P.R. Laws tit. 20, § 3047
Any person engaged in the sale in the Commonwealth of Puerto Rico of real property located outside of the Commonwealth of Puerto Rico whether through purchase sale contracts or promises, in installment or cash or otherwise, shall register as real estate broker, salesperson or company or proprietor in the Department of Consumer Affairs (DACO, Spanish Acronym.)
The Department of Consumer Affairs shall issue a registration certificate once the necessary investigations have been conducted and it determines that the applicant meets all requirements. The registration certificate issued shall be non-transferable. This certificate shall be effective for the term of one (1) year as of the date of issue and be renewed annually. The renewals shall not be necessary when the applicant certifies in writing that he/she has determined that he/she will not longer be engaged in the sale or offering for sale of real property located in or outside the Commonwealth of Puerto Rico.
The real estate salesperson, broker, or company whose intention is to conduct business in representation of a proprietor shall previously require the latter a copy of the registration certificate in effect.
No person in the Commonwealth of Puerto Rico may be engaged in the sale of real property located outside the Commonwealth of Puerto Rico without having first obtained a registration certificate from the Department of Consumer Affairs.
The printed registration form provided for such purposes by the Department of Consumer Affairs shall contain:
(a) The name or corporate name of the applicant, the main office address, and the address of any branch established in the Commonwealth of Puerto Rico, if any.
(b) The name and address of any person with shares or interest in the business, whether as real estate principal, official, director, salesperson, broker, or company specifying the extent, nature, and title of the shares of each, in the operations of the business.
(c) A listing of past business experiences.
(d) A good conduct certificate from the Police of the Commonwealth of Puerto Rico, of the State of the United States of America or of the foreign country in which he/she resides.
In the case of partnerships and corporations, a good conduct certificate shall be included for each partner, and in the case of a corporation, for each shareholder, director, and official thereof, as the case may be. The date, place and number of incorporation, the name and address of each incorporator or the articles of incorporation of the partnership shall be provided. In addition, the name of the residing agent or person authorized to receive summonses in the Commonwealth of Puerto Rico, as well as the certification of the Department of State authorizing them to do business in the Commonwealth of Puerto Rico shall be provided.
The Department of Consumer Affairs is hereby empowered to issue the corresponding registration certificates and to collect the fees set by regulations through Internal Revenue vouchers.
History —Apr. 26, 1994, No. 10, § 24; Sept. 26, 2005, No. 118, § 5.