Issue link: https://maltatoday.uberflip.com/i/1502329
Architecture & Design | 27 ReAL esTATe LIceNsING BOARd property brokers, property consUltants, branch managers and real estate agents gettIng theIr lIcense In check I f you are someone who is already working in the property trading industry, it is highly probable that you are already aware of the new regulations introduced through the Real Estate Agents, Property Brokers and Property Consultants Act (Chapter 615 of the Laws of Malta). If not, this article will give you some information with regards to the said Act, and the necessary steps to be taken in order to regularise your career. Through the new Act, that came into force on the 7th of July 2020, real estate agents, property brokers, property consultants and branch managers in Malta, have become regulated through licensing, for the first time in Malta. Pursuant to the provisions laid down by this Act, no person shall carry on the activity of a property broker or real estate agent or be employed or engaged as a branch manager or property consultant, after the 31st of December 2021, unless he/she is the holder of a license issued under the Act. Real estate agents, property brokers, property consultants and branch managers in Malta, are obliged to hold a license in order to be able to operate, from the 1st of January 2022 onwards. Individuals who desire obtaining such a licence under the said Act, shall submit an application to the Real Estate Licensing Board in the prescribed form. The requirements to be fulfilled in order to make you eligible to apply are the following: 1. Being eighteen (18) years old, or having been emancipated to trade, in accordance with Article 9 of the Commercial Code; and, 2. Holding a certificate in real estate; or, 3. Having any other qualifications which the Malta Qualifications Recognition Information Centre recognises as being equivalent. Anyone who has not applied for their license, is urged to apply by the 17th September 2021, in order to allow sufficient time for the Board to review all applications, and address any issues that might arise, in good time to make the end of year deadline. Unless you are a holder of a license issued under the Real Estate Agents, Property Brokers and Property Consultants Act (Chapter 615 of the Laws of Malta), you will not be legally permitted to carry on the activity of a property broker or real estate agent or even be employed or engaged as a branch manager or property consultant after the 31st of December 2021. A licence issued, shall, unless it is sooner cancelled, or in accordance with the provisions of the Act, remain valid for five (5) years, from when it has been issued. It shall be renewed after such expiration, unless there are grounds not to renew the licence as provided under the Act. It is pertinent to note that, any person/licensee who does not comply with or contravenes the provisions of the said Act, shall be liable to an administrative fine (multa), which does not exceed twenty thousand euro (€20,000). In order to get any more information about the Act, to download forms and to apply, visit https://environment. gov.mt/. For any guidance with regard to the application process, or any other queries arising from the Real Estate Agents, Property Brokers and Property Consultants Act (Chapter 615 of the Laws of Malta), an email should be sent to enquiriesreab@gov.mt