Under the new legislation, individuals seeking to engage in real estate brokerage must complete a training course, pass an examination and obtain a qualification certificate. The certificate will be issued by professional public associations.
The law is intended to regulate relations in the provision of real estate brokerage services. It is scheduled to enter into force on November 8, three months after its official publication.
The Agency for Management of State Assets has been designated as the authorized state body overseeing the sector.
Real estate companies and agents will be allowed to operate once they are included in the Unified Register. The register will be publicly accessible and contain information about real estate agents, agencies, professional public associations and their activities.
Services covered by the new law
The legislation defines several types of real estate services, including mediation in transactions involving real estate and related rights, organizing sales of real estate and related rights, trust management of real estate, and providing information, consulting and advertising services in the real estate market.
The law also provides for the creation of a private-sector multiple listing system. The platform is intended to allow real estate services to be provided under fixed-term agreements through a one-stop-shop model.
The new legislation will take effect on November 8.
