Laws Supporting Real Estate Brokerage Occupation

Abstract

This research aims to (1) investigate the concepts, theories and principles related to real estate brokerage occupation; (2) explore the legal measures of Thailand and the foreign countries on real estate brokerage occupation; (3) analyze the problems on real estate brokerage occupation; and (4) propose approaches to solve the legal problems related to real estate brokerage occupation. This research applied a qualitative research methodology consisting of documentary research and in-depth interview.

           The findings revealed that specific real estate brokers are responsible for protecting benefits for the principals, as well as negotiating for benefit sharing in the real estate business domain proportionately. This shall be considered a part of success and failure, including building security to life and social benefits. Although currently Title 16 of Chapter 3 in the Civil and Commercial Code legislates the brokerage provision in Sections 845 - 849 consisting of brokerage contract, commission, liability, and certain rights of brokerage, which includes all kinds of brokerage, it does not stipulate any provisions specifically on real estate brokerage. Moreover, it lacked the criteria on qualifications of real estate brokers, registration, and license permit, a scope of roles and duties, performing their duties under the principles of morality and ethics, as well as being supervised by the committees and penalties in case of violation and offences related to occupation. This leads to no professional standardization and failing to be accepted internationally.              

          Therefore, the researcher would like to propose the specific law to support real estate brokerage occupation as follows: (1) definition, (2) qualifications of real estate brokers, (3) registration and license request, (4) duties of real estate brokers, (5) code of conduct of real estate brokers, (6) committees of real estate brokers, and (7) penalties.