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Amending Chapter 9-600 of The Philadelphia Code, entitled "Service and Other Businesses," and Chapter 19-500 of The Philadelphia Code, entitled "Taxes and Rents - General," by adding provisions that require the Department of Revenue to develop a form, regulations and a program to increase tax collections for commissions and fees earned as a result of City real estate transactions, and provisions requiring real estate professionals to report their commercial activity and business income and receipts account numbers to Revenue for all transactions involving real estate located in the City, and other related items; all under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 9-600 of The Philadelphia Code is hereby amended by adding a new Section as follows:
CHAPTER 9-600. SERVICE AND OTHER BUSINESSES.
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ยง 9-635. Real Estate Professionals Duty to Report Certain Information.
(1) Definitions. For purposes of this Section the following shall be defined as:
(a) "Real Estate Professional." An individual or entity that, for another and for a fee, commission or other valuable consideration, does one or more of the following:
(i) Negotiates with or aids a person in locating or obtaining for purchase, lease or acquisition of interest in real estate.
(ii) Negotiates the listing, sale, purchase, exchange, lease, time share and similarly designated interests, financing or option for real estate.
(iii) Manages real estate.
(iv) Represents himself or itself as a real estate consultant, counsellor or house finder.
(v) Undertakes to promote the sale, exchange, purchase or rental of real estate. This subparagraph does not apply to an individual or entity whose main business is that of advertising, promotion or public relations.
(vi) Undertakes to perform a comparative market analysis.
(vii) A...
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