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Real Estate Licensing Legislation

Real Estate Licensing Legislation. The Real Estate Profession Act 2013. Background to Legislation. AREA formed November 1990 First draft Bill 1995 - 1999 Second draft Bill completed 2004 Model Professionals Bill introduced 2008 Third draft Bill completed 2012.

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Real Estate Licensing Legislation

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  1. Real Estate Licensing Legislation The Real Estate Profession Act 2013

  2. Background to Legislation • AREA formed November 1990 • First draft Bill 1995 - 1999 • Second draft Bill completed 2004 • Model Professionals Bill introduced 2008 • Third draft Bill completed 2012

  3. Background to Legislation • AREA incorporated July 2012 • FIU registration mandated early 2011 • Final review of Bill in March 2013 • Rationale for Legislation includes: • Consumer protection • Harmonization of regional practice • Real estate now FIU supervised • Self-regulation of real estate in T&T • Elevate status of the profession

  4. Details of draft Bill • Expansion of incorporated Association • Board of Directors: • 6 elected Brokers • 1 Attorney with real estate experience • 1 Ministry of Trade appointee • 1 Representative from Town & Country • 1 Representative from Consumer Affairs • Appointment of Registrar

  5. Details of draft Bill Preamble to Act : national Association incorporated by Act of Parliament in T&T, membership of which is not voluntary, composed of and administered by members of the real estate profession, organized to self-regulate, set standards of education, ethics and practice, to restrict the right to engage in real estate to those qualified, registered and licensed to do so, to protect the public in matters that concern real estate transactions, to ensure payment of commissions due.

  6. How will AREA operate? • Funded by: • Registration fees • Subscriptions • Annual licence fees • Levies if needed • Contributions to Compensation Fund

  7. How will AREA operate? • All real estate professionals in T&T will become members of AREA • All Brokers / Sales Associates will be registered • All Brokers will be annually licensed • Land developers must either employ/use a Broker • Private sale can be handled by property owner • Sub-division of land by private owner for sale to multiple buyers will constitute real estate business and must be transacted by a Broker

  8. How will AREA operate? • All registered Agents must meet minimum • educational standards • Overseas qualifications will be recognised • All Brokers must be registered with FIU • AREA members will qualify to be registered • A Board of Examiners will be set up • Apprenticeship scheme will be formalised • Committees will involve other members • Disciplinary committee will be essential

  9. How will AREA operate? • Code of Ethics and Standards of Practice • FIU compliance manual created by AREA • Escrow account must be opened • Commission a lien on the proceeds of sale • All property sales must be registered as • exclusive or co-exclusive listings under the MLS run by AREA • Sale by owner must also be registered • Statistical data to be compiled for benefit of • members and other bodies

  10. How will AREA operate? • Bill to draw distinction between appraisal by Agent and formal valuation report by qualified Valuator • AREA website expanded to deal with exclusive listings • Set up a professional indemnity insurance • scheme • AREA will act as watchdog of profession and seek to protect the integrity of Real Property

  11. The Real Estate Profession Act 2013 Presented by AREA’s Taxation and Legislation Committee

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