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Question: Our company is intending to invest into some real estate projects in Hanoi. We understand that we shall have to sell or rent the apartments via a real estate trading floor. May we set up a real estate trading floor by ourselves? Could you tell me about conditions for setting up a real estate trading floor?

Answer:

Your company is permitted to set up a real estate trading floor. A real estate trading floor must be a legal entity having the function of real estate service business, it may have legal entity status by itself or may use the legal entity status of the your company. Therefore, your company may set up a new company having the business line of real estate trading floor service or supplement that to your company’s business lines.

A real estate trading floor must satisfy the conditions of professional personnel, operational rules, material and technical facilities, managers and operators.

It must have at least two people with real estate broker's certificates, and at least two people with real estate valuer's certificates in case of providing real estate valuation services.

A real estate trading floor must have its operational rules covering its functions, duties and rights, organization and operation of each unit, financial management, customer relation, and management of real estate information.

The area of a real estate trading floor must be no less than 50m2 used for broker activity and plus 20 m2 for each additional activity. It must have name, signboard and a stable transaction address in at least a year. When having change of the address, it shall have to inform the local management agency and its customers. Before carrying out business, it shall provide the Department of Construction with its business registration certificate and operational rules

Managers and operators of a real estate trading floor must satisfy the conditions as follows:

- Having the full civil act capacity; being neither examined for penal liability nor serving an imprisonment sentence.

- Possessing certificates of training or retraining in knowledge of management and administration of real estate trading floors.

- Not being banned from practicing their profession under decisions of competent agencies.

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