The enforcement of higher standards of professionalism are on the horizon, as consultations are expected to soon get underway on a proposed Code of Ethics and Professional Conduct for real estate agents, branch managers and salespersons.
These consultations are part of the rigorous reviews being undertaken by industry regulators, the Real Estate Agents Licensing Board.
Acting CEO and Registrar, Virisila Tuimanu, noted that they hope to ensure the implementation of new processes and measures are in place for local realty practitioners.
“The proposed consultations will also cover other topical areas for discussion, which include the regulation of commission and having standardised clauses in agency agreements between agents and their clients.,” Tuimanu confirmed.
The Board is currently compiling the draft text, which will cover standards of professional competence, the duties of real estate agents, prescribed real estate agency agreements and relevant provisions on the continuation and upskilling of professional development.
“The proposed Code is expected to complement the Real Estate Agents Act 2006 and will also ensure that real estate agents do not breach the trust placed on them by a client, prospective client or customer.”
A wide consultation with agents, property owners and other stakeholders will be undertaken before being formulated and implemented as regulations to the Act.
The Real Estate Agents Licensing Board has also committed to national workshops, beginning in 2016, to provide wider interactive platforms with agents and address issues plaguing the industry.
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