Real Estate Agents Act 2006 approved
Wednesday August 22, 2007

Fiji's real estate industry will soon be properly regulated following the commencement of the Real Estate Agents Act 2006 at the end of the month.

Cabinet today approved that some provisions of the Real Estate Act 2006 will start on the 31st of August, 2007.

These include the appointment of the Real Estate Agents Licensing Board and the formulation, implementation and the enforcement of regulations to regulate the industry under the Act.



Minister for Commerce, Industry, Investment and Communications, Taito Waradi says the Real Estate Agents Licensing Board will administer the Licensing Scheme for real estate agents, managers and sales persons and to regulate the industry.



"The first task of the Board will be to formulate an enabling regulation to properly and effectively regulate the activities of real estate agents," he said.



Waradi said that are at least 100 real estate agents currently in operation.



In addition, he said that there will be an extensive policing role for the Real Estate Agents Licensing Board and the Office of the Registrar of Real Estate Agents to ensure that agents comply with their statutory obligations under the Act and for the Board to take disciplinary action where required for those found in breach of the provision of the Act and Regulations.



Waradi said that the current un-regulated environment has given rise to uncontrolled number of real estate agents many of whom are operating from their homes and corner shops giving rise to price speculations and distortions not necessarily allied to market demands and prices.



"Other issues of concern include: misuse of client funds; unethical practices such as price distortions creating speculative motives leading to price hikes of properties; alleged money laundering; exorbitant commissions; and poor standards of service in the industry."



Waradi will appoint the board.