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In Mexico, real estate brokerage is unregulated. “Currently, Mexico has no formal real estate licensing procedure at the federal, state or local levels.” “Individuals representing themselves as real estate agents range from lawyers to taxi drivers to hotel concierges to shoeshine boys.” 1 Real estate brokers are free to represent their own interests. Thus, buyers and sellers using the services of a broker cannot rely upon the concepts of agency and fiduciary responsibilities. Professional brokers in Mexico rely on their reputation and relationships of trust that have been cultivated over time. A few real estate franchises from the United States, such as Century 21, ReMax, and Coldwell Banker, have opened offices in Mexico to take advantage of their reputational capital.
KeywordsReal Estate Mexico City Project Evaluation North American Free Trade Agreement Taxi Driver
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- 1.Hunt, Harold and Ari Feldman, “¡Yo Quiero Casa Grande!” Tierra Grande, the Real Estate Center Journal, April 1999, Publication 1280.Google Scholar