;In order to place the Realty Broking Service under administration, Government here, in the purpose of guiding transaction order in Realty Market enacted on January 1999 the Realty Broking Service Administration Regulations and the probation period for the implementation of Realty Broking Service Administration Regulation had expired on Feb. 4, 2002. From then on, all operators shall comply with the requirements and provisions under the Realty Broking Service Administration Regulations in operating their business and the employees must have certification or qualification before their engagement in this business.
In this paper, we intend to find out, are the theory and practices followed by the Realty Broking Service Administration Regulations meet with the needs of reality, and if the legislative purpose is sustained or attained and if the consumers’ interests effectively protected? It is our opinion that there are certain fields that are not perfected matched between the regulation and the practices. These include: Inappropriate application of interest accrued. Competent agency failed to establish administrative mechanism.
In this Study, we presented the actual cases to demonstrate the seriousness of them. We also suggest that the Operating Deposit shall be under the custody of Land Administration Department of Ministry of Interior. Further, we have also presented recent judicial precedent to explain the problem with under-deposit and suggested that a minimum deposit shall be set, such as NT$1 million deposit for each office or each franchised store, so that the interest of consumers may have minimum protection. We have also address to the Establishing Standard of Broker and the Qualification Examination that lead to argument between the governing and the governed. In this part, that one additional broker shall be added to every 10 sales representatives, broker-sales representative examination may be held by local government regularly on monthly basis; or perhaps the Dec. 5, 2001 rescinded Realty Broker Sales Appraisal Measure may be revived.
In this study, we have also addressed the disputes between customer and intermediates that topped recently in the consumer disputes, such as Bond, Contract Review, Hiding of Important Information, the insufficiency of the Realty Broking Service Administration Regulations, such as the recently emerged joint-sales system, Individual Information Act, Misrepresentation of Realty Prospectus. We also gave our view in where the legislation shall be modified and penalty clause shall be established. At the final section, we provide suggestion for the administration of competent agency and the directions of operation for operators.
We hope that our effort may inspire the industry, the academy and the government to think and to draw up a plan, a Regulation that will help the development of the industry, establishing good transaction orders, protecting interests of parties involved in the transaction.