Panamanian citizens domiciled in the Republic of Panama or foreigners with five years or more of residence are eligible to become real estate agents in Panama. The applicant must also have a certificate of his criminal and police history, which corroborates that he has not been convicted of an offense against the patrimony or of the public faith or against the administration of justice.
Through Decree Law No. 6 of July 8, 1999 Real Estate Agents in Panama were created and the profession of real estate broker is regulated and the Technical Board of Real Estate is created in the Ministry of Commerce and Industry.
A real estate agent in Panama is a professional who acts as an intermediary in real estate transactions. All agents must have a license and for that they have to pass a real estate exam. The Technical Board of Real Estate in Panama of the Ministry of Industry and Commerce, is responsible for administering the exams for obtaining licenses as real estate agents.
Real Estate Exam
To obtain a license as a real estate agent in Panama you must take a preparatory course and it is recommended to study at least 1 month because there are dates and laws that must be memorized. It is a theoretical exam with some practices of calculation of property tax.
The exam is administered by the Technical Board of Real Estate which covers the following topics: Real Estate Law and Brokerage Regulation, purchase sale and lease of real estate, financing of real estate, lease contract processing, and zoning urban.
The exam consists of 100 questions and is "choose the best answer" in computer. The minimum score required by the Technical Board of Real Estate to approve the license is 80% on the exam.