In view of the effectivity of the Real Estate Service Act of the Philippines, Republic Act No. 9646, last July 30, 2009, the licensing of real estate service practitioners shall now be governed by said RA 9646 under the Professional Regulation Commission.
For details, please read Republic Act No. 9646.
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License Required to Practice.
No person shall directly or indirectly engage in the real estate service, practice, or represent himself as a real estate salesman, broker, appraiser or consultant without having first secured the corresponding license from the Director in accordance with these rules. (Sec. 1, Art. V, DTI Ministry Order No. 39, Series of 1985, as amended )
WHO is a real estate appraiser ?
A REAL ESTATE APPRAISER is a natural or juridical person who, for or in expectation of a fee, compensation or other valuable consideration, offers or renders services in estimating and arriving at an opinion of, or act as an expert on real estate values. ( Sec. 4, Article III, MO 39, Series of 1985, as amended )
What are the qualifications to be licensed as a Real Estate Appraiser ?
An applicant for license as a real estate broker must have the following qualifications :
- At least 21 years of age
- Not convicted of any offense involving moral turpitude
- At least five (5) years experience as licensed real estate broker OR FIVE (5) YEARS EXPERIENCE AS APPRAISER IN ANY GOVERNMENT AGENCY, BANKING/FINANCIAL INSTITUTION OF ANY COMPANY INVOLVED IN APPRAISAL OF REAL ESTATE PROPERTIES, DULY CERTIFIED UNDER OATH BY HIS EMPLOYER OR HEAD OF THE AGENCY PROVIDED HE/SHE HAS SATISFACTORILY COMPLETED A FOUR (4) YEAR BACCALAUREATE DEGREE and
- Must pass a real estate appraisers examination given by the Bureau.
Does someone who wants to be a licensed Real Estate Appraiser have to take any licensure examinations ?
One must take and pass the written real estate appraiser’s examinations being conducted by the Department of Trade and Industry (DTI) , and which are scheduled for the year by DTI.
What are the subjects or topics covered in the real estate appraiser's examinations ?
The following subjects are covered by the examinations :
- GENERAL REAL ESTATE INFORMATION;
- THEORIES AND PRINCIPLES IN APPRAISAL;
- AFFECTING REAL ESTATE APPRAISAL;
- HUMAN AND PHYSICAL GEOGRAPHY;
- METHODOLOGY OF APPRAISAL APPROACHES AND RESEARCHES;
- PRACTICAL APPRAISAL MATHEMATICS;
- APPRAISAL REPORT WRITING;
- INCOME AND INVESTMENT PROBLEMS;
- APPRAISAL OF MACHINERIES AND EQUIPMENT;
- CASE STUDIES.
Where does one apply for a license as a real estate appraiser ?
The application is filed with the Department of Trade and Industry, or through its Regional Offices and application forms may be obtained from said offices along with requirements to accompany the application form.
