Real Estate Licensing Legislation Overview in Trinidad and Tobago
The Real Estate Profession Act of 2013 in Trinidad and Tobago governs the licensing and regulation of real estate professionals. The legislation aims to protect consumers, standardize industry practices, and elevate the status of the profession. It mandates registration and licensing for all real estate professionals, with requirements for brokers and land developers. The Act also establishes a national association for self-regulation and sets standards for education, ethics, and practice in the real estate sector. Funding sources include registration fees, subscriptions, and annual license fees.
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REAL ESTATE LICENSING LEGISLATION The Real Estate Profession Act 2013
AREA formed November 1990 First draft Bill 1995 - 1999 Second draft Bill completed 2004 Model Professionals Bill introduced 2008 Third draft Bill completed 2012
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
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
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.
Funded by: Registration fees Subscriptions Annual licence fees Levies if needed Contributions to Compensation Fund
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
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
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
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
