Foreign real estate agents must have the respective temporary or permanent residence card issued by the JCE with express permission to carry out any type of work in the national territory.
SANTO DOMINGO- "Any natural or legal person who intends to habitually carry out Real Estate Intermediation must obtain and renew annually a Real Estate Agent Operating License issued by the Ministry of Housing, Habitat and Buildings (MIVHED)," states Article 27 of the draft law that would regulate real estate practice in the Dominican Republic.
The proposal, drafted under the name "Law that regulates Real Estate Intermediation," is currently being reviewed by the Justice Committee of the Chamber of Deputies, and according to its promoters, the possibility of it being reviewed and approved by the National Congress is high.
Paragraph 1 of the aforementioned article establishes that Real Estate Agents, in order to carry out activities that involve the promotion, intermediation in acts of transfer of ownership of real estate (purchase, sale and any other type of transaction whose object implies transferring the ownership of one or more properties), must be affiliated or associated with a real estate agency, which will imply complying with the requirements established by it and submitting to its functions of supervision of compliance with the obligations provided for in this law, and the other laws that regulate this profession and in its complementary regulations.
“Once affiliated or associated with a Real Estate Agency, they may carry out the authorized activities described in article 23 of this law,” says the document, a copy of which was obtained El Inmobiliario.
It adds that Real Estate Agents who possess the described accreditation license and who have not been associated or affiliated with a Real Estate Agency, may only carry out Real Estate Intermediation for the lease of properties or any other act related to the use and enjoyment thereof, but not for the sale or transfer of ownership.
Article 28 refers to the accreditation and registration requirements for Real Estate Agents. “In order to obtain the authorization and subsequent registration referred to in the previous article, the Real Estate Agent must meet the following requirements”:
1. Be of legal age, and be in full enjoyment of one's civil and political rights;
2. If you are a foreigner, you must have the corresponding temporary or permanent residence card issued by the Central Electoral Board with express permission to carry out any type of work in the national territory;
3. Have a high school diploma, certified by the Ministry of Education or the foreign institution that performs its functions;
4. Not to be under investigation or serving a sentence for any criminal act or for a crime against property, public faith or the treasury, or to have been convicted for those reasons;
5. Certify full compliance with your tax obligations before the General Directorate of Internal Taxes;
6. Certify compliance with and approval of the Training Programs on:
– Real Estate Specialization, containing at least 200 teaching hours, with the content to be approved by the Ministry of Housing, Habitat and Buildings (MIVHED);
– Specialization in the prevention of money laundering and the financing of terrorism as provided by the Ministry of Housing, Habitat and Buildings (MIVHED), and the regulations governing it; and any other specialization required by MIVHED and the regulations governing it.
7. To have passed the exams issued by the General Directorate of Real Estate Intermediation of the Ministry of Housing, after payment of the corresponding fees:
8. Certify, where appropriate, that it is up to date with its obligations regarding the prevention of money laundering, terrorist financing and weapons of mass destruction;
9. To faithfully comply with the ethical standards set forth in the regulations of this Law;
10. Submit proof of payment of the sum equivalent to one (1) current public minimum wage, for the issuance of an Operating License; and
11. Sign a letter of intent to affiliate or associate with any duly registered and licensed Real Estate Agency once the corresponding license has been obtained.
It notes that the Ministry of Housing, Habitat and Buildings (MIVHED) will promote the issuance of the real estate specialization, through teaching in public and private entities.
Cover photo: Pixabay.
