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Article: review of the legislative framework ·   DORMANCYThe policy requiring Dealers, who act as qualifying directors of a dealer company, to place their individual licenses on dormancy is revoked. An individual dealer is at liberty to decide whether or not he/she will apply for a license to practice in his/her individual capacity for a particular year or whether to apply for dormancy.

·   NUMBER OF PERSONS ATTACHED TO A SINGLE DEALER AND ELIGIBILITY PERIOD FOR SUPERVISING DEALERS – The number of persons eligible for attachment to any one dealer has been increased from two (2) to four (4). However, the Supervising Dealer must:

(1)   Complete the Real Estate Supervisory Dealers Continuing Professional Development Course.

(2)   hold a current dealer’s licence.

(3)   have been a practicing dealer for at least 3 years

(4)   be fully compliant with filings under Proceeds of Crime Act and Terrorism Prevention Act.

(5)   not have any complaint, except for one which is deemed frivolous or vexatious, lodged with the Real Estate Board against him/her/it.

(6)   have a registered office and displays required by paragraph 3 (a) and (b) of the Real Estate (Dealers and Developers) (Code of Ethics) Regulations.

(7)   not have been found to be in breach of the Real Estate (Dealers and Developers) Act by the Court or the Real Estate (Dealers and Developers) (Code of Ethics) Regulations, by the Real Estate Board.

A Real Estate Dealers Course will be offered over two days, as follows:

§  Day one (1) course would be for all dealers; and

§  Day two (2) course would be for all supervising dealers.

·   REQUIREMENTS FOR OVERSEAS DEALER REGISTRATION – Applicants from overseas must complete the Dealers Training Course at the Real Estate Training Institute (RETI) together with a period of attachment of at least one-year in the office of a real estate dealer approved by the Board.

·       The Board is confident that these changes will improve the overall professionalism and competence of practitioners and be of significant benefit to the public.

 

For clarification on any of the above, please contact us:

 

24 Trafalgar Road,
Kingston 10.
Telephone: 876-926-9748/9
Email:
info@reb.gov.jm, rhdsupport@reb.gov.jm



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