According to the law, real estate agents will be required to obtain a certificate of professional competence issued by an accredited educational institution and subject to renewal every five years. For this purpose, a module “Real Estate Agents” is being created in the information system administered by the Agency of Geodesy, Cartography and Cadastre. Candidates must have higher or vocational education and no unexpunged convictions for economic or property crimes.
As Logos Press, the law obliges real estate agents to conclude written contracts with clients, which clearly spell out the rights and obligations of the parties. Also prohibited are unfair practices, including hidden commissions and misleading advertising. The issuance of a payment document confirming receipt of remuneration is also mandatory, and contracts must be kept on file for at least six years.
The authors also proposed a mechanism of supervision and control over the activities of real estate agents, as well as sanctions for violation of the legislation. The Code of Offenses is supplemented with an article concerning non-compliance with the requirements for the implementation of the activities of a real estate agent. Thus, the provision of intermediary services without a valid certificate will be punishable by a fine of up to 15,000 lei. A similar punishment is envisaged for individuals working without a contract. For legal entities, the fine may reach 30,000 lei.
The law will enter into force nine months after its publication in the Official Monitor. Persons who carried out mediation activity before the law came into force will be able to continue it for another 12 months, provided that they obtain the necessary certificates.
