{"id":58214,"date":"2023-08-02T14:54:47","date_gmt":"2023-08-02T11:54:47","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=58214"},"modified":"2023-08-02T14:54:47","modified_gmt":"2023-08-02T11:54:47","slug":"%d8%a7%d9%84%d9%84%d8%a7%d8%a6%d8%ad%d8%a9-%d8%a7%d9%84%d8%aa%d9%86%d8%b8%d9%8a%d9%85%d9%8a%d8%a9-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%b4%d8%a7%d8%b1%d8%a7%d8%aa-%d9%88%d8%a7%d9%84%d8%aa%d8%ad%d9%84","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/58214\/","title":{"rendered":"Real Estate Consulting and Analytics Regulation on the \u201cExplore\u201d platform\u201d"},"content":{"rendered":"

Real Estate Consulting and Analytics Regulation on the \u201cExplore\u201d platform\u201d<\/strong><\/span><\/h4>\n

\u00a0<\/strong>The General Authority for Real Estate revealed that the draft regulation for real estate consultations and analysis, which it launched today on the \u201cExplore\u201d platform, includes nine articles regulating the provisions and requirements, defining real estate consultations as \u201crecommendation, opinion or advice related to the real estate sector, which is provided to the beneficiary by any means, whether written, visual or audible, and the like.\u201c.<\/p>\n

What is Real Estate Analytics<\/strong><\/span><\/h4>\n

The Authority stated that real estate analysis means: \u201cThe opinion or analysis related to the real estate sector, which is presented to the public through the media, social media platforms, or the like.\u201c The Authority confirmed that the published regulation to survey the opinion of the real estate sector in all its 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 emerged from the Real Estate Brokerage and Services Law, as the real estate consulting or analysis activity is an influential activity that contributes to providing accurate information that helps make sound decisions, and enhances the sustainability of information and legalizes the way it is provided.<\/p>\n

License requirement<\/strong><\/span><\/h4>\n

According to the draft regulation on real estate consultancy and analysis, in addition to the requirements in the executive regulations of the Real Estate Brokerage Law, the license to practice the real estate consultancy service is required for individuals affiliated with legal persons (establishments) or natural persons (individuals) to obtain a university degree in relevant 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 the \u201cReal Estate Analytics Service<\/a><\/strong><\/span>\u201dIn addition to these conditions, the candidate must have at least 10 years of experience in practicing any of the real estate activities.<\/p>\n

Accuracy and validity of information<\/strong><\/span><\/h4>\n

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 he 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.<\/p>\n

Prohibition of compromising the stability of the real estate market<\/strong><\/span><\/h4>\n

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 the achievement of 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 it results in affecting the real estate market negatively or positively, disclosing any confidential information about the service, and giving any comparisons or references that offend others.<\/p>\n

Blocking service via pseudonym<\/strong><\/span><\/h4>\n

The licensee is also prohibited from practicing the service under a pseudonym in social media or any media outlet, using the Authority's name and logo in any real estate consultation or analysis, and practicing the real estate analysis service based on a paid advertisement.<\/p>\n

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 provided in writing - during the validity period of the contract - and include the following data in the consultation: (Mediation contract number, the licensee's name and license number, the date of the consultation, and the substantive information and data on which the consultation is based).<\/p>\n

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.<\/p>\n

The Authority invited all interested parties from the public, government entities and the private sector to review the regulation in Reconnaissance platform<\/a><\/strong><\/span> : And submit notes 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.<\/p>\n

Real Estate Consulting and Analysis Regulation<\/strong><\/span><\/p>","protected":false},"excerpt":{"rendered":"

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