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Q&A: How do I make sure I’m working with a licensed real estate broker? | MyProperty.ph
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Q&A: How do I make sure I’m working with a licensed real estate broker?

by MyProperty.phPublished: November 29, 2016Updated: December 9, 2016

Is your real estate broker licensed? Find out how you can make sure

How to make sure that a real estate broker is licensed MyProperty Philippines

Q: How do I make sure I’m working with a licensed real estate broker?

A: Because of the lucrative nature of real estate, more and more people are exploring the idea of entering the industry. Unfortunately, not all practitioners are doing so in accordance with the law, resulting in complaints of fraud. According to the Real Estate Services Act (RESA), a real estate broker is “a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration, acts as an agent of a party in a real estate transaction to offer, advertise, solicit, list, promote, mediate, 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.”

Working with a licensed real estate broker is important because it ensures that your rights as a buyer or seller are protected. Real estate professionals are allowed to practice only if they have a valid license, so they are bound by law to carry out their practice ethically or face legal consequences. This means they will do what they can to provide you with services according to your best interests or they risk losing their license, not to mention their good reputation.

 

How do I verify a broker’s license?
The fastest and easiest way to determine if the real estate broker you’re working with has a valid license is through the Professional Regulation Commission (PRC) website. The PRC has two methods of license verification: through the practitioner’s name or through the number of their license. When searching by name, just pick the profession (because the system can also be used to check the license of professionals in other industries), enter their first and last name, and click on the “Verify” button. If the broker goes by two names, you may need to enter both the first and second name into the “First name” field to get an accurate result.

Searching by license number is a bit trickier. Aside from the license number and profession, you also need to know the broker’s birthdate, a piece of information that isn’t readily available unless the broker is a close friend or if you’re willing to ask them up front.

If you have some time on your hands and the broker happens to mention when they were able to get their license, another way to check is by going through the results of the brokers’ exams. You can Google keywords like “real estate broker licensure exam 2010” and find websites such as PRC that have published the name of the passers.

If you don’t have Internet access or would rather go straight to the PRC and have them verify for you, the PRC hotlines are +632 310-0026 and +632 310-1047.

However, aside from brokers, the PRC also allows non-licensed professionals to work as registered or accredited real estate salespersons, so long as they are under the direct supervision of a duly licensed real estate professional.

 

What do I do if my broker is unlicensed?
If you can confirm that the person you are working with is an unlicensed real estate broker, you may report them to the PRC and consult a lawyer about filing a fraud-related complaint. This will guarantee that they receive the proper sanction, and will also ensure that no other buyer or seller will mistakenly conduct real estate transactions with them in the future.

 

Note: Although careful research has been done for this article, consumers are advised to always consult with professionals.

 

Main photo via Shutterstock

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