Rera plans realty brokers' body |
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Dubai's Real Estate Regulatory Agency (Rera) is working on a plan to create a brokers' association, which will frame a code of conduct for its members, said Rera CEO Marwan bin Ghalita.
The organisation will be established once all the real estate agents in Dubai have registered with Rera.
So far 5,154 estate agents, 1,806 brokerage firms and 842 developers have registered.
"Plans to create such an association are in the pipeline," said bin Ghalita. "We will form the entity once all the estate agents in the market have registered with Rera."
By Anjana Kumar
© Emirates Business 24/7 2008
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This is a positive development, and cannot come soon enough.
Creating a property brokers' association, and requiring property agents to be trained and licensed under a professional code of conduct is the standard in more reliable, developed markets, and should take many charlatans off the street!
There are too many crooks in the business as it is.
Requiring agents to be licensed is a very basic requirement.
Property is a major asset class, and an important investment for any party to make. One may only buy other such sensitive investments through licensed professionals: e.g. stocks, bonds, financial products.
Who would by a property in London or New York, from an unlicensed agent? Definitely not me.
Caveat emptor. [Report Abuse | Email to a Friend | Reply to this Comment]