DID YOU KNOW
Under the Real Estate Agents Act 2006, a real estate agent is a person who holds himself or herself out to the public as someone who acts for a reward as an agent in respect of the sale or disposition of land, the purchase or acquisition of land, or in respect of leasing or letting of land. This is irrespective of the fact that the person may carry on any other business.
However, before you do carry out real estate work in Fiji, you MUST acquire a License from REALB and maintain it. Once you have received one, there are certain things you need to do as well as renewing your license every year and meeting your obligations under the Act. Some of them include the following:
Make sure that the license number is displayed in a place where the public can easily identify or locate it. When you advertise or put up a notice, ALWAYS show your license number and name. This includes advertising on social media forums such as Facebook.
It is compulsory by law for ALL real estate agents to have a trust account. This will be used for ALL money received in respect of any transaction in his/her which you do as a real estate agent. This money in the trust account is not to be touched for any other reason except for paying the person entitled to this money.
Subject to subsection (2) of the Real Estate Agents Act 2006, every real estate agent, partner, or an employee of a real estate agent or officer of a company that is a real estate agent shall supply at his or her expense to a principal a valuation of a land in question made by an independent valuers registered under the Valuers Registration Act 1986.
If you do not follow any of these requirements, you are breaching the Act and liable for disciplinary action.
All Sales agents are issued with a REALB ID Card. This should be valid and should also state their name and the company they represent.
