THOSE who want a career in real estate have four years to apply for a license before they are required to present a diploma on a four-year college course on real estate.
After the Real Estate Service Act (Resa) or Republic Act 9646 was passed into law last year, all real estate brokers, assessors, appraisers and other real estate practitioners except for real estate salespersons had to apply for a license with the Professional Regulatory Commission.
And with the implementing rules and regulations of the law already in place, the first graduates of a bachelor’s degree on real estate management are expected to finish their course by 2016, said Cebu Realtor’s Board (Cereb) president Emily Cabillada.
Cabillada said that once the first graduates finish their course by school year 2016, they will be the only ones who can take the licensure examination.
Cereb, which celebrated its 50th anniversary with the opening of a real estate expo yesterday, said their aim is to make the public aware of the professionalization of the real estate service.
Not just sideline
“This is a very viable profession. This is not just a sideline anymore,” she said in a press conference.
She added that a career in real estate can bring “very good opportunities.”
Cereb has almost 300 members. Cabillada said they have seen an increase of 40 percent in membership while more licensed brokers are seen in the country.
After the implementing rules and regulations for the law have been finalized, Cereb believes the creation of a four-year college course is not far away.
Cereb past president Daisy Kokseng said there are current discussions with the Commission on Higher Education to finalize a curriculum for the course.
For now, those who want to take the exam should be bachelor’s degree holders who have had 120 hours in a seminar by an accredited service provider.
Cabillada hopes the public will be made aware of the professionalization of the real estate service, saying buyers can be assured that they are dealing with licensed practitioners who incorporate ethics in their work.
Misused
She also pointed out that many people are misusing the word “realtor”, saying the term is a registered trademark of the National Association of Realtors USA.
She said not all real estate brokers can be called realtors because the term is reserved for members of the NAR and its affiliates, including Cereb and its national organization, Philippine Association of Realtors Board.
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