①A Real Estate Broker must carry out its operations for persons concerned with transactions in, and accordance with the principle of good faith.

②In engaging in entrustment-based agency services for transactions, etc., and other such functions as prescribed in Article 50-2, paragraph (1), a Real Estate Broker must take into account the need to promote restrictions on speculative transactions.

A Real Estate Broker must endeavor to provide its workers with the education necessary to have them carry out its operations properly.

①A Real Estate Broker must appoint adult, exclusive real estate transaction specialists in the number specified by an Order of the Ministry of Land, Infrastructure, Transport and Tourism in consideration of the size of each Business Office, etc., the contents of operations, and other factors to each office thereof and any other location as specified by an Order of the Ministry of Land, Infrastructure, Transport and Tourism (referred to hereinafter in this Article and Article 50, paragraph (1), as a "Business Office, etc.").

②If a Real Estate Broker (any officer (executive member, director, executive officer, or any other person similar thereto who executes operations for the corporation) of said Real Estate Broker, if said Real Estate Broker is a corporation) is a real estate transaction specialist in a case referred to in the preceding paragraph, the person will be deemed, for the Business Office, etc., at which the person personally and primarily engages in duties, to be the adult, exclusive real estate transaction specialist appointed thereto.

③A Real Estate Broker may not establish a Business Office, etc., that contravenes the provisions of paragraph (1) and must take measures required to ensure compliance with the provisions of the same paragraph within two weeks, when an existing Business Office, etc., contravenes the provisions of the same paragraph.

If a Real Estate Broker advertises concerning the operations thereof, the Real Estate Broker, with respect to the location, size, characteristics, or restrictions on the present or future usage of a Building Lot or building pertaining to said advertising; the environment, transportation, and other matters relating to convenience as they pertain thereto; the amounts and methods for the payment of the price, rents, and other consideration as they pertain thereto; and any mediation for monetary loans relating to the price or difference arising from the exchange of property, must not give an indication that significantly contradicts the facts or that which mislead others to believe that conditions are significantly more favorable than they really are or are advantageous.

Prior to the completion of construction work relating to the development of a Building Lot or the construction of a building, a Real Estate Broker is not to sell a Building Lot or building or engage in advertising tied to other operations subject to said construction work unless such permission as provided for in Article 29, paragraph (1) or (2) of the Urban Planning Act, verification as provided for in Article 6, paragraph (1) of the Building Standards Act (Act No. 201 of 1950), or any other permission or disposition based on a law or regulation required in connection with said construction work that is as specified by Cabinet Order has been granted.

A Real Estate Broker is not to conclude a sales agreement (including a reservation) under which the Real Estate Broker will constitute the seller of a Building Lot or building that it does not own. Provided, however, this does not apply in a case falling under either of the following items:

①If a Real Estate Broker advertises in connection with the sale, exchange, or loan of a Building Lot or building, the Real Estate Broker must clearly state whether it effects the said sale or exchange as a party concerned to the applicable agreement; effect said sale, exchange, or loan as an agent; or effect said sale, exchange, or loan as an intermediary (referred to hereinafter in the following paragraph as "Mode of Transaction").

②If a Real Estate Broker receives an order for the sale, exchange, or loan of a Building Lot or building, the Real Estate Broker must, without delay, clarify the terms of Mode of Transaction for the ordering party.

①If a Real Estate Broker concludes an agreement for mediating a sale or exchange of a Building Lot or building (referred to hereinafter in this article as "Mediation Agreement"), the Real Estate Broker must, without delay, prepare a document in which the matters as listed below are stated, affix the name and seal of the Real Estate Broker thereto, and issue said document to the requesting party:

②If a Real Estate Broker states an opinion regarding a price or appraised value as provided for in item (ii) of the preceding paragraph, the Real Estate Broker must clarify the basis on which said opinion is made.

③The effective term of a Mediation Agreement that prohibits a requesting party from making a request to have another Real Estate Broker provide mediation or agency services for a sale or exchange (hereinafter referred to as "Exclusive Mediation Agreement") may not exceed three months. Any prescribed period longer than this is deemed to be three months.

④The effective term as provided for in the preceding paragraph may be renewed by the submission of an application by the requesting party. Provided, however, that the effective term as extended may not exceed three months from the time of renewal.

⑤If a Real Estate Broker concludes an Exclusive Mediation Agreement; the Real Estate Broker must, pursuant to the provisions of an Ordinance of the Ministry of Land, Infrastructure, Transport and Tourism, register the location, size, and characteristics of a Building Lot or building subject to said Exclusive Mediation Agreement; the price at which said Building Lot or building should be sold; and other matters as specified by an Ordinance of the Ministry of Land, Infrastructure, Transport and Tourism with a person designated by the Minister of the Ministry of Land, Infrastructure, Transport and Tourism (hereinafter referred to as the "Real Estate Information Network System") in order to facilitate searches of agreement counterparties.

⑥A Real Estate Broker that carries out a registration under the preceding paragraph must, without delay, deliver a document attesting to said registration as prescribed in Article 50-6 to the requesting party.

⑦If a Real Estate Broker as provided for in the preceding paragraph concludes an agreement for selling or exchanging a Building Lot or building pertaining to a registration under paragraph (5), the Real Estate Broker must, without delay and pursuant to the provisions of an Ordinance of the Ministry of Land, Infrastructure, Transport and Tourism, provide notification of the fact thereof to the Real Estate Information Network System pertaining to said registration.

⑧When an application is made for the sale or exchange of a Building Lot or building that is subject to a Mediation Agreement, the Real Estate Broker that has concluded said Mediation Agreement must report the fact thereof to the requesting party without delay.

⑨In addition to what is provided for in the preceding paragraph, a Real Estate Broker that has concluded an Exclusive Mediation Agreement must submit a report on the processing status of operations pertaining to said Exclusive Mediation Agreement to the requesting party at least once every two weeks (or at least once a week for an Exclusive Mediation Agreement that includes special provisions to the effect that the requesting party is unable to conclude an agreement for sale or exchange with a person other than a counterparty searched by said Real Estate Broker).

⑩Any special provision contravening the provisions of any of paragraphs (3) through (6) or the preceding two paragraphs is hereby invalidated.

⑪In lieu of issuing the document referred to in paragraph (1), a Real Estate Broker may, pursuant to the provisions of Cabinet Order and with the consent of the requesting party, provide the matters that are required to be stated in said document by electronic or magnetic means (meaning means using an electronic data processing system or other means using information and communications technology; the same applies hereinafter) that is specified by Order of the Ministry of Land, Infrastructure, Transport and Tourism as a means by which measures are taken in lieu of affixing the name and seal under the provisions of that paragraph. In this case, said Real Estate Broker is deemed to have affixed its name and seal to said document and issued it.

⑫In lieu of delivering the document under the provisions of paragraph (6), a Real Estate Broker may, pursuant to the provisions of Cabinet Order and with the consent of the requesting party, provide the matters that are to be attested in said document by electronic or magnetic means that is specified by Order of the Ministry of Land, Infrastructure, Transport and Tourism. In this case, said Real Estate Broker is deemed to have delivered said document.

The provisions of the preceding article apply mutatis mutandis to an agreement requesting agency services for the sale or exchange of a Building Lot or building from a Real Estate Broker.