PROBLEMS OF LAWS REGULATING THE REAL ESTATE BROKERAGE BUSINESS IN THAILAND

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Abstract

This research aims to 1) study problems, obstacles, facts and laws on real estate brokers by examining loopholes, finding solutions, and comparing them with laws and work methods of foreign real estate brokers in terms of regulation of qualifications, ethics, and penalties of both licensed and non-licensed professionals in the real estate brokerage business, 2) explore the meaning, history, concepts, and relevant research theories to support the studies on problems of laws relating to the regulation of real estate brokerage in Thailand, 3) make a comparison between Thai real estate brokers and foreign real estate brokers to reserve the real estate brokerage profession in the Kingdom of Thailand specifically for Thai people or to stipulate the criteria for eligible foreigners to perform a real estate brokerage practice in Thailand, 4) study the guidelines and methods of solving legal problems related to real estate brokers from personnel and real estate brokerage specialists for future application, and 5) study the guidelines for the enactment of the Real Estate Brokerage Act, to be used for regulating real estate brokers, the legal provisions governing the real estate brokerage profession appear in many laws, such as the Civil and Commercial Code, Title 16 on Brokers, the Anti-Money Laundering Act (No. 5) B.E. 2558 (2015), the Escrow Act, B.E. 2551 (2008), the Foreign Business Act, B.E. 2542 (1999), the Memorandum of the Thai Real Estate Broker Association on Real Estate Broker Code of Conduct, B.E. 2544 (2001), resulting in a lack of unity and inconsistency in legal studies. In other words, people need to study legal provisions and regulations from many laws for use, causing confusion. Therefore, the enactment of the Real Estate Brokerage Act is very essential, and this idea should be proposed to the public sector so it can recognize the reasons and importance of the enforcement of this Act so as to ensure consistent real estate brokerage standards.