Question 1

How do I verify a broker's PRC license?

Accepted Answer

You can verify any real estate broker's license through the PRC License Verification portal at verification.prc.gov.ph. Enter the broker's name or license number to confirm their active status. You can also use REN.PH's broker verification tool which cross-references PRC records. Always verify before engaging a broker for any transaction.

Question 2

What services does a licensed real estate broker provide?

Accepted Answer

Licensed real estate brokers provide professional services including: property valuation and pricing advice, marketing and listing properties, buyer/tenant screening, negotiation between parties, contract preparation and review, transaction coordination, and ensuring legal compliance. Brokers are legally authorized to receive commissions and are bound by the Code of Ethics under RESA.

Question 3

What are the benefits of working with an experienced broker?

Accepted Answer

Experienced brokers bring years of market knowledge, established networks, and proven negotiation skills. They've navigated various market conditions and can provide insights from handling diverse transactions. Their track record often includes relationships with developers, banks, and other industry professionals that can benefit your transaction.

Question 4

Do brokers licensed before 2017 have different qualifications?

Accepted Answer

Brokers licensed before May 2017 were not required to hold a BS Real Estate Management degree. However, they passed the same PRC board examination and are equally licensed professionals under RESA. Many pre-2017 brokers have extensive practical experience and have maintained their licenses through continuing professional development (CPD) requirements.

Question 5

How competitive is the real estate broker profession?

Accepted Answer

The real estate broker profession in the Philippines is highly competitive. With thousands of brokers entering the market each examination, standing out requires exceptional service, specialized knowledge, and strong professional networks. Licensed brokers differentiate themselves through expertise in specific property types, locations, or client segments.

Francis Allan H. Nocom

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February 2016 Board Exam

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