How Much Do You Need to Get a Real Estate License?

Planning to enter and grow a lifelong career in the resilient industry of real estate? First, let's get real: you need money to fund an education, licensure exams, and other expenses. This also requires your commitment, patience, and fortitude as this means years of education and training to be able to grasp all the knowledge you need to become a bona fide real estate expert and a licensed professional.

If you're still interested in acquiring your real estate broker license despite the pretty daunting financial requirements, maybe real estate brokerage is really for you! If you intend to know more about all the costs you'd need to fulfill your dream career and obtain a real estate license, you've come to the right site.

Lumina Homes, an affordable house and lot for sale developer for more than a decade, shares sound advice about practically anything about homeownership and trends in the real estate industry. Read on to learn more about the costs of real estate license applications in the Philippines.

First Step: Enroll in a BS Real Estate Management Course

Tuition Costs: ₱38,000 – ₱40,000 to ₱165,000 – ₱225,000 per academic year

The first step to achieving your dream of joining the roster of real estate agents and real estate brokers in the Philippines is to enroll in a real estate management course. Luckily, there are plenty of academic institutions offering this course from Luzon, Visayas, and Mindanao.

This includes the Manila Business College Foundation, National College of Science and Technology at Dasmariñas in Cavite, STI College – Calamba in Laguna, Systems Plus College Foundation at Angeles City in Pampanga, University of the Cordilleras in Baguio City, Central Philippine University in Iloilo City, and University of Mindanao in Davao City, to name a few.

Once you become a BS Real Estate Management graduate, there are plenty of employment opportunities in store for you! Aside from being a licensed real estate agent or broker, other jobs include a real estate salesperson, real estate appraiser, accounts personnel of housing development, property consultant, and even as an instructor for real estate management students.

Next Step: Take the Broker Licensure Examinations

Fees: ₱900

After obtaining your degree in BS Real Estate Management, your next best step is to take the Real Estate Broker Exam. For the application fee, you'd need ₱900 for the real estate licensure examinations. This application fee is payable either online or in person. You can pay over the counter at the cashier's office of the Professional Regulation Commission (PRC) or UCPB. You can also make your payments through BancNet, LandBank, and even GCash. Paying online is convenient but take note that this may incur extra charges.

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DHSUD Accreditation and License Fees

Fees: ₱288 to ₱720

Before you are permitted to professionally engage in a real estate transaction, you first need to acquire accreditation or license via the Department of Human Settlements and Urban Development (DHSUD), which was previously called The Housing and Land Use Regulatory Board (HLURB). It is the country's primary regulatory authority for housing and land development. In addition, this government agency zeroes in on matters involving housing, human settlements, and urban development. 

Once you apply to become a real estate broker, you'd need to pay the following application fees at any DHSUD branch near you.

• ₱720 for new applicants

• Additional ₱200 annually for non-renewal

• ₱5,000 cash bond

If you are applying to be a licensed sales agent, you need to pay the following fees:

• ₱288 for new applicants

• Additional ₱200 annually for non-renewal

• ₱1,000 cash bond

The surety or cash bond is a prerequisite to ensure that you will fulfill your obligation to render real estate service and sell real estate properties with good intentions. 

PRC License Fee

(Starts at ₱300 for initial application)

In addition to the aforementioned fees, prepare for yet another cost before getting your real estate license in the Philippines. Before you take the board exam, you may find it necessary to enroll in a real estate review center to up your chances of passing the mentally and intellectually grueling exams.

After the board exams, which you have to claim you'd pass, that's when you can apply for a PRC license followed by an oathtaking ceremony. Below is a list of the costs you must pay for PRC ID application or renewal:

For baccalaureate degree holders:

• Initial registration fee – ₱600

• Annual renewal fee – ₱450 or ₱1,050 for three years

For professionals with non-baccalaureate degrees:

• Initial registration fee – ₱450

• Annual renewal fee – ₱420

For medical representatives and real estate salespeople:

• Initial registration fee – ₱300

• Annual renewal fee – ₱150 or ₱450 for three years

Irrespective of your profession, the validity of PRC IDs runs for three years. Remember to renew your PRC ID during your birth month.

The total costs of each real estate application vary from person to person. Your choice of an academic institution for your BS Real Estate Management degree is one factor, as some schools have higher tuition fees.

Furthermore, your real estate license application entails securing a mountain of documents and requirements that you will have to pay for. From the costs mentioned above to photocopies, and commute expenses, the process of obtaining your real estate license can be both taxing and financially challenging. But no success is ever achieved or worth it without both hard work and hardships.

Once you become a licensed real estate broker, you can absolutely apply to real estate companies such as Lumina Homes to render real estate services and get the chance to professionally grow and join our team of experts who deliver the news of an affordable housing brand for modestly earning Filipino families.

For more than 10 years, Lumina Homes have committed to only providing quality yet affordable house and lot for future homeowners. We have more than 50 housing projects nationwide, all of which are conveniently located near schools, hospitals, marketplaces, and more for the benefit of residents. For as low as 1 million pesos with flexible payment terms, there is a Lumina house and lot in the Philippines that are catered exactly to every Filipino's lifestyle needs without having to shell out huge sums of their hard-earned money.

Join the Philippine real estate industry very soon and grow your career with our team of real estate professionals at Lumina Homes!