REALB’s Compliance and Monitoring team conducted six spot checks in the Western Division this morning as part of their quarterly engagement earlier this month.
Compliance and Monitoring officer Vinal Singh says spot checks and inspections are done to continuously monitor the activities of agents.
He said the visitation includes inspections of the legislated requirements such as files and records, office space, and signboards.
"Today, we have also begun examining the Particulars of Sale Form. This is part of the Commission and Disbursement Policy that applies to the sale of any residential property valued at $500,000 or less,” Mr Singh
The Policy is based on the provisions set out in Legal Notice No.76, Real Estate Agent (Fees, Forms and Appeals) (Amendment) Regulations 2022, that came into force on Thursday, May 26th, 2022.
It stated that commission rates should not exceed two percent (2%) if the sale price for the residential property is $500,000 or less. In addition, agents are allowed to charge disbursements for activities directly linked to the sale of that particular property.
Agents and real estate professionals are further advised that the inspection of the Particulars of Sale Form, will be part of the compliance check during annual/renewal inspections and spot checks.
For properties that fall within this category, it is crucial that agents accurately capture all the required information.