Thursday, September 25, 2008

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.

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