Policy Change for Real Estate Dealers

Real estate dealers can now practise in their individual capacity while serving as qualifying directors in a dealer company.

The professionals can either operate in both positions or opt for dormancy, which is a provision made for persons who are not practising within a given period.

This follows the recent revocation by the Real Estate Board (REB) of its previous policy that required practitioners who fall within this category to place their dealers’ licence on dormancy.

The change, along with others, was ratified at the June 22 meeting of its Board of Directors.

Chief Executive Officer (CEO) of the REB, Phillip Chambers, said in a release that these policy changes were subjected to substantive deliberations.

“We are constantly surveying the landscape to see how we can better do what we do to improve the service provided by salesmen and dealers, which will ultimately redound to the benefit of the public,” Mr. Chambers said.

The REB is also allowing supervising dealers to have a maximum of four persons attached to him or her, up from two previously. However, these dealers will be required to complete the Real Estate Supervisory Dealers Continuing Professional Development Course.

Considering this, the REB will be offering a Real Estate Dealers Course that will span over two days. The first day will be designated for all dealers and the second will target supervising dealers.

The Real Estate (Dealers and Developers) Act stipulates that persons who have completed the pre-licensing Dealers Course, must complete a period of attachment or training as a means of observing first-hand the operations of a dealer.

Overseas applicants with similar qualification in other jurisdictions are required to complete the Dealers Training Course at the Real Estate Training Institute (RETI) and a period of attachment of at least one year in the office of a real estate dealer approved by the Board.

Mr. Chambers said that the Board’s directors and management team are confident that the changes will improve the overall professionalism and competence of real estate practitioners.

“The Real Estate Board takes very seriously any change that affects how our practitioners operate, how we regulate them, and also how those changes are likely to affect the public at large,” the CEO added.