IFC develops recommendations to bill on realtor activity

Business Materials 27 October 2009 11:04 (UTC +04:00)

Azerbaijan, Baku, Oct. 26 / Trend U.Ismayilova /

Experts of the International Finance Corporation (IFC) has prepared initial recommendations to the bill on realtor activity, which will be submitted to the Baku Realtors Associations on Oct. 30, the IFC Baku office said on Oct.26.

Several shortcomings were revealed under the initial estimates of the bill, the IFC said.

The bill does not reflect such basic aspects of professional realtor activity as the availability of realtors' education, certification, licenses and etc.

The founders of the Baku Realtors Association are MBA Group, real estate companies New Europe and Baki Emlak. In October 2008 the Association was registered at the Azerbaijani Justice Ministry. At present the association has 53members, including 13 legal entities and 40 physicals. The association membership fee is 100 manat.

The Association's main tasks are to outline standards for the operation of real estate activities in Azerbaijan, to establish a center for specialized training, and to introduce a Realtors system of certification.

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