business

Mici fines unlicensed real estate companies

A total of 11 companies were fined $10,000 each for operating without the proper licenses.

LA PRENSA

Cleaning house: At a meeting of realtors yesterday, one of the topics discussed was the problems associated with unlicensed agents. 978625

The Ministerio de Comercio e Industrias (Mici) has fined 11 companies for selling real estate without being licensed to do so.

Ministro Manuel José Paredes said each company was fined $10,000 and that Mici will be receiving the money in the next few days.

A number of other companies could also be facing fines. A preliminary investigation found that there are approximately 60 companies that have unlicensed agents. Some of them have avoided being fined because they are in the process of applying for the proper licenses, Paredes said.

The investigation began when the Asociación de Corredores de Bienes Raíces (Acobir) presented the names of companies that the organization suspected of selling properties without real estate licenses.

Panamanian law prohibits brokers from selling properties without a license. The penalty for not having a license can include a fine or being banned from the industry.

"We are working side by side with Acobir, pushing for a market correction to provide security to domestic and international clients," Paredes said. "We share the same concerns of Acobir, and believe there is a need for the real estate profession to get stronger and more professional."

The names of the companies that were fined were not released by the ministry.

Paredes said that the government is considering making changes to the licensing requirements for realtors.

"They should have more training and not simply have to pass a test to be formally identified as a real estate broker," the minister said.