P.R. Laws tit. 20, § 3032
The Board shall have the following powers and duties, in addition to any others provided in this chapter:
(a) To issue, renew or deny licenses to practice the profession of real estate broker, salesperson or company, pursuant to the provisions of this chapter.
(b) Suspend, revoke or deny the renewal of licenses to practice the profession of real estate broker, salesperson or company, after a hearing in which the existence of violations of the legal precepts established in this chapter, its regulations or the Board’s bylaws is determined.
(c) Prepare, evaluate and give examinations to aspirants for real estate broker’s licenses and for aspirants to real estate salesperson’s licenses at least twice a year. The Board shall determine the date and place of said examinations, but must always allow a minimum period of sixty (60) days between examinations. The Board shall also have the power to fix the cost for the administration thereof, and has the discretion to offer more examinations if deemed necessary. The date of the examinations shall be published through a prominently placed notice in two (2) newspapers of general circulation, at least twice within thirty (30) days before they are held. Said examinations shall be corrected and the results notified to the aspirants on or before sixty (60) calendar days from the date of the examination.
(d) Keep an updated professional register of all licenses issued, which shall consign the complete name, personal data of the real estate broker, salesperson or company to whom the license is issued, the date of issue, the number and expiration date of the license, as well as the status of said licenses. Said register shall be in the public domain.
(e) Keep a minute book of all its proceedings.
(f) Adopt an official seal which it shall affix to all licenses issued by it and to any official documents of the Board.
(g) Hold public or administrative hearings, resolve controversies in matters under its jurisdiction, issue orders pursuant to its resolutions and agreements, take oaths or statements, issue summons requiring the appearance of witnesses and the submission of data, documents or reports that the Board deems are needed for the issue, denial, suspension or revocation of a license. The Board, through the Secretary of Justice, may appear before any Part of the District Court of Puerto Rico and ask the court to order compliance of any of its orders or summons, under penalty of contempt.
(h) Present an annual report of its work to the Secretary of State, specifying the number of licenses issued, denied, suspended or revoked.
(i) Promote the continuing education of real estate brokers and salespersons on the ethical, legal and professional principles that govern their professional conduct.
(j) Prepare and publish a handbook with all pertinent information on the examinations it offers. A copy of this handbook shall be given to every person who requests it and pays the amount in ten dollars ($10) through an Internal Revenue voucher. From time to time, the Board may review the cost of acquisition of this handbook, based on the expense of preparing and publishing it, but the amount to be charged shall never exceed the real cost of said expense.
(k) Establish, by regulations, the study or course requirements and the specific subjects needed to practice the profession of real estate broker or salesperson, and the continuing education courses required to request the renewal of the real estate broker or salesperson’s license.
(l) Adopt the regulations for the application of this chapter, no later than ninety (90) days following the effective date of this act which, without being considered as a limitation, shall establish the requirements and procedures to request the issuing or renewal of licenses, as well as the procedures to hold public or administrative hearings. Said regulations shall not become effective until the procedures for their adoption, established by §§ 2101 et seq. of Title 3, known as the “Uniform Administrative Procedures Act of the Commonwealth of Puerto Rico”, have been complied with.
(m) [A code of ethics] to govern the profession shall be adopted no later than six (6) months after the effective date of this act.
(n) The abovementioned regulations shall be submitted to public hearings prior to their adoption.
History —Apr. 26, 1994, No. 10, § 9; Aug. 12, 1995, No. 180, § 1; July 30, 1999, No. 172, § 2.