Decree 96/2024/ND-CP detailing a number of articles of the 2023 Law on Real Estate Business has come into effect since August 1. Notably, the content of the exam and the exam questions for the real estate brokerage practice certificate have been detailed in the decree.

Accordingly, candidates will have to take two exams. The first is the basic knowledge exam with a series of legal questions in many fields, but viewed from the perspective of real estate business. Including laws related to land; investment; civil; notary; real estate business.

From August 1, real estate brokers are required to have a practice certificate. Photo: Dung Minh

In addition, the contest also includes information related to business law; taxes and fees in transactions; anti-money laundering in business; handling administrative violations in business activities. Then there are general questions about the market; selling prices and real estate price consultation.

Next, candidates will have to take the professional knowledge test, including an overview of real estate brokerage services; real estate brokerage processes and skills; and solving real-life situations.

For individuals with a valid foreign-issued real estate brokerage certificate, candidates only have to take the basic knowledge test, not the professional knowledge test.

Note, candidates taking the exam must have graduated from high school or higher. At the same time, they must have a certificate of completion of the training management course, fostering knowledge of real estate brokerage practice.

To be granted the certificate, candidates must score 70 points or more (on a 100-point scale) on the basic knowledge and professional knowledge exams. If they successfully pass the exam, brokers will be granted a practice certificate that is valid nationwide for 5 years from the date of issue.

Decree 96/2024/ND-CP also states that the People's Committees of provinces and centrally run cities are responsible for organizing the examination and granting real estate brokerage practice certificates. Each year, this agency will organize at least one examination, depending on the number of candidates registering for the exam.

At least 30 days before the exam date, the provincial People's Committee's website will announce the exam organization plan, conditions, registration documents, time, location and other necessary information related to the exam.

According to the Vietnam Association of Realtors (VARS), out of more than 300,000 brokers currently working in the real estate sector, only about 40,000 brokers have been granted practice certificates by the authorities. The remaining large number of brokers, although well-trained, are still not granted certificates.

However, the number of “amateur” and freelance brokers may decrease from August 1 - the date when the Law on Real Estate Business 2023 comes into effect. According to the new regulations, individuals practicing real estate brokerage are required to have a practice certificate and must practice in a real estate trading floor service business or a real estate brokerage service business.