Becoming a Seller

Becoming a Seller
Gone are the days when any Tom, Rick, and Mary could sell real estate.  The general trend is to professionalize the real estate industry, particularly the sales end.  This means that sellers and brokers have to be licensed to engage in the business.

In the Philippines, the Department of Trade and Industry's Bureau of Trade Regulation and Consumer Protection issued Ministry Order No. 39, spelling out the Rules and Regulations Governing Real Estate Practice in the Philippines.  This M.O. governs the licensing and supervision of real estate salesmen, brokers, appraisers, consultants, and realty service organizations.  The M.O. defines a real estate salesman or seller as "a natural person who performs for and in behalf of a real estate broker under whom he is licensed, any of the functions of a real estate broker for or in expectation of a share in the commission, fee, compensation, or other valuable consideration." 

 The real estate broker is defined in the M.O. as "any person, natural or juridical, who is an agent of another person and for or in expectation of a fee, commission, or other valuable consideration, shall perform any of the following acts:  offers, advertises, solicits, lists, promotes, mediates, negotiates, or effects the meeting of the minds on the sale, purchase, exchange, mortgage or lease or joint venture or other transactions in real estate or any interest therein."

 To become a licensed salesperson, one must have satisfactorily completed at least a high school course or its equivalent, without taking any qualifying examination.  A person is not allowed to directly or indirectly engage in real estate practice as a broker unless he has secured a license to practice as such.  To get a license to practice as a broker, one must study for it and take a qualifying exam.  The exam is conducted by the committee for brokers under the direction and supervision of the Director of the Bureau of Trade Regulation and Consumer Protection (BTRCP).  It is the BTRCP that qualifies, approves licenses, supervises, suspends, and revokes the licenses of real estatesalesmen, brokers, appraisers, and consultants.

 A person applying to become a real estate broker must have completed At least 144 units of college undergraduate study or must have finished 72 units in college, provided that he must have been a licensed real estate salesman for a period of four (4) years, and been duly recommended by a licensed broker.  He must have passed a real estate brokers' examination given by the BTRCP, and has, or will be able to establish an office with the facilities necessary to satisfactorily render the services expected of a broker.

 Upon passing the brokers' exam, a permanent license number is assigned to each broker.  Licenses have to be renewed yearly.  They expire on Dec. 31 of each year and may be renewed in 30 days after the expiration date.

 A real estate salesperson indicates the license number of the broker under whom he is licensed. A further qualification to sell for Ayala Land, Inc. is accreditation as an Ayala Land seller or broker.

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