I was walking around inside a prominent mall one day when I passed by a realty booth. A well-dressed man wearing a priceless watch, a shining gold necklace and a diamond ring gently crossed my path, introduced himself as a seller, gave me a flyer about a project, and tried to convince me to buy one.
I told him that he must be earning good in real estate as what can be presumed from his stunning looks.
He replied affirmatively, "Yeah, 'yo right sir. I never have known any other industry with lucrative jobs except real estate."
"Then why can't you afford to get a license?" I asked. He clammed up and immediately walked away.
Remember, a doctor who operates on someone, an optometrist who checks up a patient, or a civil engineer who signs a building plan without a valid license can be penalized by the law that governs his profession. This is also true in real estate service when one who deals in a realty transaction is an unlicensed one.
Therefore, Real Estate as a profession regulated by a law requires anyone who desires to engage in its practice either as a broker, appraiser, assessor, or consultant to secure first a corresponding license from the Professional Regulation Commission. With regards to an agent, he or she must be accredited as a salesperson by a licensed broker with the said government agency.
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