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Property brokers required to have practicing certificates
Manh Tung
Wednesday,  Feb 17, 2016,20:56 (GMT+7)

Property brokers required to have practicing certificates

Manh Tung

By Manh Tung - The Saigon Times Daily

Brokers of a property exchange show customers a real estate project in this file photo. Property brokers must have a practicing certificate as required by a new regulation of the Ministry of Construction - PHOTO: TL

HCMC – Property brokers will have to take a test to get a practicing certificate as required by the Ministry of Construction’s new regulation that took effect on February 16.

The rule is part of Circular 11/2015/TT-BXD issued by the ministry to ensure the quality of brokering services on the market.

The circular regulates the issuance of practicing certificates for property brokers as well as provides guidance on how to train property brokers and operate real estate exchanges.

Under the circular, property brokers who want to get certification must pass a test on laws on real estate trading, property market and investment, anti-money laundering, real estate services, and brokering and relevant skills.

Local construction departments will organize such tests and issue certificates for applicants who must have high-school diplomas or higher education decrees. The certificate is valid nationwide for five years from the date of issuance.

So far, around 26,000 property brokers have gained certification, according to the ministry.

Previously, those wanting to get certification needed to finish a short training course and applied for a certificate at the local construction department. But the new circular specifies more requirements for applicants.

Property experts have expressed concern over the new regulation. The leader of a real estate company, who wants to remain anonymous, said it would be difficult to force all property brokers to gain certification.

Many large real estate trading floors have 500-700 employees each and the figure can be in the thousands while property brokerage activities are diverse, he explained.

The director of a property exchange firm which has 100 staff in HCMC’s District 2 said most property brokers of the company have different academic backgrounds and levels, and have joined courses on real estate brokering services organized by the company. But just a few brokers of the company have had practicing certificates.

An executive of another real estate exchange said the regulation is not feasible because only one or two people are needed to establish and operate a property trading floor while other staff do their job freely. This makes it difficult to manage them all.

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