It was revealed that Regulations Governing Real Estate Auctions have set forth additional licensing requirements for providing real estate auction services, to be implemented in conjunction with the requirements set forth in the Executive Regulations for the Real Estate Brokerage System– for services provided through electronic means.
The following additions were made, in accordance with the regulatory regulations for real estate auctions:
- Linking the licensee’s electronic real estate auction platform to the Authority’s electronic platform.
- Undertaking to ensure the integrity of operations conducted on the licensee’s platform and to suspend or restart real estate auctions in transactions marred by technical errors or violations, thereby safeguarding competitive supply and demand.
- Undertake to publish all data related to real estate auctions held on the licensee’s platform on the Authority’s electronic platform.
- Obtain all necessary regulatory licenses to conduct the activity from the relevant authorities.
- Integrate the electronic platform with the National Access Platform and enable beneficiaries to access the electronic system through it.
