Pursuant to Point b, Clause 3, Article 59 of Decree 16/2022/ND-CP, specific violations of regulations on real estate service business for failure to provide information about real estate that the broker is fined are as follows:
Article 59. Violating regulations on real estate service business
3. Fine from VND 200,000,000 to VND 250,000,000 for one of the following acts:
a) Real estate is put on a real estate trading floor but does not meet the prescribed conditions.
b) Not providing, providing incomplete or providing dishonest documents and information about real estate under brokerage.
Remedial measures:
a) Forced to have a practice certificate as prescribed when conducting independent real estate brokerage services with the behavior specified in Point a, Clause 1 of this Article.
b) Forced to return the erased or repaired practice certificate to the competent authority that issued the practice certificate for the act specified in Point b, Clause 1 of this Article.
c) Forced to establish a business as prescribed when doing real estate services or required to have sufficient number of people with real estate brokerage certificates as prescribed for the acts specified in Point a, Clause 2 of this Article.
d) Establish a real estate service contract or business contract that fully meets the main contents of the provisions with the acts specified in Point b, Clause 2 of this Article.
d) Forced to comply with the reporting regime as prescribed for the acts specified in Point c, Clause 2 of this Article.
e) Forced to return to the paying party the fees for real estate services as prescribed in Point d, Clause 2 of this Article.
g) Forced to provide information about real estate as prescribed for the act prescribed in Point b, Clause 3 of this Article.
Thus, for the act of not providing information about real estate that you broker, you can be fined from 200 million to 250 million VND. In addition, it is required to provide information about real estate according to regulations.
Note: The above fine level applies to organizations. The fine for individuals is 1/2 of the fine for organizations committing the same administrative violation. (Clause 3, Article 4 of Decree 16/2022/ND-CP).
