Republic Act (R.A.) No. 9646, or The Real Estate Service Act of the Philippines which is more commonly referred to as the RESA law has been signed into law by president Gloria Macapagal-Arroyo last June 29, 2009. As mentioned in this article, it hopes to professionalize and regulate the practice of real estate in the country through the development of technically competent, trained, and accountable real estate practitioners in the country.
*Update – I have uploaded a full text copy of the RESA Law which you may access through this link: Full text RA 9646. Source: http://www.architectureboard.ph/uploads/1247447115-e09july11_PRBoA-292.doc as posted at http://www.architectureboard.ph
As an off-shoot, the Real Estate Brokers’ Licensure Exam which was originally scheduled for October 2009 has been postponed. I called up one of the review centers that regularly conducts a Certified Real Estate Seminar and Review (CRESR) and I was told that they have likewise postponed their review classes because the exams have been postponed.
So what does that mean to those aspiring to become licensed real estate brokers?
I suppose you will have to wait for updates on when the next licensure exam will be, and more importantly, what the requirements are to qualify for the exam. I’ve heard rumors that in order to qualify to take the exam, one would have to take either a 2-year or 4-year course. Again, these are just rumors so I suggest that we all just wait for the RESA Law Implementing Rules and Regulations (IRR).
For those who want to become real estate investors and had plans to become a licensed broker prior to investing, this should really not affect your plans. In my opinion, having a real estate broker’s license is not really required if you want to invest in real estate. As an investor, most of the real estate transactions you will be involved in would be for properties that you own. If you own a property, you don’t need a license to sell it.
The knowledge gained is more important for real estate investors.
What’s important however with the whole process of reviewing for the licensure exam and taking the exam is the knowledge gained. Before I took review classes in preparation for the November 2007 exam, I had so many unanswered questions with regard to real estate and most of these were answered and it helped a lot to remove the fear of the unknown, which I believe is one of the major stumbling blocks for beginning real estate investors.
With the postponement of review classes, now what?
Don’t let the postponement delay your plans to learn more about real estate! There are a lot of quality seminars out there and I highly suggest you attend some of them. One example would be the “Investing In Real Estate Lecture Series” being offered by the Urban Institute Of Real Estate. The lecturer for this series of seminars is Engr. Enrico S. Cruz, the same lecturer for the review classes I took for the November 2007 Real Estate Brokers’ Licensure Exam, which I passed. You can visit their blog http://urban-institute.blogspot.com/ for more details.
To our financial freedom!
Jay Castillo
Real Estate Investor
REBL#: 20056
Blog: http://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com
Text by Jay Castillo. Copyright © 2009 All rights reserved.
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Hi, I’m Jay Castillo, full time dad, real estate investor, and internet marketer, based in the Philippines
[...] is the original: Real Estate Service Act (RESA) Signed Into Law, Real Estate Brokers’Licensure Exam Postponed Share with [...]
The rumor is half truth already. If you had seen a copy of the Bill under Sec 14, B
It says that if CHED implemented a course leading to a Bachelors degree in Real Estate Service, the Board shall make this course a requirement for the licensure examination.
Meaning if the examination pushes thru anytime soon before CHED implements a bachelor degree, it should be the usual requirements as we have right now.
So a 2yr or 4yr course or any duration of study which CHED implements will soon be a requirement for the licensure exam.
According to another rumor, some of those who were waiting for the October test are lobbying for it to take place. If ever PRC/CHED/DTI will reconsider, I hope to take it and then pass it. Jay is right, no need to “fear” for investors. Also, no need to fear for those who want to sell. They can just attach to a broker or a real estate company in order to sell.
Hi myBahayATBP, I am also one of those who are hoping they would reconsider as my wife also plans to become a licensed broker. Imagine a CPA-Lawyer-Licensed Broker rolled into one. I would save a lot on professional fees… hehe.
Hi Ferdz, yes I agree. While waiting for a final CHED approved course, the existing requirements should still be enough and I am hoping they would still reconsider and push through with the exam sooner than 2/4 years.
I am very much happy on what has happened with this bill which has turned into law. I am not disappointed with what our lawmakers did in order to professionalize and regulate the real estate industry from unscroupolous people that have tarnished the hardworking real estate professionalize who have been uplifting this profession in the past few years.
The postponement of the Real Estate Broker, Appraisers and Consultant is also a good way of controlling and re-organizing the current real estate organization and also in formulating a real estate curriculum in college. Therefore, establishments of real estate schools would soon flourish in a few years time. However, in the current situation of real estate educator it would be a bane for them unless they can make a agreement or tie-up with colleges and university willing to offer this course. I believe, De La Salle – St. Benilde is offering module type subject when completed will lead to a Diploma Course even De La Salle Professional Schools in Makati offer it as a part of MBA program major in real estate property management.
http://www.pinoymoneyvantage.com
Hi Ben,
I guess this was inevitable and is really needed because of the reasons you have mentioned and I’m also glad it was finally enacted, I’m sure most professional brokers also have the same sentiments. I just hope that those from the PRC/CHED/DTI would come up with a formal announcement soon so that aspiring real estate brokers would not be left in the dark, so to speak. Regarding the property management course offered by De La Salle, I was thinking of attending it last year but decided that I would just hire a property manager when the time comes that I needed one. Thanks for dropping by, you also have a nice site!
At least you have the knowledge and know how in basic concept of real estate property management especially if you plan to be a real estate educator as well.
Hi Ben, maybe when I’m financially free and have the time, which should be soon!
Mr. Jay i hope you can advise me if the Nov. 2009 exams would push thru and if it would be the last. . .cos if its the last, i would take the exams. . . i dont want to enrol college anymore. . .thanks.
Hi Orly, actually a lot of people anticipated that the October/November 2009 exams would be the last but it got postponed when the RESA Law was passed. I guess we will just have to wait for the implementing rules and regulations which should let people know if the exams will resume while the CHED/PRC are finalizing the new curriculum.
Hi Sir Jay, I’m one of the aspiring real estate broker. Actually I’ve been to Register of deeds this morning and asked some advised from my friend on how and when is the schedule for the next examination. Can you please give me a tip which review center is the best for you? Contact detail? Thanks a lot!
Hi Nel, expect me to be biased for the review center where I enrolled myself simply because I passed because of what I learned from them. =)
The review center I would recommend is the Urban Institute of Real Estate and you can get their contact details from their site: http://urban-institute.blogspot.com/
Engr. Enrico and Atty Cruz are the excellent duo real estate educator of Urban Institute of Real Estate and REBAP. I also consider good ol’ Atty. Palacios although he has been ill but he is excellent and Atty. Ariel Martinez of PAREB-Makati among the sought after real estate educators in Luzon and NCR areas.
I have a few questions. My mom works for a real estate company. She’s not a licensed broker. How will the newly signed RESA law affect people like her? Will she still be able to sell properties or not. Im quite confused and worried at the same time ‘coz she might not be able to work anymore. But she’s been real estate industry more than 20 years now. Doesn’t that have any credit on her?
Taking a liscensure exam in her behalf is not optional for now since it has been postponed. If I knew earlier I might have taken the exam myself. I want to help her but I don’t know what can I do.
Thank you. I hope you can somehow enlighten me.
Hi May, since your mom is not a licensed broker, I suppose she can be an agent and she will have to be under a licensed broker and she must be duly registered. This is one of the salient features of the new law where all agents are required to be registered under a licensed broker and a maximum of 20 agents can be under one broker. I’ll be coming out with an article to discuss the salient features of the RESA law in greater detail so please do watch for it. Thanks!
Thanks a lot sir Jay. I will ask for more details with Urban Institute. Sir if ever there is a new seminar and exam can you please give me some tips since I don’t really have knowledge and experience in real estate?
please keep in touch!
thank you and god bless!
Hi Nel, Eng. Cruz would be able to give you a lot of tips on how to top the brokers licensure exam! =)
You can also ask De La Salle – College of St. Benilde under the joint program of CREBA and DLS-CSB. per module course cost P 9,900 which is every Saturday. Try visiting the De La Salle – CSB School of Professional and Continuing Education website or contact are included in this article in Philippine Star: http://www.philstar.com/Article.aspx?articleid=445912
thanks a lot sir Ben! try ko din po mag inquire. from where po kau?
I am from Pampanga. I took my REB Licensure back in Nov. 2006 and passed. The post diploma course offered by DLS – St. Benilde is an option. There are reports of upcoming CRESR by Real Estate Brokers Association of the Philippines in the coming months in preparation for an exam this coming December 2010 in which PRC will administer and not Dept. of Trade and Industry.
Ben´s last blog ..Real Estate Professionals: New Changes will be happening soon!
[...] RESA – Real Estate Service Act [...]
Thanks for this post I learned something about (RA) No. 9646.
Hi, is there any updates or infos. regarding the next exam? Thanks!
Hi Nel, no updates at the moment. Once there are further developments, I’ll be posting it here for sure.
Thanks a lot sir Jay!
[...] also see Real Estate Service Act of the Philippines (RESA) Signed Into Law, Real Estate Brokers’ Licensure … over at [...]
Can anybody help me. I have a very important concern regarding getting my license. I was able to pass the June2009 Brokers exam but then i was not able to register at DTI right away. And they said that there was a law that was pass that the application for the license will have to go through PRC. Can anyone help me find a way on how to apply for my license? your help is greatly appreciated. thanks!
@Lydia,
Good news! You’re not alone.
A lot of those who passed recently but unable to register with DTI are in “LIMBO”. And I mean, a lot of them. I understand many have learn a lesson, and that is to do things right, the soonest, in whatever endeavor.
You’ll have to wait whatever notice PRC may come up soon. Hope it would be good news.
hi lydia, i have the same sentiments as yours. pls update me once you know the solution. I reviewed from Cesar Santos Academy and passed the board. Thanks
Hi Lydia, I guess you will have to wait for the implementing rules and regulations of the RESA law as to how you can get your license. Ferdz is right, it’s like you are in “Limbo”.
Hi. I have the same problem with Lydia but the government agencies involved should act fast as not to confused people who want to have a career in the phil real estate industry. Thanks
Hi Eric, yes I hope they come out with the IRR soon and clear up all the confusion going around. Thanks for dropping by!
Hi, me too. I passed the exam last May 2008 but got my rating from the DTI only last juLY 2009. I think we have to retake the exams again.
Hi Raffy, I believe there is no need for you to retake the exam. I believe the PRC and DTI came out with an announcement regarding this. let me get back to you on this.
Hi. I passed the exam last november 2006. as i had been busy with my other profession, i was unable to get my license from dti. i’m a bit worried i might be required to take the exam again. does anybody know if prc has already come up with rules for old exam-passers, like me, who are still unlicensed?
You can contact any nearest professional real estate organization close to you. Real Estate Brokers Association of the Philippines (REBAP) has different chapters in Metro Manila, Luzon in Visayas and Mindanao. Visit this site for more details: http://www.rebap.com.ph.
Ben´s last blog ..Real Estate Professionals: New Changes will be happening soon!
Wow finally a real estate course/program… and it’s 4 yr ryt?
I’m currently a 1st yr college here at de la salle lipa…. the RESA law will be implement nxt yr.? it means I can take the course and know more about real estate… specially I want to be a r.e. investor and developer …. do you know of any schools that will offer that program nxt yr.?
thanks,
Red
Hi Red,
It could be a 2-4 year course. As far as I know the CHED has not yet released a list of schools that will be offering courses for this. I guess everyone is waiting for the RESA implementing rules and regilations (IRR). Don’t worry, when there is an update on this, I will surely post it here.
[...] got the following amortization factor formula when I reviewed for the November 2007 Real Estate Brokers Licensure Exam under Engineer Enrico [...]
Hi. Any news regarding the RESA law? I’m currently an in-house agent of a real estate company and badly wants to become a licensed real estate broker. If the RESA law will require a 2 or 4 yr course, I hope they’ll implement it the soonest time possible.. can’t wait to be a license broker.hehehe
Hi Ed, still no updates although a lot of interpretations on the law have come out. I would rather wait for the IRR to come out. Don’t worry, I’ll post updates here once they become available.
Thank you so much sir. More power!
You’re welcome Ed! Thank you also!
I would like to inquire what happens to the RESA Law? I want to be a licensed broker,, so what will be my option and how? pls sir help me in this matter .. tanx
Hi Mars, at the moment those who want to get a new license can only wait for the IRR to come out which should be soon. Only then will we know exactly how.
Jay:
Hi! I am happy to come across your website very very helpful to me for I am planning to take the licensure exam. Honestly, I don’t know anything about the RESA law and totally clueless regarding the real estate industry but I see the big oppurtunity for me. Any start up tips for dummies like me? Hope you can help.
Thanks and more power!
Phil
Hi Philip, thank you for finding this site helpful! I would suggest you attend seminars on real estate. In my case I attended a lecture series of Engineer Enrico Cruz for the Real Estate Broker’s exam last November 2007 and it really supplemented what I learned when I attended the Think Rich Pinoy Seminar which is more about the mindset needed for investing in foreclosed properties. If you want to checkout the seminars being given by Engineer Cruz, you may checkout his site: http://urban-institute.blogspot.com/
Hi, im planning to embark on a career in the real estate industry and im planning to become a real estate broker..i want to know if there is already an updated requirements for the application for those who want to take the licensure examination..i dont know anything about real estate, i dont know what first things/steps to do..can anyone help me?..does the new RESA law requires me to take up course that is connected to real estate before applying for the exam? i just finished a 4 yr business course..i cant wait to be a licensed real estate broker!!..
Hi JM, first of all, i would like to congratulate you for deciding to embark on a career in real estate, i wish you success! Secondly, i apologize for the late reply. The draft RESA IRR should give you an idea on the requirements for licensure exam in December. You may download a copy of the draft RESA IRR here: http://www.foreclosurephilippines.com/wp-content/uploads/2010/06/IRR-RESA-PRBRESVer.1-Consultation-draft-1-RA9646.pdf
Hello…Currently I’ taking up Master’s in Business Administration and I read about RESA Law. Is CHED has a new curriculom about real estate course? And what date is the real estate examination to be held, the place of examination and any suggested review center?
No, curriculum for a Bachelor of Science in Real Estate Services / Real Estate Management is in the works. But the good news is there will be examination for Real Estate Brokers by Dec 2010. So be ready as long as you completed a 4 year Bachelor’s degree or higher in CHED recognized educational institution. You can ask for ask for more details at the Real Estate Brokers Association of the Philippines. http://www.rebap.com.ph.
Ben´s last blog ..Real Estate Professionals: New Changes will be happening soon!
Thank you Ben for sharing this, nice to see a fellow REBAP member here!
Hello!
Where can i buy book of Atty Ariel Martinez entitled
“Real Estate Service of the Philipines with notes and comments”?
Maraming salamat.
Hi Erlyn, i found a website that is selling the book: http://www.myphilippineproperty.com/blogs/customer_care/archive/2009/11/14/a-primer-on-the-real-estate-service-act-of-the-philippines-resa.aspx
hi! i just want to ask if there is a schedule already when the next exam would be? or it’s totally cancelled? what if you have already attended a seminar for this and wasn’t able to pass it, do you need to enroll in another or same seminar before you can take the exam? thanks!
Hi Dragon, there is a new schedule this coming December 2010, details will be posted here once available. Yes, I believe you need to attend another review seminar before you can take the exam. Thanks for visiting!
Hi Jay! please let me know when the exam will be and what review classes are best to take; how long are the review sessions? thank you very much!!!!!!
My mom passed the exam right before RESA law was implemented… how can she have her license? she already passed the exam but havent applied for her license. She took the exam under DTI and now DTI do not anymore accept her application, where do we go? is her exam still valid to acquire license?
Hi Sloanne, may I know when she passed? If she passed 2007 and later, she can still get here license provided she gets the required continuing professional education or CPE units.
I am so disappointed that the members of the Professional Regulatory Board – Real Estate Service have betrayed the licensed professionals. I believe they are wrong and we, as CONSUMERS in general, should unite and stand to protect the RESA… Read more at http://petalcorin.blogspot.com/2010/06/treachery-of-prb-res-on-resa-irr.html Please spread this message if you are with me in this fight to protect the RESA.
John Remollo Petalcorin´s last blog ..Treachery of the PRB-RES on RESA-IRR
Hi Jay,
re resa law. I passed my exam last may 2008 but have not filed for license. I submitted documents to agency they were not able to file it. Can I still apply for my license and how.
Thanks for your reply.
MJ
Hi MJ, yes you may apply but you need the prescribed number of Continuing Professional Education (CPE) units. Expect CPE’s to be offered in the coming months once the RESA IRR is approved.
Thanks Jay, would you know how many cpe units I need?
H MJ, as per Section 20-D of the draft IRR(please see below), you need 15 CPE credit units.
Sir,
kelanagan po ba 4 years course para makakuha ng brokers exam? 2 years course lang po ako pero active po ako sa real estate since 2007. meron po akong DTI permit last July 2009. pwede na po ba akong mag take nga exam ngayong 2010? at kelan po pala ang exam?
When po is the next brokers licensure examination for the year 2010?
Sana man lang hindi ganyang kabrutal ang Resa Law, Sana naman magkaroon ng malasakit ang government sa mga undergrad or highschool grad na agent who performs well and professionally in this line of business. Maraming undergraduates ang maapektuhan for sure, maraming mawawalan ng trabaho. Huwag tayong magbingi-bingihan sa sitwasyon, hindi lahat ng legal e tama. Lisensiya lang yan. Sino ba ang ayaw magkaliscense? Pwede namang ipatupad yan, bakit nga ba hindi? pero sana naman magkaroon naman ng consideration sa mga agents na di man nakatapos ay nagagampanan naman ng maayos ang kanilang tungkulin. Nakakalungkot isipin na ang mga undergrad or highschool grad na agents na nagsisilbi sa mahabang panahon ay mawawalan na ng pagkakataong kumita ng legal.
Bakit ang RESA Law, hindi pinaguusapan sa tv o any media advertisement, meron man, hindi ganuong ka tindi ang issue? Bakit puro sa internet lang. kawawa ang mga Filipino agents na undergrad pero mga professional magtrabaho kesa sa mga taong nagsasabing lisensiyado sila, Kung iisa-isahin ko ang mga lisensyadong broker na walang ginawa kundi mangurakot ng pera ng ahente nila, hindi mabibilang sa mga daliri ko sa kamay sa sobrang dami.
Aminin niyo man o hindi, mas maraming mga undergraduate agents ang magagaling kesa sa mga tinatawag nating professional broker. Magagaling lang silang magcomment, siyempre para nga naman ipagmalaki ang kanilang profession. Ang bulok na sistema ng ating bansa ay dapat ng ayusin para sa ikauunlad nito
Hiling ko lang kay P-NOY, na sana mapag-aralang mabuti ang Resa law na yan.
Sana naman magkaroon ng chance ang mga undergrad. or highschool grad full time agents na makakuha ng sales agent liscense para naman fair para sa lahat, sana naman kahit certification ng broker o developer na siya ay at least 2 yrs. to 3 yrs. experienced sales agent at mabigyan ng pagkakataon na makapagexam as sales agent, sa examination naman malalalaman mo na kung qualified na talaga ang isang agent o hindi. Kahit sa ganoong paraan lang, magkaroon ng konting consideration, hindi yung bigla – bigla na lang magugulat ang lahat sa Resa Law na yan.
Maganda ang hangarin ng Resa Law, natutuwa kami at meron ng Resa Law na magproprotekta sa mga agents sa marami at nagkalat na mga broker na puro lang salita pero mahilig mang-ipit ng commission ng kanilang mga agents, sa ganitong paraan magkakaroon narin kami ng opportunity na isumbong ang mga broker na hindi nagbabayad ng buwis, mga broker na sumisingil ng sobra sobrang buwis sa kanilang mga empleyado, mga broker na walang considerations sa paghihirap ng mga agents once na makapagdeal na ng transaction. Diyan dapat maghigpit ang gobyerno, hindi lang lisensya ang solusyon sa problema.
Sana lang bago ifully implement yan, magkaroon naman ng consideration sa mga undergraduate or highschool graduate na matagal na sa real estate service.
Bakit hindi rin nating pagtuunan ng pansin ang mga developer na nang-gigipit ng commission ng mga agents, maraming-marami sila. Maraming developer na nakalipat na’t lahat ang clients sa kanilang bahay, aabutin pa ng 1 o 2 taon bago ibigay ang pinaghirapan mo. Kapag minamalas-malas pa ang isang agent, gigipitin na nga ng developer, gigipitin pa ng broker, tsk. tsk. tsk. Hindi madaling maging agents, pero pinipilit na magampanan ang tungkulin para kahit paano ay makaraos sa pang-araw araw na gastusin.
Magkaroon sana ng konting konsiderasyon ang Resa Law para sa mga undergraduate or highschool graduates agents na ginagampanan ng tama ang kanilang trabaho at hindi yung puro kapakanan na naman ng mahihirap ang maaapektuhan…
I actually agree. Kawawa naman ung iba na mawawalan ng trabaho. I know someone who is really good in selling properties, but didn’t even finish his studies. This job is his only source of income. What will happen to him? Come on.
I am 100% for and in favor of professionalizing the real estate industry in the country. However, the full implementation of the RESA Law and the IRR is wanting of more study.
For one, did the proponents and lobbyists of this law take into account the total number of agents who would be displaced as a consequence of the RESA Law?
There are thousands of non-college graduates, who by their years of experience and extra-ordinary selling savvy have acquired senior management positions in various real estate companies. With the rigid requirement of the law, thousands of them will be displaced.
If a licensed broker can only have 20 sales agents under his wing, can the present number of licensed brokers accommodate all the existing qualified sales agents in the country?
Can the present number of licensed brokers deliver the volume of sales being delivered by the thousands of unqualified agents and insure the continued viability and financial returns needed by big developers?
There is unemployment and underemployment problem in the country…. what do we expect those who have relied on this business for years and would be displaced as a consequence do?
Perhaps a 2-year transition period to allow those who would be displaced to earn credits and take exams is in order. This would also allow the real estate companies to re-structure their sales organization to comply with the rigid requirements of the law.
The implementing guidelines have just been published. Compliance is a must, I agree. But due time to take the necessary adjustments must likewise be accorded to cushion the impact of this law on the Philippine economy.
when will be the exam of license in real esta
Are you in favor for the High School Grad. Real Estate Salesperson with 3 Years experiences to become a Licensed Real Estate Salesperson by the PRC till 2011?
(polls)
Greetings Jay,
I am an OFW returning to the Philippines in a month or so and would like to invest in real estate to preserve and hopefully grow my assets. Hope you don’t mind answering a question based on your article.
You mentioned that you don’t need a license if, as an investor, you are dealing with properties you own. Would I also be able to complete the transaction and deal with government agencies in registering the sale and transferring the title (etc.) as an individual without a broker’s license?
Thank you so much for such an informative site!