Realtors Brokers Licensing Act Now In Effect

The Office of the Superintendent of Real Estate has advised that the Real Estate Brokers’ Licensing Act 2017 came into operation on 2 October 2017.

“The Act repeals the Real Estate Agents’ Licensing Act 1976 and modernizes the operation and supervision of the real estate industry in accordance with the international standards established by the Financial Action Task Force,” a Government spokesperson said.

“The main features of the Act are as follows:-

1. In order to obtain a licence under the Act, applicants must be fit and proper persons.

2. The Superintendent will publish a Statement of Principles that will explain:-

• how the minimum criteria for licensing will be interpreted and applied by the Superintendent;

• pro-active inspection of real estate brokers to ensure compliance; and,

• general policy on enforcement measures, including factors relevant to a decision to impose a penalty or fine; revocation, prohibition orders and public censure.

“Licences issued under the Real Estate Agents’ Licensing Act 1976 that were due to expire on 30 September 2017, are deemed to be valid until 30 November 2017.

“The Real Estate Regulations, which will contain application forms, are in progress and the Superintendent anticipates accepting applications on or around 13 November 2017 for the next licensing period commencing on 1 December 2017.

“Regular updates will be provided on Regulations and Statement of Principles. The real estate licence fees will remain the same at $635 for brokers and $105 for agents. Queries regarding the application process can be directed to glomara@gov.bm.”

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