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Real estate brokers scramble to get licences to avoid big fines

HCM CITY — The number of real estate brokers flocking to get licences to avoid punishment has skyrocketed.

A recent decree stipulates that brokers found working without a licence will be fined up to VNĐ 六0 million (US$ 二, 六00).

Besides, they face fines of hundreds millions of đồng if they provide wrong information about any product.

After the regulation came into effect, thousands of brokers in HCM City and southern provinces have joined training courses,  一0 times higher than a few months ago, vnexpress.net reported.

The training covers the Housing Law, Land Law, Construction Law, Law of Real Estate Business, Civil Code Law and Co妹妹ercial Law, ethics and basic knowledge about being a broker.

Lê Phương Đông, head of the Việt Nam Association of Real Estate Brokers representative office in the Cửu Long (Mekong) Delta said the number of people sitting examinations to get the certificate in May was  五 七 六, double the number from a year ago.

The Mogin Institute in HCM City’s District  一 said only  五 五 people applied for the examination in January, but the figure jumped to  一 五0 in March.

The CEO of a property brokerage in Thủ Đức City said half his  一00 employees do not have a practising licence and have to urgently apply for training courses.

The boss of another company in HCM City said the number of brokers constantly changes depending on the season, and to ensure the quality of staff is high, his company requires new employees to get certified within six months.

Lương Đình Thuý Vân, CEO of Mogin, said the  二0 一 五 Real Estate Business Law is also a reason for the scramble.

It stipulates that all brokers have to have a practising certificate, which is valid for five years.

All certificates issued in  二0 一 五 expired in  二0 二0, but due to the COVID- 一 九 pandemic and the resultant restrictions most brokers could not renew it, causing them flock to traning centres to get a new certificate since the beginning of this year.

Phạm Lâm, deputy chairman of the Việt Nam Association of Real Estae Brokers, had a different view on the issue.

He attributed the rush to companies seeking to improve their human resource quality.

Getting a licence is necessary to ensure workers are adequately qualified, he said.

In recent times critics have been panning brokers as being the reason for negative issues in the real estate market by providing wrong information to clients and colluding with each other to push prices up. —VNS