Real Estate Broker Exam 101: All You Need To Know

Real estate is one of the fastest-growing industries in the country and getting a job as a real estate broker can open a number of opportunities for you to earn high. Real estate brokers are professionals who manage transactions for various real estate businesses.

Are you planning to start a career as a real estate broker in the Philippines? Then you need to get certified first. Here’s everything you need to know about the Real Estate Broker Exam in the Philippines:

What is the Real Estate Broker exam in the Philippines?

To regulate and professionalize real estate brokers in the Philippines, they need to pass the Real Estate Brokers Licensure Exam. This exam is conducted once a year by the Professional Regulatory (PRC) with the supervision of the Board of Real Estate Service (PRBRES).

What is the coverage of the Real Estate Broker Licensure Exam?

The coverage of the Real Estate Broker Licensure Exam includes fundamental topics from the real estate broker program, laws regarding property, taxation, and development.

• Documentation and Registration – fundamental processes involved in real estate transactions
• Fundamentals of Property Ownership – rights to property ownership
• Real Estate Brokerage Practice – best practices for running a real estate brokerage firm or practice
• Legal Aspects of Sale, Mortgage, and Lease – legal aspects of real estate transactions and how to protect clients from frauds
• Subdivision Development – conversion of raw land to a residential community
• Condominium Concept and Other Types of Real Estate Holdings – reference to the Republic Act 4726 (Condominium Act)
• Planning, Development, and Zoning – mapping and usage of land for various purposes
• Code of Ethics and Responsibilities – ethical practices when dealing with clients
• Legal Requirements for Real Estate Practice – reference to the Republic Act 9646 (Real Estate Service Act or RESA Law)
• Real Estate Finance and Economics – basic economic concepts that applies to real estate
• Basic Principles of Ecology – how real estate development affects the environment
• Urban and Rural Land Use – how development can be implemented without sacrificing agricultural land or other land uses
• Real Property Laws and Taxation – property assessment for real estate tax and its relation to land improvements and other legislation

What are the application requirements of the board exam?

You must be a natural-born Filipino citizen to apply for the exam. In addition to this, you need to submit the following requirements to the PRC main office or any of its branches:

• Bachelor of Science in Real Estate Management from an accredited school
• Original and photocopy of NSO birth certificate or valid passport
• Original and photocopy of Transcript of Records (TOR) with Special Order, Date of Graduation, school seal, photo, and remarks “For Board Examination Purposes Only”
• Original and photocopy of NBI clearance
• Original and photocopy of NSO Marriage Certificate (for married women)
• Community tax certificate (cedula)
• 4 pieces colored passport photos (must be with a full name tag)
• Completed exam application form
• Metered documentary stamps
• Examination fee of PHP 900

When is the Real Estate Broker Exam in the Philippines?

The Real Estate Brokers Examination is scheduled on June 16, 2019. The exam will be held in Manila and all regional offices of PRC testing sites. The online application processing started last February 18, 2018 and will end on May 17, 2019.

How to apply for the Real Estate Broker Licensure Exam?

Don’t worry because you no longer have to deal with the long registration lines. With PRC’S Licensure Examination and Registration Information System (LERIS), you can apply for the Real Estate Broker Licensure Examination online!

Here’s a step-by-step guide for the online application:

• Step 1: Gather all your documents.
• Step 2: Register and sign in to your LERIS account.
• Step 3: Fill out all the required details.
• Step 4: Upload your photo (follow the photo requirements set by PRC).
• Step 5: Select the Real Estate Broker Licensure Examination tab.
• Step 4: Schedule an appointment date with PRC.
• Step 5: Choose your preferred payment method and pay for the exam fee.
• Step 6: Print the application form.
• Step 7: Submit your requirements to the PRC office on your appointment schedule.

Where can I check the Real Estate Broker Exam results?

The Professional Regulation Commission releases the results of the Real Estate Broker board exam within fifteen days after the date of the examination. You can check the complete list of board passers, topnotchers, and the top performing schools on the PRC official website. Just go to the online verification part of the website and log in your details to get your ratings.

Are you ready to take the Real Estate Broker Licensure Examination? Let us help you prepare for your dream career. Read more tips and guides like this on the College Life blog section at Edukasyon.ph now!