lectures and seminars for wanna-be real estate agents in the Philippines. Here are some of them:
Cesar E. Santos (CES) Real Estate Academy
Located at Salcedo Village, Makati City, you can totally rely on this academy to teach and review all that you need to know regarding real estate management. You may check out their website for more details (http://www.cesson.com.ph/), and contact them using via email.
Manila Board of Realtors
If you want to save money but still get quality information regarding your upcoming career, you may opt to attend the many lectures and seminars of the Manila Board of Realtors. Located at Malate, Manila, you can check their Facebook page (https://www.facebook.com/pages/MANILA-BOARD-OF-REALTORS-INC-PAREB/177832239838) to see what they do to help improve you.
Real Estate Brokers Association of the Philippines – Las Pinas, Muntinlupa, Paranaque (LMP) Chapter
photo from rebap.com.ph
Last on our list is the Real Estate Brokers Association of the Philippines. Their center is at Muntinlupa. They also often have what they call CREST or the Comprehensive Real Estate Seminar and Training at the Tia Maria Building of Las Pinas City.
What to Bring for the Examination Day
You cannot go to the examination venue empty-handed. Here is a list of items that you should pack:
- Official Receipt as proof you have paid the applicant fee
- Admission Notice
- Black inked ballpen
Additionally, here are the items you will be asked to leave in a safe place before going inside the examination room:
- Cellphones and other gadgets
- Earphones, headphones, earplugs, smartwatches
- Calculators
- Any kind of bag
Do not fret though! There will be a designated person who will guard your belongings while you take the exam.
Requirements to be a licensed real estate broker
Before anything else, when you apply to take the exam, you need to show some papers. In line with the requirements of the professional regulatory board, here are the things you must submit:
- Applicant fee of 900 pesos
- NSO Marriage Contract (for married female applicants)
- NSO Birth certificate
- NBI Clearance (for first-timers)
- Transcript of records
Related Blog: How to Renew Your Real Estate Broker License in the PH
