How to get a real estate broker's license

Today I accomplished the last step in my application for a real estate brokere's license.
I got the license certificate today from the Departmen of Trade and Insdustry, the government regualtory body for real estate practice.
I began the application by enrolling in 24-hours of comprehensive real estate seminar around March this year.
This seminar is a requirement before one can take the nationwide bi-annnual real estate examination, held in May and November.
I enrolled in Urban Institute of Real Estate, one of the many organizations that conduct this required seminars for a fee.
I think I paid P4,000 for the entire program.
Twice a week I attended lectures at Max Greenbelt in Makati.
I would say it was not really difficult for me, mainly because in my legal practice, I have been dealing in real estate cases and transactions.
What I did was to run through the materials to be taken up for a two-hour session.
Then I would read it again later in the week.
That was basically it.
The laws covered were familiar.
In my assessment, the volume of the materials for the real estate seminar would be equivalent to one elective subject in law school.
On May 25, 2008 I took the examination at a Makati School used as test center.
It was an all-multiple choice exam.
I placed fifth overall nationwide.
Then I somewhat forgot all about it.
I got busy.
So months after, I tried to finish the application by processing the license, so I can get my license number.
My Broker's License number goes this way: REB-NCR-20214(N)-08
The license has a lifetime of less than three years, expiring on December 31, 2008.
The documentary requirements for processing the license include two copies of the application form, three ID 1 x 1 pictures, The examination rating issued by the DTI, the certificate of attendance in the 24-lecture hour seminar, A surety bond of P5,000 and pay the license fee of P1,065.
After submitting it to DTI, I waited for three days.
Then I got the license certificate.
I don't know exactly the difference betwen having a broker's license, and not having one.
You can act as a broker even without a license, if you have a special power of attorney from the seller.
A difference I can see is that as a broker, you can open a brokerage office, and legitimately hold yourself out to the public as a licensed real estate broker.
The usuual analogy by advocates of broker licsensing is that anybody can go to a doctor for treatment.
But it is always better to go to a licensed doctor.
On the other hand my unlicensed broekr friends and clients would ask why get a license and be regulated and pay fees, when you can act as middleman even without a license. Just get a SPA.
In my case, a lawyer-uncle who has opened a realty firm prodded me to get a license.
In the province, his law office becomes also a realty office.
It is an affiliated practice in the province.

Mediation is negotiation

There is a stage in the litigation process called mediation.
It is the mandatory stage where parties come together and discuss ways to settle without getting into the merits of the case.
Today I attended mediation with my client whose two real properties had been sold at auction folowwing foreclosure.
We sued the bank to annul the foreclosure.
At mediation, my client raised possibilities at arriving at a mutually acceptable solution.
The possibility was for my cleint let go of one of the properties, and sort of re-structure to keep the other.
The lawyers of the bank were receptive.
From the bank's end, they get one of the properties, re-structure the loan so the client keeps the other property, and close the case.
Not a bad negotiation, I think

Maceda Law

A client was inquiring what rights she may have left after having defaulted in the monthly installments of her residential condominium unit. She said she has already paid more than P1.5-million in installments. She is asking whether she can still get back the installment payments she had already made.I think the Maceda Law comes into play to this query.Republic Act No. 6552 is a law that seeks to protect buyers of realty on installments.It is popularly known as the Maceda law, in attribution to its author.If one is a buyer of real estate, including residential condominium, on installments, the buyer may still retain certain rights even if he defaults in his payments.If the buyer has already paid at least two years installments, he has two rights under the Maceda law.First, he can continue paying the unpaid installments due without additional interest.He must pay within the grace period.The grace period is one month for every one year of installments paid.Second, his other option is he can get a cash surrender value, or refund of the installment payments made.He can get a refund of fifty percent of his total installment payments.The buyer can opt for the cash surrender value or refund if the contract is canceled.If the buyer has paid less than two years installment, his option is to continue paying the installments.The seller has to give the buyer a grace period within which to continue paying the installments due.The grace period is not less than sixty days.

Broker Tales

I will devote this blog to discussions on real estate.
In my law practice, it has become inevtiable that I immerse in real estate practice.
One day I decide to go to the next level, and took the examination for real estate brokers.
Its was due to the proddings of an uncle who focused his law practice in real estate.
Just today, I processed by broker's license with the Department of Trade.
This blog therefore, would be into law and real estate matters.