Being an Illegal Real Estate Agent is a Criminal Offense According to Law N. 71(Ⅰ)/2010.
In Cyprus, the profession of a Real Estate Agent is highly regulated and institutionalized through Law N. 71(Ⅰ)/2010.
A Licensed Real Estate Agent is someone, who at the material time holds a valid license issued under Article 17 and provides services to the Republic by the provisions of the above Law.
In Cyprus, No One can act like a real estate agent without being Registered according to Law 71(I)2010
No one canꓽ
- Advertise himself or practise under any name as a real estate agent.
- Conduct tours for any person who wishes to purchase immovable property about immovable property in Cyprus.
- Advertise or promote or propose any real estate purchase or sale or other real estate transaction concerning immovable property, knowingly publishes or arranges for the publication of advertisements that do not clearly and completely state the name and contact information of its actual owner at the material time.
- Claim or collect or acquire rights under a contract in respect of any remuneration in respect of services provided or to be provided which are related, directly or indirectly, to the work of the real estate agent.
The qualifications for registration in the register of real estate agents are set out in Article 11 of the above Law 71 (I) 2010.
A person who acts in violation of the provisions of the subsection above is guilty of a Criminal Offense and, in case of conviction, is liable to Imprisonment or a Fine or these two penalties.
Lastly, someone who illegally practices the profession of real estate agent and gets convicted may affect his criminal record, possibly his visa or immigration proceedings in Cyprus and may create problems with his banking activities since a criminal record will be created for this person.
The Real Estate Agents Association has several inspectors who daily are checking all social media like Facebook, Instagram and/or any other social media and record all actions taken by Illegal Mediators who try to act as Estate Agents in Cyprus. It is a fact that hundreds of cases are filed every year so our advice especially to all Purchasers is not to risk it and find yourself in a Criminal Procedure. Always ask for a valid current-year license from the Cyprus Real Estate Agents Association which means that the licensed estate agent has also the necessary professional indemnity insurance that will protect any purchaser.
In conclusion, we always recommend that before you work with any real estate agent, you have to check the agent details and ask for the Agents Valid License from the Cyprus Real Estate Agents Association.
To determine if the person you are dealing with has a valid license, you can visit Real Estate Agents Council in Cyprus.
For more information contact us directly.
