Title III
DEALERS, BROKERS AND SALESMEN

Section 11. Registration of dealers, brokers and salesmen.
No real estate dealer, broker or salesman shall engage in the business
of selling subdivision lots or condominium units unless he has
registered himself with the Authority in accordance with the provisions
of this section.

If the Authority shall find that the applicant is of
good repute and has complied with the applicable rules of the Authority,
including the payment of the prescribed fee, he shall register such
applicant as a dealer, broker or salesman upon filing a bond, or other
security in lieu thereof, in such sum as may be fixed by the Authority
conditioned upon his faithful compliance with the provisions of this
Decree: Provided, that the registration of a salesman shall cease upon
the termination of his employment with a dealer or broker.

Every registration under this section shall expire on
the thirty-first day of December of each year. Renewal of registration
for the succeeding year shall be granted upon written application
therefor made not less than thirty nor more than sixty days before the
first day of the ensuing year and upon payment of the prescribed fee,
without the necessity of filing further statements or information,
unless specifically required by the Authority. All applications filed
beyond said period shall be treated as original applications.

The names and addresses of all persons registered as
dealers, brokers, or salesmen shall be recorded in a Register of
Brokers, Dealers and Salesmen kept in the Authority which shall be open
to public inspection.

Section 12. Revocation of registration as dealers, brokers or salesmen.
Registration under the preceding section may be refused or any
registration granted thereunder, revoked by the Authority if, after
reasonable notice and hearing, it shall determine that such applicant or
registrant:

1. Has violated any provision of this Decree or any rule or regulation made hereunder; or

2. Has made a material false statement in his application for registration; or

3. Has been guilty of a fraudulent act in connection with any sale of a subdivision lot or condominium unit; or

4. Has demonstrated his unworthiness to transact the business of dealer, broker, or salesman, as the case may be.

In case of charges against a salesman, notice thereof shall also be given the broker or dealer employing such salesman.

Pending hearing of the case, the Authority shall have
the power to order the suspension of the dealer's, broker's, of
salesman's registration; provided, that such order shall state the cause
for the suspension.

The suspension or revocation of the registration of a
dealer or broker shall carry with it all the suspension or revocation
of the registrations of all his salesmen.