Property brokers required to pass exams, get certified
Property brokers must pass examinations to get certificates to practise, according to Circular 11/2015/TT-BXD issued by the Ministry of Construction recently.
This is being done to revamp the operation of brokers in a real estate market showing signs of recovery.
Accordingly, provincial and municipal construction departments will be in charge of organising the examination at least once a year, or they will authorise eligible organisations such as real estate associations.
The certificate will be valid for five years from the date of issuance.
Statistics of the Ministry of Construction showed that there were around 26,000 brokers granted certificates as of last year. Their certificates will be valid for five years from July 1, 2015, the date on which the Law on Real Estate Business 2014 came into force. The law stipulated that passing examinations was compulsory to get broker certificates.
Previously, it was much easier to get certified for the practice of property brokerage as brokers were not required to take examinations but were only required to participate in training courses. The loose granting of broker certificates in the past was among the causes for disorderly practices of brokers.
The circular, which will come into force on February 16, also regulates the foundation and operation of the real estate trading floor.
A real estate trading floor must have at least two people holding property broker certificates and have a minimum area of 50 square metres.
The existing real estate trading floors, which were founded before the circular came into effect, must meet the requirement by July 1, 2016.
Accordingly, provincial and municipal construction departments will be in charge of organising the examination at least once a year, or they will authorise eligible organisations such as real estate associations.
The certificate will be valid for five years from the date of issuance.
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Previously, it was much easier to get certified for the practice of property brokerage as brokers were not required to take examinations but were only required to participate in training courses. The loose granting of broker certificates in the past was among the causes for disorderly practices of brokers.
The circular, which will come into force on February 16, also regulates the foundation and operation of the real estate trading floor.
A real estate trading floor must have at least two people holding property broker certificates and have a minimum area of 50 square metres.
The existing real estate trading floors, which were founded before the circular came into effect, must meet the requirement by July 1, 2016.
