Do individuals providing real estate brokerage service in Vietnam need to have a practice certificate?
Do individuals providing real estate brokerage service in Vietnam need to have a practice certificate?
Based on Article 61 of the 2023 Law on Real Estate Business which stipulates the conditions for organizations and individuals conducting real estate brokerage business services:
Article 61. Conditions for organizations and individuals conducting real estate brokerage business services
- Organizations and individuals conducting real estate brokerage services must establish a real estate service business according to the provisions of Clause 5, Article 9 of this Law and must meet the following conditions:
a) Must have regulations on real estate brokerage service activities;
b) Must have facilities and technical infrastructure meeting operational requirements according to the regulations of the Government of Vietnam;
c) Have at least 01 individual with a real estate brokerage certificate;
d) Before operating in real estate brokerage services, the real estate brokerage business must send information about the enterprise to the provincial real estate business management agency where the enterprise is established to be posted on the information system on housing and real estate market as regulated by this Law.
- Individuals practicing real estate brokerage must meet the following conditions:
a) Have a real estate brokerage practice certificate;
b) Must practice in a real estate trading floor business or a real estate brokerage business entity.
According to the above regulation, having a real estate brokerage practice certificate is one of the conditions for individuals to operate in real estate brokerage. Therefore, individuals practicing real estate brokerage must have a practice certificate.
Do individuals providing real estate brokerage service in Vietnam need to have a practice certificate? (Image from the Internet)
What are rights of individuals providing real estate brokerage service in Vietnam?
Based on Article 64 of the 2023 Law on Real Estate Business, which stipulates the rights of real estate brokerage business entities and individuals providing real estate brokerage service:
Article 64. Rights of real estate brokerage business entities and individuals providing real estate brokerage service
- Real estate brokerage business entities have the following rights:
a) Conduct real estate brokerage in accordance with this Law;
b) Request related organizations and individuals to provide dossiers and information on real estate for transaction implementation;
c) Collect service fees from customers per the agreement of the parties;
d) Refuse to broker real estate not eligible to be put into business;
dd) Request related organizations and individuals to compensate for damages caused by their faults;
e) Other rights as per contractual agreement.
- individuals providing real estate brokerage service have the following rights:
a) Rights stipulated at clauses a, b, d, and dd of Paragraph 1 of this Article;
b) Receive brokerage fees, commissions as per the provisions of Article 63 of this Law.
Thus, individuals providing real estate brokerage service have the following rights:
- Conduct real estate brokerage as per the regulations
- Request related organizations and individuals to provide dossiers and information on real estate for transaction implementation
- Refuse to broker real estate not eligible to be put into business
- Request related organizations and individuals to compensate for damages caused by their faults
- Receive brokerage fees, commissions per the regulations
What are obligations of individuals providing real estate brokerage service in Vietnam?
Based on Article 65 of the 2023 Law on Real Estate Business which stipulates the obligations of real estate brokerage business entities and individuals providing real estate brokerage service:
Article 65. Obligations of real estate brokerage business entities and individuals providing real estate brokerage service
- Real estate brokerage business entities have the following obligations:
a) Provide full, truthful dossiers and information about the real estate they broker and be responsible for the dossiers and information they provide;
b) Organize annual training and professional development for real estate brokers working in their enterprises;
c) Fulfill tax obligations to the State;
d) Compensate for damages caused by their faults;
dd) Implement reporting policies in accordance with the law and be subject to inspection and examination by competent state agencies;
e) Other obligations as per contractual agreement.
- individuals providing real estate brokerage service have the following obligations:
a) Obligations stipulated at clauses a, c, and d of Paragraph 1 of this Article;
b) Implement the operational regulations of the real estate trading floor or real estate brokerage business where the individual works;
c) Participate in annual training and professional development for real estate brokerage.
Thus, individuals providing real estate brokerage service have the following obligations:
- Provide full, truthful dossiers and information about the real estate they broker and be responsible for the dossiers and information they provide
- Fulfill tax obligations to the State
- Compensate for damages caused by their faults
- Implement the operational regulations of the real estate trading floor or real estate brokerage business where the individual works
- Participate in annual training and professional development for real estate brokerage.
