Real Estate Consulting and Analytics Regulation on Poll
<The General Authority for Real Estate revealed that the draft regulation for real estate consultations and analysis, which it launched today on the “Consultation” platform, includes nine articles regulating the provisions and requirements, defining real estate consultations as “the recommendation, opinion or advice related to the real estate sector, which is provided to the beneficiary by any means, whether written, visual or audible, etc.”Real estate consultations are defined as “recommendation, opinion or advice related to the real estate sector, provided to the beneficiary by any means, whether written, visual or audible, etc.
The Commission stated that real estate analytics means: "The opinion or analysis related to the real estate sector, which is presented to the public through the media, social media platforms or the like.“ The Authority confirmed that the regulation published to survey the opinion of the real estate sector in its various segments comes within the system of real estate legislation that aims to raise the efficiency of the real estate market on the one hand, and raise reliability on the other hand, and is an extension of the regulations that resulted from the Real Estate Brokerage and Services Law, where the real estate consulting or analysis activity is one of the influential activities that contribute to providing accurate information that helps in making sound decisions, and enhances the sustainability of information and legalizes its presentation
What are real estate analytics
Licensing requirement
According to the draft regulation for real estate consultancy and analysis, in addition to the requirements in the executive regulations of the real estate brokerage system, the license to practice real estate consultancy service - in addition to the requirements in the executive regulations of the real estate brokerage system - for individuals practicing legal persons (establishments), or natural persons (individuals), requires a university degree in related disciplines, and at least (3) years of experience in practicing any of the real estate activities, and the authority may exempt from the qualification requirement based on the criteria it sets in this regard, and with regard to "<span style=“color: : #800000;">Real Estate Analytics Service" In addition to these conditions, the experience must be at least (10) years in practicing any of the real estate activities.
<span style=”color: #800000;" href="_COPY.
Accuracy and validity of information
The licensee to practice the real estate consulting and analysis service must demonstrate integrity and sincerity, exercise professional care, deal impartially and objectively with beneficiaries or recipients, ensure the accuracy and correctness of the information it provides, and not include any misleading information or data, or incompatible with the real estate data and information issued by the official authorities or licensed entities when providing real estate advice, and provide the Authority with any information or data requested by it within the period specified in the request.
Prohibit compromising the stability of the real estate market
The draft regulation prohibits the licensee to practice the real estate consulting and analysis service from producing or promoting anything that may compromise the stability of the real estate market, harm it or confuse the public, providing the service if it leads to achieving personal or other interests, or harming others, and is done in a way that involves fraud, deception or misinformation, providing the service based on unofficial information if the result is to affect the real estate market negatively or positively, disclosing any confidential information about the service, and giving any comparisons or references that offend others.Draft regulation.
Prohibited from serving under a pseudonym
The licensee is also prohibited from practicing the service under a pseudonym in social media or any media, using the name and logo of the Authority in any real estate consultation or analysis, and practicing real estate analysis service based on a paid advertisement.According to Article 6 of the Law, the licensee is prohibited from practicing the service under a pseudonym. <According to Article 6 of the draft regulation, when a licensee enters into a mediation contract with a beneficiary to provide real estate consultations, it must be submitted in writing - during the validity period of the contract - and include the following data in the consultation: (the mediation contract number, the licensee's name and license number, the date of the consultation, the substantive information and the data on which the consultation is based).
If the licensee provides incorrect information or data or commits a violation, it shall be corrected in the same medium, upon a request from the beneficiary or the Authority, without exempting the provider from any liability resulting from it.
<The Authority invited all interested parties from the public, government agencies and the private sector to review the regulation in the survey platform: and submit comments and proposals on them, stressing its keenness to ensure that the regulation is a qualitative leap in regulating the real estate market in general, and the activities of providing real estate consultancy and analysis in particular.
<span style="color: #8000;
Real Estate Consulting and Analysis Regulation
