Real estate agents will be required to obtain a certificate of professional competence. Parliament voted on the initiative in the first reading

The activity of real estate agents will be regulated by law. A draft to this effect was voted on in the first reading by 57 deputies.

According to the document, real estate agents will be required to obtain a certificate of professional competence, issued by an accredited educational institution. At the same time, a special module for real estate agents will be created, integrated into an information system managed by the Agency for Geodesy, Cartography and Cadastre.

To obtain the certificate, individuals will have to meet several conditions: higher education or special secondary education, but also the absence of an unexpired criminal record for crimes against property or economic crimes.

The draft also stipulates that real estate agents will be required to conclude written contracts with clients, which will clearly establish the rights and obligations of the parties. Unfair commercial practices, including misleading advertising or the application of hidden commissions, will be prohibited.

The document also establishes the institutions responsible for supervising and controlling the activities of real estate agents. These are the State Tax Service, the National Center for Personal Data Protection, the Competition Council, and the State Inspectorate for Supervision of Non-Food Products and Consumer Protection.

At the same time, it is proposed to supplement the Code of Contraventions with sanctions for non-compliance with legal obligations. Thus, carrying out activity without a written contract will be sanctioned with a fine of up to 20,000 lei for individuals. Legal entities will risk fines of up to 40,000 lei and a ban on activity for a period of 6 months to one year.

The authors of the initiative claim that the new rules will contribute to the development of the real estate market, the reduction of the informal economy and the attraction of investments, as well as the alignment of the Republic of Moldova with European standards.

The draft is to be examined by Parliament in second reading.

Source https://www.bizlaw.md/