Real estate brokers are not allowed to receive direct remuneration from customers
Pursuant to Clause 1, Article 63 of the Law on Real Estate Business 2023, individuals practicing real estate brokerage are entitled to real estate brokerage remuneration through one of the following two types of enterprises:
- Enterprise providing real estate trading floor services.
- Real estate brokerage service business.
At the same time, in Clause 2, Article 63 of the Law on Real Estate Business 2023, the remuneration and commission for real estate brokerage is agreed upon by individuals real estate brokers and real estate trading floor services businesses or real estate brokerage services businesses. The real estate brokerage remuneration does not depend on the price of the transaction being brokered by the real estate broker.
Thus, depending on the agreement between the individual practicing real estate brokerage and the real estate trading floor service business or the real estate brokerage service business, the payment of real estate brokerage fees to the individual practicing real estate brokerage can be made in cash or through a bank account.
However, brokers are not allowed to receive direct remuneration from customers but can only receive it through one of the two methods above.
Rights and obligations of real estate brokers
Pursuant to the provisions of Clause 2, Article 64 and Clause 2, Article 65 of the Law on Real Estate Business 2023, real estate brokers have the following rights and obligations:
- Rights of real estate brokers:
+ Carry out real estate brokerage according to the provisions of the Law on Real Estate Business 2023.
+ Request relevant organizations and individuals to provide real estate records and information for transactions.
+ Rejecting real estate brokers who are not qualified to put into business.
+ Request relevant organizations and individuals to compensate for damages caused by their actions.
+ Receive real estate brokerage remuneration and commissions as prescribed in Article 63 of the Law on Real Estate Business 2023.
- Obligations of real estate brokers:
+ Providing complete and honest records and information about real estate brokerage and being responsible for the records and information provided by themselves.
+ fulfill tax obligations to the State.
+ Compensation for damages caused by your mistake.
+ Implement the operating regulations of a real estate trading floor or a real estate brokerage service business where the individual works.
+ Participate in annual training and fostering to improve knowledge of real estate brokerage practice.
