Conditions regarding material and technical facilities of the real estate trading floor in Vietnam

Conditions regarding material and technical facilities of the real estate trading floor in Vietnam (Image from the Internet)

1. Conditions regarding material and technical facilities of the real estate trading floor in Vietnam

According to Article 18 of Decree 96/2024/ND-CP, it is stipulated that enterprises providing real estate brokerage services must have suitable infrastructure and technical facilities for their business activities.

- Infrastructure includes the location and operating headquarters of the enterprise; with a stable trade name and address for over 12 months.

- Technical facilities include systems of machinery and equipment serving the enterprise's operations.

2. Regulations on exam and issuance of practicing certificates for real estate brokers in Vietnam

Regulations on exam and issuance of practicing certificates for real estate brokers in Vietnam according to Article 19 of Decree 96/2024/ND-CP are as follows:

- Provincial people's committees (hereinafter referred to as provincial people's committees) are responsible for organizing qualification exams (abbreviated as the exam) and issuing licenses.

- The provincial real estate business management authorities receive applications for the qualification exam from candidates (according to the form in Appendix XXI issued with Decree 96/2024/ND-CP) and send written requests for the candidates to take the exam to the provincial people's committee. The provincial people's committee, based on the number of registered candidates and actual conditions, organizes the exam.

- Each year, the provincial people's committee must organize at least one exam, depending on the number of registered candidates (a minimum of 10 candidates are required for one exam).

In case there are not enough candidates to organize an exam (fewer than 10 candidates) and the candidates who submitted their dossiers wish to take the exam at the examination council of another locality, the provincial people's committee shall send official letters allowing those candidates to take the exam in other provinces or cities.

- At least 30 days before the exam, the provincial people's committee must announce on their website the exam schedule, conditions, registration dossiers, date, location, and other necessary information related to the exam.

- Examination fees:

+ Candidates must pay the examination fees to the provincial people's committee or as per the announcement of the provincial people's committee;

+ The level of examination fees is decided by the Chairman of the provincial people's committee for each exam depending on the number of registered candidates, particularly for organizing the exam, based on the proposal of the Chairman of the examination council;

+ The examination council can use the examination fees to cover the costs of organizing the exam, including remuneration for the council's members. The settlement of examination fees must be approved by the Chairman of the examination council.

3. Regulations on the revocation of certificates for real estate brokers

Regulations on the revocation of certificates for real estate brokers according to Article 33 of Decree 96/2024/ND-CP are as follows:

- License holders will have their licenses revoked in the following cases:

+ The license holder loses their legal capacity;

+ The license holder provides untruthful information in the license application dossier;

+ The license is tampered with or altered;

+ The license holder allows others to borrow or rent the license for professional practice;

+ The license holder violates the regulations of Article 8 Law on Real Estate Business 2023.

- The people's committee of the province or city that issued the licenses is responsible for revoking them; if another authorized organization revokes the license as per legal regulations, it must notify the issuing people's committee in writing to comply with paragraph 3 of Article 33 of Decree 96/2024/ND-CP.

- Upon issuing a license revocation decision, the issuing people's committee must notify the individual whose license is revoked to return the license. Simultaneously, the provincial people's committee must announce on their website the name of the individual whose license is revoked and remove the individual’s name from the licensed persons' list on the provincial people's committee website.

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