REALB focuses on compliance
17 August, 2022, 7:00 pm
The Real Estate Agents Licensing Board (REALB) has been raising awareness on the 2 per cent commission and real estate activity disbursements in the past few months.
In addition to that, the REALB had also been focusing on the National Property Sales Database (NATPRO) and Portal program with effort been made as to how the board could best address complaints raised by members of the public and agents.
Information provided by the REALB highlighted that these awareness campaigns were carried out through talanoa sessions conducted in the Central, and Western divisions and virtual session in the Northern Division.
It said other forums included attending refresher course programs and workshops organised by various real estate agents’ businesses and engaged on our normal day-to-day inspections.
The organisation shared that recently REALB introduced spot checks to help and monitor the activities of agents and to ensure that they complied with the provisions of the Real Estate Agents (Amendment) Act 2022 in their daily business.
The REALB also urged real estate agents to work on the newly regulated 2 per cent commission when engaged in selling residential properties valued at $500,000 or less.
This policy is based on the provisions set out in Legal Notice No. 76, Real Estate Agents (Fees, Forms and Appeals) (Amendment) Regulations 2022, that came into force on Thursday, May 26, 2022.
Commission rates can be mutually agreed between a vendor and real estate agent if the property value is more than $500,000.
However, for residential properties that are valued $500,000 or below, commission rates should not exceed 2 per cent of the sale price.