Into the world of realty service

One of the first things I’ve learned when I joined a review class to prepare for the Philippine brokers’ licensure examination is differentiating between the “business” and the “practice” of real estate.

Real estate as a business deals with investing money to acquire or improve land and anything attached to it–like a house or a building–and selling, leasing, or using them for other income-generating purposes. Think real estate developers or property investors.

Well, this blog is not about that.

This blog is about the aspect of real estate as a practice. Think real estate salesmen, brokers, appraisers, and consultants. They’re called real estate practitioners and they’re engaged in the realty service practice.

More specifically, though, this blog will be about real estate brokerage. Here in the Philippines, real estate brokerage is the business of brokers and salesmen licensed under them.

What exactly does a real estate broker do? A broker acts in behalf of a principal, which may be the owner of a property or someone looking for a property. To do what? Well, a host of things. Negotiate the sale, purchase, lease, exchange, and even mortgage of real estate. In turn, brokers get what is called a commission.

I’m hoping to go into the practice of real estate brokerage and I took the licensure examination for brokers last May 27 at the Cebu Normal University in Cebu City.

While I wait for the exam results, I’m writing down everything that I’ve learned in my review class about the business: licensing regulations of realty service practitioners; real estate taxation, including expanded value-added tax; aspects in sale, lease, and mortgage; effects of agrarian or urban land reform on real estate; and documenting contracts, among other things.

Can foreigners own real estate in the Philippines? Who supervises real estate practitioners? How much commission should you give your real estate broker? Who has the bigger right over a property sold to two or more buyers?

Continue to visit this blog for answers to these questions and more.

  • Nanette

    I like your site. Simple and informative.

    I’m planning to take the real estate brokers exams.

    I don’t know anything about real estate. Could you please help me where to start?

    Are there some review schools in Cebu City? Could you kindly give some information as to the review schedule and the fees involved?

    Thank you very much.

  • engkanta

    Hi Nanette,

    Thanks. The real estate licensure examination for brokers is given twice a year–in May and November.

    What I know is that there are two real estate groups in Cebu that conduct reviews for those interested in taking the exams. The reviews are held also in May and November.

    I took the review given by the Cebu chapter of the National Real Estate Association Inc. (NREA) and the classes were given three Saturdays and one Sunday before the exams.

    I paid 3,000 pesos for the review and 200 or 250 pesos to the Department of Trade and Industry as exam fee.

    You may reach NREA Cebu chapter at these numbers: 254-5780, 412-5676. Their office is in Rm. 212, Diez Bldg., corner F. Ramos and V. Ranudo St., Cebu City.

    While waiting for the review to start in November, feel free to visit my blog. I’m thinking of writing everything that I’ve learned in my review class here so I won’t forget any of it.

  • renie

    s der a real estate review for d coming real estate appraiser board exam?
    i want to enrol? when it start?