Real Estate Practitioners Urged to Keep Current with Training

Photo: Mark Bell Chief Executive Officer of the Real Estate Board/The Commission of Strata Corporations, Sandra Watson Garrick, speaking at a recent JIS ‘Think Tank’.

Story Highlights

  • Real Estate practitioners are being encouraged to keep current with their training, by Chief Executive Officer (CEO) of the Real Estate Board/The Commission of Strata Corporations, Sandra Watson Garrick.
  • “As part of knowing what to comply with, training is a requirement of the law, and so we have to ensure that that training is provided. So, the Board organises and ensures that the professionals have access to that training,” the CEO explained.
  • The CEO stressed the importance of participating in the continuous education training, noting that the “industry as it began in 1988 when the Real Estate Dealers and Developers Act was passed, is nothing like it is now, as so much has happened that persons need to be aware of so that they do not misinform the public”.

Real Estate practitioners are being encouraged to keep current with their training, by Chief Executive Officer (CEO) of the Real Estate Board/The Commission of Strata Corporations, Sandra Watson Garrick.

Speaking at a JIS ‘Think Tank’, recently, Mrs. Watson Garrick explained that in November 2013, it became mandatory for all real estate dealers and salesmen to comply with the Proceeds of Crime Act.

She noted that in addition to the mandate to educate practitioners and the public, in 2014, The Real Estate Board was given the responsibility of supervising real estate dealers and salesmen to ensure that they comply with the Act.

“As part of knowing what to comply with, training is a requirement of the law, and so we have to ensure that that training is provided. So, the Board organises and ensures that the professionals have access to that training,” the CEO explained.

Additionally, she said that persons also need to be aware of the Registration of Strata Titles Act, so that when they are marketing real estate they are able to guide their clients properly.

The CEO stressed the importance of participating in the continuous education training, noting that the “industry as it began in 1988 when the Real Estate Dealers and Developers Act was passed, is nothing like it is now, as so much has happened that persons need to be aware of so that they do not misinform the public”.

The CEO emphasised that the Board will be requiring real estate practitioners to do 20 hours of training biennially, with eight of those hours being mandatory.

In an effort to address this issue, the Board has launched its Real Estate Training Institute, which will provide training for practitioners as well as for persons who are interested in other aspects of real estate.

The Institute offers anti-money laundering training as well as continuous education training.

“The whole aim is to ensure that we have people coming out of our training who can pass on good information to members of the public and guide them in their purchase of real estate,” the CEO said.

Additionally, she said that persons involved in property management also need to be aware of what is required under each Act.

She said that as part of the Board’s mandate, public education, as well as continuous education of the industry, has to be done, as there are constant amendments to The Proceeds of Crime Act as well as numerous requirements from the Caribbean Financial Action Task Force (CFATF), an organisation that implements counter-measures against money laundering.

The Real Estate Board regulates practitioners in the real estate industry; registers and licences real estate dealers and salespeople; registers real estate developers and conducts monitoring to ensure compliance with the law, and to protect the purchasers involved in transactions.

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