What Are Real Estate Brokers?
The role of a real estate broker focuses on activities that center on the “arrangement and negotiation of real estate transactions.” These activities or duties typically cover every day of the week since real estate and housing property, like a lot for sale, essentially fulfill the human necessity for shelter. Moreover, real estate brokers are purposed to make sure that “real estate transactions have complete paperwork and are lawful, and that there is correct recording and reporting of all pertinent monies.“ Therefore, it can be expected that “real estate transactions” occur daily.
The activities of real estate brokers include “overseeing the purchasing and sales of residential and commercial properties, as well as writing contracts” pertinent to a lot for sale. In addition, real estate brokers are real estate agents who have furthered their education in the field and have a license of a “higher level” (i.e., real estate broker license) compared to real estate agencies. This allows real estate brokers to start up a brokerage and hire fellow brokers to assist with day-to-day duties, granted that there is supervision from hiring real estate brokers.
How to Get a Real Estate Broker License in the PH?
The Real Estate Service Act (RESA) Law was established in the Philippines in 2009 in order to recognize “the vital role of real estate practitioners in the social-political, economic development and progress of the country by promoting real estate market, stimulating economic activity and enhancing government income from property-based transactions.” The RESA Law is purposed to ensure the development of “effective regulation” and “global competitiveness” in the real estate industry. This law makes sure that the legal processes regarding a lot for sale are under proper regulations.
In the year 2016, a new requirement had been included stating that in order to qualify for a real estate broker license, the individual must have a degree in BS Real Estate Management. This gives real estate brokers a much more in-depth understanding of not just a lot for sale, but the broad subject of real estate and its related concepts.
According to the Philippine Regulation Commission (PRC), the following requirements are needed in order to apply for a real estate broker license:
- A bachelor’s degree in Real Estate Management (BS REM)
- NSO / PSA Birth Certificate
- NSO / PSA Marriage Contract (for married female applicants)
- Transcript of Records with scanned picture and Remarks “For Board Examination Purposes
- Renewal Fee: “Payment: P900.00 – complete
- Valid NBI Clearance (First Timers & Repeaters)
Upon submission of these requirements, the individual will need to pass the Real Estate Broker Licensure Exam in order to acquire their real estate broker license and start overseeing a lot for sale.
What is the Philippine Regulation Commission (PRC)?
The Philippine Regulation Commission (PRC) is mandated with the “implementation, administering, and enforcing of regulatory laws and policies of the country” relevant to the “licensing and regulation” of professions. The professions in question cover many fields, including “industry, commerce, governance, and economy.” Moreover, the PRC’s role includes the “maintenance and enhancement of occupational and professional standards and ethics” in the country.
Upon being qualified and with the submission of the necessary requirements, individuals receive a Professional Identification Card (PIC) or PRC ID. The PRC ID is “documentary proof” that the individual has fulfilled the necessary qualifications to be a registered professional who “has the legal authority to practice their respective profession.”
What Are Continuing Professional Development (CPD) Units?
In renewing PIC or PRC ID, the term of Continuing Professional Development Units (CPD) becomes relevant. The “Continuing Professional Development Act of 2016” or Republic Act No. 10912 states that the concept of CPD is required for the renewal of the PRC ID of “all registered and licensed professionals under the regulation of the PRC.”
CPD units specifically refer to “the value of an amount of learning achieved.” The specified “learning” in question revolves around “formal, informal, or non-formal learning, including professional work experience wherein credit units can be accumulated to predetermined levels for the award of a qualification.”
For every profession under the PRC, there is a specific number of CPD units required for the renewal of an individual’s PRC ID. For the profession of “Real Estate Service,” professionals in this field require 45 CPD units.
On the other hand, professionals working overseas do not require CPD units, granted that they provide valid proof such as a valid “Certificate of Employment or Overseas Employment Certificate duly approved by the POEA.”
To show how diverse the professions regulated by the PRC regarding PRC ID renewal, the following professions require CPD units other than “Real Estate Service:
- ACCOUNTANCY
- AERONAUTICAL ENGINEERING
- AGRICULTURE
- AGRICULTURAL AND BIOSYSTEMS ENGINEERING
- ARCHITECTURE
- CHEMICAL ENGINEERING
- CHEMISTS
- CHEMICAL TECHNICIAN
- CIVIL ENGINEERING
- CRIMINOLOGY
- CUSTOMS BROKERS
- DENTISTS
- DENTAL TECHNOLOGISTS
- ELECTRICAL ENGINEERING
- ELECTRONICS ENGINEERING
- ENVIRONMENTAL PLANNING
- FISHERY TECHNOLOGY
- FORESTRY
- GEODETIC ENGINEERING
- GEOLOGY
- GUIDANCE AND COUNSELING
- INTERIOR DESIGN
- LANDSCAPE ARCHITECTURE
- LIBRARIANS
- MASTER PLUMBERS
- MECHANICAL ENGINEERING
- REGISTERED MEDICAL TECHNOLOGISTS
- MEDICAL LABORATORY TECHNICIANS
- MEDICINE
- METALLURGICAL ENGINEERING
- ·PHARMACY
How to Renew a Real Estate Broker License in the PH?
Now that some background information has been covered surrounding real estate brokerage and the regulations around it, the renewal process of a Real Estate Broker License in the Philippines or the Real Estate Broker PRC ID includes a list of requirements:
- Real estate practitioners (or real estate brokers in this context) are required to have acquired at least 45 CPD units. Real estate salespersons, in particular, require “at least 10 CPD units only.
- Real estate practitioners who have a secondary PIC ID are required to have at least 10 CPD units.
- Acquire a surety bond with a minimal premium (from P1,700-P1,800)
- Access the PRC website to double-check the necessary requirements to submit, and fulfill the online application requirements for a PRC license for convenience
- Have a printed copy of your PRC application form, and “have it notarized at the PRC legal office (2nd floor of PICC) or at any notary public office of your choosing
- Go to the PRC office you have chosen in your online application and submit the necessary documents, CPD units, and surety bond
In addition, make sure you have these requirements as well before going to the designated offices:
- Original and photocopy of expiring PRC ID
- Certificate of Membership and in Good Standing from PHILRES
- PRC’s copy of the Surety Bond contract (may be obtained near the PRC Central Office)
- Notarized CPD certificates (45 units)
Related Blog: How to Work With a Real Estate Broker?
