Realtors Association: Amateurs will be removed from Azerbaijan's real estate market
Azerbaijan, Baku, May 26 / Trend U.Ismayilova /
Azerbaijan will toughen requirements for the participants of the real estate market, Co-founder of the Azerbaijani Realtors Association and MBA Group CEO Nusret Ibrahimov said.
"The participants that will not meet certain requirements will be excluded from participation in the market in the future," Ibrahimov said.
He said, the requirements for agents will be determined in accordance with the law "On the real estate activity," which is under consideration by the parliament.
Ibrahimov also said that mandatory training and certification of passage of realtors will be introduced under the law.
"All these measures will be taken to increase the professional quality of the market, reduce risk and increase the confidence of the people," Ibrahimov said.
According to him, under the draft law the association has already started to conduct training for both professional and amateurs involved in real estate activity.
If the number of realtors - legal persons was about 120 in Azerbaijan in 2007, today that figure dropped to 30, which is a negative fact.
Most of these people changed the form of ownership to an individual, some took a wait because of the passivity of the real estate market, and some - get off from the market altogether.
Number of realtors - individuals in the market is about 8,000, Ibrahimov said.
According to the draft, this law provides the regulation of the relations of realtor activity of physical and legal entities, as well as the implementation of the single state policy in this direction. The law envisages: realtor activity, realtor, agent, user of realtor services, real estate, real estate market, organization of self-government of realtors.
The bill envisages introduction of voluntary liability insurance of realtors. The Realtors' Association will play a regulatory role for realtor activity in the market, as well as hold measures for certification of realtors, the development of rules and standards for the regulation of realtor activity, and organize professional exams and training courses for realtors, to keep a register of realtors, to control compliance with standards and use of the rules of reactor activity, establishing relations, consider complaints and impose sanctions for violations of internal rules.
Baku Realtors' Association was registered in the Azerbaijani Justice Ministry registered the Association in October 2008.The Association's founders are MBA Group, New Europe and Baki Emlak real estate companies. The decision to rename it as the Azerbaijani Realtors' Association was adopted in January 2010.
The association's main objectives are to define standards for the functioning of real estate activities in Azerbaijan, to establish the professional training center, and to introduce realtors' certification system
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