This table provides a clear view of who needs to be licensed or registered under The Real Estate (Dealers and Developers) Act:, as well as the qualifications required for each role.
CategoryRole & ResponsibilitiesIndividual, Firm, or CompanyLicense or Registration RequiredConditions/Qualifications RequiredPenalties for Fraud, Negligence, etc.Broker/Dealer– Employs salesmen/real estate agents.
– Manages real estate transactions, ensuring compliance with the law and overseeing the conduct of salesmen.Individual or CompanyLicense required– Must be over 18 years old.
– Must not be bankrupt or convicted of an offense involving dishonesty.
– Requires professional qualifications and experience in real estate business.– Fines, suspension, or revocation of license for unethical conduct, fraud, or negligence.Salesman/Real Estate Agent– Works as an agent under the broker’s supervision.
– Carries out real estate business under the guidance of a broker, including negotiating sales and rentals on behalf…
