Regulation
The full legal term and definition of an estate agent within the UK can be found on the Office of Fair Trading (OFT) website. Enforcement of these regulations is also the responsibility of the OFT.
In the United Kingdom, residential estate agents are regulated by the Estate Agents Act 1979 and the Property Misdescriptions Act 1991, as well as, the more recently enacted Consumers, Estate Agents and Redress Act 2007.
For residential property, there is a trade association for estate agents, the National Association of Estate Agents (NAEA). NAEA members can be disciplined for breaches of their code of conduct. Their disciplinary process includes everything from cautions and warnings right through to more severe penalties of up to £5,000 for each rule breached.
Some estate agents are members of the Royal Institution of Chartered Surveyors (RICS), the principal body for UK property professionals, dealing with both residential, commercial and agricultural property. Members, known as "Chartered Surveyors", are elected based on examination and are required to adhere to a code of conduct, which includes regulations about looking after their clients' money and professional indemnity insurance in case of error or negligence.
The Ombudsman for Estate Agents Scheme, which obtained OFT approval for the Code of Practice for Residential Sales in and, as of November 2006 claims to have 2,532 member agencies.
There is a legal requirement to belong to either organisation to trade as an estate agent. Agents can be fined if they are not a member of a redress scheme. The redress scheme was brought in alongside and to govern agents in reference to the HIP (Home Information Pack).
Read more about this topic: Estate Agent
Famous quotes containing the word regulation:
“Nothing changes my twenty-six years in the military. I continue to love it and everything it stands for and everything I was able to accomplish in it. To put up a wall against the military because of one regulation would be doing the same thing that the regulation does in terms of negating people.”
—Margarethe Cammermeyer (b. 1942)
“Nothing can be more real, or concern us more, than our own sentiments of pleasure and uneasiness; and if these be favourable to virtue and unfavourable to vice, no more can be requisite to the regulation of our conduct and behavior.”
—David Hume (1711–1776)
“Lots of white people think black people are stupid. They are stupid themselves for thinking so, but regulation will not make them smarter.”
—Stephen Carter (b. 1954)