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:
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!
Real Estate Investor
Text by Jay Castillo.Copyright © 2009 All rights reserved.