Real Estate Brokerage Management Act Article 7

After being issued a permit by the competent authority, the brokerage agency shall complete the company registration or business registration and become a member of the local industry association before commencing operations. Operations must commence within six months. Failure to commence operations beyond the six-month period shall result in the revocation of the permit by the competent authority. However, for legitimate reasons, an application for a one-time extension with a maximum extension period of three months may be made.After being permitted by the competent authority, the brokerage agency in preceding paragraph may organize an industry association or national association of brokering or sales agency according to the nature of business.After company registration or business registration, a brokerage agency shall deposit a bond of operation according to the regulation of the central competent authority. If the bond that the brokerage agency shall pay exceeds a certain amount of money, a letter of guaranty provided by a financial institution may guarantee this excess.Regulations of the bond of operation and depositing or providing guarantees in the preceding paragraph shall be made by the Central Competent Authority.Besides the depositing of the bond in the third paragraph, the brokerage agency may apply to National Association in the second paragraph for the extra depositing of bond amount or the letter of guaranty provided by a financial institution.The National Association in the second paragraph shall made the ethical guidelines for the real estate brokerage. After approval by the general meeting of members' representatives, it shall be submitted to the central competent authority for record.