New organization to stop random consultations and analyzes of the real estate market

The General Real Estate Authority has begun to put strict controls in place to prevent random consultations and analyzes in the field of real estate through an integrated project that ensures that the profession is not practiced without obtaining a license, and the age of the applicant must not be less than twenty-five years and that he has a university degree and the license applicant may be exempted from That is if his practical experience exceeded (10) years in any of the real estate activities.

It is also required that he have practical experience for a period of no less than (3) years and that he has obtained one training course – at a minimum – of courses devoted to real estate consultancy, analysis of real estate markets organized by the Real Estate Institute, and that he has good conduct and behavior and is not governed by a Sharia ruling, In a crime involving breach of honor or trust, unless he is rehabilitated, the license is issued by a decision of the Authority’s governor, for a period of 3 years, renewable, and the penalty for violating the controls includes warning the real estate consultant, suspending the license temporarily for a period not exceeding one (one year), and canceling the license, and the consultant has the right in this case Applying for a new license after (3) years from the date of cancellation. Referral of the practitioner without obtaining a license to the competent authorities The practitioner is obligated to exercise the care, knowledge that precludes ignorance, honesty, diligence, and independence required of him while ensuring the accuracy and correctness of the information provided by him, and not including any information or data that is misleading or inconsistent with real estate reasons and justifications. Which is taken when providing advice or analyzing the real estate market. He is also obligated to disclose any actual or potential conflict of interest, provided that the disclosure is submitted in written form to the client in the real estate consultancy with the disclosure of fees and reports on the actions that he has carried out during the period of the license in the form of (half Annual, according to the mechanism adopted by the authority and doing what is necessary to protect the confidentiality of the information obtained from its clients, and it is prohibited for him to participate or offer to participate in bearing any losses that the client suffers and to give any comparisons or offensive signals to the work of other consultants.

Real estate consultancy organization

Temporarily suspending the license for a period of one year for the violator

Refer the practitioner without a license to the competent authorities

Submit a semi-annual report on the performance

Not offering to participate in bearing any losses to the client

The term of the license is 3 years

Commitment to confidentiality of information

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