Real Estate Service Act of the Philippines (RESA) Signed Into Law, Real Estate Brokers’ Licensure Exam Postponed
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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- Act No. 3135 – An Act to Regulate the Sale of Property under Special Powers Inserted in or Annexed to Real Estate Mortgages (full text)
Tagged with: CRESR • IRR • Licensure • Real estate • real estate broker • Real Estate Service Act • Republic Act 9646 • RESA law • RESA Law IRR • RESAP Law
Filed under: RESA Law • Real Estate Laws
My sister to attend the seminar, instead of me?
)
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?
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!
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.
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.
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!!..