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Complete Guide of Process in Applying for the Real Estate Broker Licensure Exam

6 March 2022
Complete Guide of Process in Applying for the Real Estate Broker Licensure Exam

Real estate is one of the strongest businesses in the Philippines and also one of the best ways to make a lot of money. Brokers in the real estate brokerage firm are those who specialize in the administration of real estate transactions between different types of property firms.

 

Owing to the unavailability of an industry-specific regulating body in the past, real estate agent selling homes and condominiums used to be a straightforward process. Only if one wished to open a brokerage company did one need to take the real estate license tests at that time. Otherwise, anybody wishing to engage in real estate sales may do so at their own discretion and without the need for formal training or licensing.

 

Due to a rise in the number of people looking to benefit from the country's real estate industry, it is necessary to professionalize those in the field, including real estate agents, ensuring that they operate in accordance with ethical standards, as the real estate development affects the Philippine economy greatly.

 

A Degree in Bachelor of Science in Real Estate Management

To be eligible to take the real estate broker exam, a Bachelor of Science in Real Estate Management (BS REM) from a state university or college or other educational institution acknowledged by the Commission on Higher Education (CHEd) had to be obtained. The Real Estate Service Act or RESA specified that the degree program would be mandated as soon as it was offered in schools.

 

A Memorandum Order No. 28 was released by CHED in 2011 that defined how the Bachelor of Science in Real Estate (BS REM) degree program should be conducted. It was then announced in 2012, under the real estate services act, that only graduates of the four-year BS REM program will be eligible to sit for the broker's licensing test commencing in 2016.

 

Also Read: List of Schools Where You Can Get a Degree in Real Estate

 

The new schedule for the real estate broker license test

The Professional Regulation Commission (PRC) advised the public last year that July 21, 2021, Real Estate Brokers Licensure Examination (REBLE) and the Real Estate Consultants Licensure Examination (RECLE) has been postponed and rescheduled.

Pursuant to Resolution No. 1372 (s. 2021) the new date Real Estate Brokers Licensure Examination will be on April 12 this year. The places where the exam would be conducted are in NCR, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legaspi, and Tacloban.

Here are the qualifications in order for you to take the test:

  • In order to apply, you must be a Filipino citizen; however, you may do so under the foreign reciprocity clause.

  • Have a decent moral character and have not been convicted of any crime involving moral turpitude; and

  • B.S. Real Estate Management (BS REM) or related field preferred but not required.

 

Application process for Real Estate Broker Licensure Exam

To apply for the test more conveniently, go to the PRC's Licensure Examination & Registration Information System (LERIS) and create an online account. These are the steps:

 

1. Press the Register button to begin the registration process.

Following your review of the online service's terms and conditions, click I Agree. After that, provide your contact information, including your name, email address, and password. Make sure that you can log in to your account by entering your password.

 

2. Complete the Profile Page.

Add your personal data, such as a phone number and email address, as well as background about your family, education, and employment. Upload a valid ID and your photo.

 

3. Select the transaction option.

You can find this on the right-hand side of the screen. Select the Examination Tab then choose the name of the examination you'll be taking and the date, time, and location of the test you'd want to take it.

 

4. At the bottom of the tab, click the Proceed button.

 

5. Book an appointment with PRC.

You can choose a list of the agency's regional offices and service centers, located in several shopping centers that appear in the drop-down menu. Once you've chosen an appointment, you'll be notified through email of the time and date for your appointment. This is system-generated so if you can't make it at the time specified, select another time and explain why you need to reschedule.

 

6. Application fee payment.

You have the option of paying your application fee in person or online. The application price for the Philippine Real Estate Licensing Exam is P900. Aside from over-the-counter payments at the PRC cashier office and UCPB, the PRC also accepts payments through Landbank, BancNet, and GCash. You must also take note of the possible transaction fees levied by some online payment methods.

 

7.   Your completed application form for the real estate licensing test should be printed out.

Put your signature in the form. An Existing Transactions tab will appear on the left side of your profile after your payment has been verified.

 

8.   Attend your scheduled appointment.

Bring the signed form with you, as well as any other necessary documentary requirements such as:

  • Original and photocopy of NSO birth certificate or valid passport

  • Original and photocopy of NBI clearance

  • Original and photocopy of NSO Marriage Certificate (for married women)

  • Original and photocopy of Transcript of Records (TOR), It must have Special Order, Date of Graduation, school seal, photo, and remarks “For Board Examination Purposes Only.
  • 4 pcs. colored passport photos (taken with a full name tag)

  • Community tax certificate or cedula
  • Completed exam application form

  • Metered documentary stamps

 

9. Prepare for your real estate broker licensure exam

Make the most of your study time in addition to focusing on your application. Increase the amount of time you spend on subjects you haven't yet mastered. Keep in mind that there are three portions to the test: general/fundamentals, advanced/specialized knowledge, and professional practice. Answering to practice tests after studying a certain subject is a wonderful idea, as well. A daily review habit can help you maximize your study time and analyze your knowledge more accurately even with a limited period each day.

 

The target date for the release of exam results would be on April 18, 2022.

 

Many individuals are lured to a career in real estate because it offers the opportunity to earn good compensation, build a vast professional network, and take advantage of personal development opportunities.

 

Speaking of opportunities, if you are already a licensed real estate broker and looking for a company to work for, Lumina Homes is a great one to begin your journey. With its over 50 highly accessible communities across the country, this become one of the most trusted and popular housing segments in the Philippines. It is recently recognized as the Best Affordable Housing Developer in the 1st Carousell Property Awards!

 

Be part of this innovative real estate developer and become a real estate professional business partner of Lumina Homes!

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