Protect yourself and your hard-earned money!
To make sure you are dealing with a real estate professional, here is what you need to know about a Real Estate Broker:
- He/She is a holder of a Bachelor degree.
- He/She has taken and passed the PRC Licensure Examination for Real Estate Broker or previously registered with DTI and granted registration without examination via the grandfather’s clause of RA 9646.
- Holder of a PRC-issued Real Estate Brokers ID (with corresponding License number)
- He/She is continually attending seminars/training within the span of three (3) years in compliance with PRC’s continuing Professional Development (CPD) Program.
- He/She is “bonded” by a surety bond in the exercise of his/her profession. (The only profession under PRC that requires bond)
- He/She is bound by Code of Ethics of Professionals.
- He/She is allowed to supervise only 20 accredited Salesperson under his/her name.
- He is a holder of an HLURB issued ID when dealing with developer’s projects.
- He is also “bonded” by a surety bond in favor of HLURB in the exercise of his/her engagement in project selling.
- By definition of law (RA 9646), a Real Estate Broker is a duly registered and licensed natural person (not a realty or corporation), who for a professional fee, commission or other valuable consideration, acts as an agent of a party in real estate transaction to offer, advertise, solicit, list, promote, meditate, negotiate or effect the meeting of the minds on the sale. purchase, exchange, mortgage, lease, or joint venture, or other similar transactions on real estate or any interest therein.
As of May 2016, there are about 31,000 duly Licensed Real Estate Brokers, 9,000 + duly Licensed Real Estate Appraisers and about 180 Real Estate Consultants registered with PRC (Professional Regulation Commission). Their names can be verified on the PRC website link below. You need to know their full name, then choose the profession on the drop down menu.
PRC Verification of Licenses: http://www.prc.gov.ph/services/?id=16
Author: Genevieve F. Bonquin REB REA REC