Annual inspection by the Real Estate Agents Licensing Board (REALB) is part of the REALB’s engagement with the industry and to monitor agents’ activities so as to ensure compliance with regulatory requirements.
Of the 71inspections carried out by REALB during the year, 38 were conducted in the Central Division, 30 in the Western Division and 3 in the Northern Division.
The inspection includes checking compliance by agents with legislative requirements such as real estate activities documentation, sale records, office setup, signage, and the Particulars of Sale Form for the regulated 2 percent commission.
According to the Compliance and Monitoring Officer, Mr Vinal Singh, inspections and spot checks are done to ensure transparency and enable the Board to monitor the real estate industry.
Mr Singh adds that the inspections are not confined to the main office of the business but includes its branches as well. He stated, “Our teams have been working tirelessly over the years to raise awareness and educate agents on their responsibilities,” he said.
Mr Singh said they were appreciative of the support received from agents during the past few weeks they were out in the field.
Some agents and professionals took advantage of the occasion to raise industry-related issues and offer suggestions to help move the industry forward. Agents were also reminded of the importance of maintaining records in a proper manner.
The REALB wishes to remind all its agents to submit their license applications on time to avoid processing delays, to be vigilant and to operate within the ambits of the law.
For the general public, any query relating to any real estate matter or real estate agent, can be sent to the REALB office contact provided below. The REALB encourages the public to ask questions if unsure and ensure proper documents are kept for the record.