A new curriculum for the real estate management program that will cater to second coursers who aspire to be licensed real estate brokers is being pushed by the Professional Regulatory Commission (PRC) in order to attract more licensure examinees.
In an interview last week, PRC-Board of Real Estate Service Chairman Eduardo Ong told reporters that the board has proposed a new curriculum to the Commission on Higher Education (CHED) for the Bachelor of Science in Real Estate Management (BS REM) program, which is tailored to individuals who have already graduated from previous college programs.
“We are now crafting a curriculum to suit the needs of the second-courser,” Ong said.
Ong noted that this will “fast track” the BS REM program, since second-coursers would no longer have to go back to the first year level to complete the program, as they would only be required to take the professional subjects of the program, which are composed of 36 to 39 units.
Starting this year, only graduates of the BS REM program are allowed to take the Real Estate Licensure Exam conducted by the PRC. This is one of the provisions found under RA 9646 or the Real Estate Service Act (RESA), which was passed into law in 2009.
Ong noted that the RESA law was fully implemented in 2010, but it was only in 2016 that the requirement of a BS REM diploma was required for licensure examinees, since there was already a first batch of BS REM graduates from when the program was launched in 2012.
Under the RESA law, the Professional Regulatory Board of Real Estate Service (PRBRES) was mandated to work with CHED to prescribe the essential requirements for the curricula and facilities of schools offering academic courses related to real estate.
In 2011, under CHED Memorandum Order 28 series of 2011, the Bachelor of Science in Real Estate Management (BS REM) was approved, to be effective in 2012.
“But during the window from 2010 up to 2015, we allowed prospective licensees to take the examination provided they gave us a certification of 120 hours of real estate training,” Ong said.
With the implementation of the new BS REM requirement, the number Real Estate Brokers licensure examinees has dropped to less than 100 individuals per exam compared with about 10,000 examinees previously, according to Ong.
Based on data from the PRC website, a total of 9,749 individuals took the Real Estate Broker licensure examination in March this year, while only 5,499 passed. This was the last batch of examinees that were not required to have a BS REM diploma.
By contrast, only a total of 39 individuals took the examinations in May, with 21 passers.
Ong noted that a large number of individuals who take the licensure examinations are second-coursers, which is why he is pushing for the new curriculum.
He expressed his optimism for the approval of the new curriculum.
“It is with CHED for approval and it will be implemented starting school year 2017-2018, next year,” Ong said.
With the implementation of the new curriculum, Ong said he expects the number of examinees to grow to about 5,000 per examination by 2018.
At present, the Philippines has around 40,000 real estate professionals since the industry was professionalized in 2010, according to Ong.
Apart from licensed real estate practitioners, Ong said there are still an estimated 10,000 “colorum” brokers in the country or those who are practicing without a license.
Professionalizing the real estate industry is something that will protect both property buyers and sellers from encountering problems in the real estate transaction processes, according to Ong.
“When you are a buyer, when you are a seller and you deal with licensed professionals, you are sure that the transaction will be transparent, fair, honest and it can be taken down to the benefit of both parties,” Ong concluded.