As of the 30th of November, the Property Services Regulatory Authority have introduced new minimum standards for auctioneers, estate agents, letting agents and property management agents.
The new regulations require the following:
Where a licensee holds a security deposit in relation to the letting of land or property, which is due to be paid to a client or returned to a tenant, the licensee shall make the payment to the client or tenant as provided for in the letter of engagement or, if not specified, not later than 10 working days after the day the tenant vacates the property.
Where a licensee holds a booking deposit in respect of the sale of land or property, which is due to be paid to the client or refunded to another person, the licenseeshall make such payment or refund not later than 10 working days after receipt of written instructions from the client or after the day on which the deposit is due to be refunded.
A licensee shall refund any unused advertising outlay to a client within the timeframe provided for in the letter of engagement or, if not specified, not later than 10 working days after the conclusion or termination of a property services agreement.
A licensee who receives a payment from a tenant on behalf of a client, shall transfer the payment to the client within the timeframe agreed in the letter of engagement or, if not specified, not later than 30 days after receipt of the payment.
A licensee must not claim to possess experience, competence, training or resources, including financial resources, in respect of the provision of a property service, which he or she does not possess.
A property services employer shall not direct, or facilitate in any way, an unlicensed individual to provide a property service except where the property service comes within a particular exemption.
A licensee shall not seek or accept any form of inducement in respect of the provision of a property service.
A licensee shall not knowingly produce, publish or circulate, or cause to be produced, published or circulated, by whatever means, false or misleading advertising information.
Those who fail to comply with these new regulations will face sanctions, including a monetary penalty or the suspension or revocation of a licensee’s licence by the PSRA.
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