After years of research, planning and draft presentations, members of the Association of Real Estate Agents (AREA) can finally celebrate achieving one of its seminal goals with the passage of The Real Estate Agents Bill 2020 through the House of Representatives on Friday 8th May.
This new Bill introduces measures that will mandate the registration of all real estate professionals nationally, and allow a governing body for the first time to regulate the entire industry within a unifying framework.
For the past thirty years, AREA has worked to develop a comprehensive set of Rules and Regulations governing the day-to-day practice of real estate, and a Code of Ethics that guides all aspects of interaction between agents and other parties to a transaction. Most importantly, AREA has developed a range of real estate courses which it offers through a collaboration with UWI/ROYTEC. Its Principles of Real Estate Sales course is a pre-requisite for all members of the Association, but AREA also provides continuous education to its membership throughout the year.
It was at AREA’s annual Queen’s Hall educational Seminar in 2017 that the Honourable Attorney General, Faris Al-Rawi, was invited to present a paper, and took the opportunity to offer to work with AREA on the preparation of their draft Bill for submission to Parliament. Regulation of the real estate industry fitted perfectly into the government’s efforts to improve consumer protection, and more vitally, to improve compliance with international standards of combatting money-laundering.
Since 2017, AREA’s Board of Directors and Legislation Committee have worked closely with the Attorney General and his team of lawyers and drafters to share their intimate knowledge of the industry and reflect that into the drafting of the Bill.
In early 2019 the Bill was circulated for comment before being laid for debate in the House of Representatives in March 2020. The amended Bill was debated for the second time and passed by the House without opposition on May 8th 2020. It now goes to the Senate for its final reading before Assent by the President.
AREA’s current President, Mark Edghill, stated : “I am extremely proud of the work of the Association and its achievement of co-regulatory legislation. I must thank the Honourable Attorney General Faris Al-Rawi for his support and trust during our period of collaboration. 2020 will prove to be the greatest landmark year since the founding of the Association in 1990 and its incorporation by Act of Parliament in 2012. We have come a long way.
Our Board is really excited at the prospect of leading the industry into a new era of regulated status and making educational opportunities available to aspiring real estate professionals. After the very difficult COVID-19 shut-down, it will be an even greater challenge to revitalise the industry and the real estate market, while at the same time bringing it all under one national regulatory body, but I believe AREA is more than ready to accept that challenge.”
A soft copy of the Real Estate Agents Bill 2020 can be found on the AREA website (www.areatt.com).
For further information contact Mark Edghill | +868 678 9715 | or email email@example.com | Release dated 14 May 2020