A new law that will regulate the activity of real estate agents will be applied in the Republic of Moldova. It will set down minimum requirements for professional qualification and certification, while also creating a clear framework for real estate brokerage agreements. The new regulations also provide for the creation of an official register of real estate agents, effective mechanisms for controlling and penalizing violations. The legislative initiative was registered in Parliament, IPN reports.

The authors of the draft law, a group of PAS MPs, noted that, currently, anyone can carry out real estate brokerage activities, without appropriate professional training. This, according to them, affects the quality of services and generates risks for consumers. Likewise, there are no clear rules regarding misleading advertising, hidden commissions or conflicts of interest. There are no customer protection mechanisms in disputes with real estate agents or in case of fraudulent transactions. At the same time, there is no single register of certified real estate agents, which makes it difficult to verify the legality of their work.

The legislative initiative provides that the real estate agents are obliged to obtain a certificate of professional competence issued by an accredited educational institution, which certifies initial or continuous professional training. Also, the "Real Estate Agents" module will be created in the Register of Real Estate Prices, which will include certified agents and will be administered by the Geodesy, Cartography and Cadaster Agency.

The draft law also regulates the rights and obligations of real estate agents and the prohibitions in the real estate brokerage activity. Real estate agents will be obliged to conclude written agreements with clients, specifying the rights and obligations of the parties. The new provisions institute the supervision and control of the activity of real estate agents.

Thus, the contraventions related to the work of real estate agents will be identified and examined by the State Inspectorate for the Supervision of Non-Food Products and Consumer Protection, and the Geodesy Agency will be designated to regulate, certify and monitor the activity of real estate agents and real estate brokerages, ensuring the uniform application of the legislation in the field.

The MPs noted that the lack of a clear legal framework on the activity of real estate agents favors the emergence of abusive practices, and transparency is not ensured in real estate transactions. "The adoption of a law regulating the activity of real estate agents is a pressing necessity to ensure a fair competitive environment, increase confidence in real estate services and protect both sellers and buyers," reads the bill.