When a real estate brokerage license is re-issued, is the license number new or old?
Is it eligible for re-issuance of the real estate broker license which is lost?
Pursuant Clause 1 Article 16 of Circular 11/2015/TT-BXD of Vietnam on re-issuance of the real estate broker license:
“Article 16. Re-issuance of the real estate broker license
1. If the broker license is lost, torn, fired or destroyed by the act of God or the force majeure, the holder can apply for the reissuance.”
Thus, in case the real estate broker license is lost, it will be re-issued according to the above regulation.
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What are the procedures for re-issuance of the real estate broker license?
The re-issuance of the real estate brokerage license shall comply with the provisions of Article 16 of Circular 11/2015/TT-BXD of Vietnam:
* The application for re-issuance of broker license is submitted to the construction department issuing the former license, including:
- The application form for re-issuance of broker license with picture (using the form stated in Annex 5 of this Circular);
- 02 4x6cm pictures taken within 06 months prior to the submission of application;
- Former broker license (if any).
* Within 10 working days as of the receiving date of valid application as prescribed in Clause 2 of this Article, the construction department shall check the application and re-issue the broker license (the word “re-issuance” shall be stated in the re-issued broker license).
The applicant for re-issuance shall only pay VND 200,000 (two hundred thousand dongs) to the construction department to carry out re-issuance affairs.
The broker license is once re-issued and the license number is the old one. The re-issued license is valid within 05 years as of the issued date of the former license (using the form stated in Annex 4b of this Circular).
Based on the above regulations, we see that the broker license is once re-issued and the license number is the old one.
How are real estate brokerage activities without a real estate brokerage license handled?
Pursuant to Article 62 of the Law on Real Estate Trading 2014 of Vietnam on requirements for real estate brokerage service providers:
- Any real estate brokerage service providers must set up the enterprise and there are at least 2 employees obtaining real estate broker license (hereinafter referred to as broker license), excluding cases prescribed in Clause 2 of this Article.
- Any individual is entitled to provide real estate brokerage services independently provided that he obtains a broker license and pay taxes as prescribed in law on taxation.
- Any real estate service provider is not entitled to be both a broker and a contracting party in a real estate transaction.
According to the above provisions, real estate brokerage service providers must have a real estate broker license as prescribed and conditions for individuals to be granted a broker license specified in Clause 1 Article 68 of the Law on Real Estate Trading 2014 of Vietnam. An individual shall be granted broker license if they:
+ Have full capacity for civil acts;
+ Obtain at least upper-secondary graduation degree;
+ Have passed examination in real estate brokerage knowledge.
The real estate brokerage service providers without a broker license as prescribed will be handled as follows:
Point a Clause 1 Article 59 of Decree 16/2022/ND-CP of Vietnam stipulates the fine of the violation of regulation on real estate trading, specifically:
A fine ranging from VND 40.000.000 to VND 60.000.000 shall be imposed on providing independent immovable property trading services without an effective real estate license as per the law;
Fines mentioned above apply to organizations pursuant to Point c Clause 3 Article 4 of Decree 16/2022/ND-CP of Vietnam. Fine imposed on an individual shall equal half of that imposed on an organization for the same violation.
In addition to the above fine, the real estate brokerage service providers without a broker license are also subject to the remedial measure: Mandated acquisition of real estate license when providing independent immovable property trading services as prescribed at Point a Clause 5 Article 59 of Decree 16/2022/ND-CP of Vietnam.
Thus, we see that if the real estate brokerage license is lost, it will be re-issued according to the legal procedures. The number license is the old one (the number of the lost license). The business of real estate brokerage services requires individuals to have a real estate brokerage license, so if you lose your license without being re-issued with it, you are not allowed to continue doing this service business. If business in real estate brokerage services without a real estate brokerage license is detected, you will be handled according to the provisions of Decree 16/2022/ND-CP of Vietnam.
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