Acquiring real estate is significant funding that may be catastrophic if the client incurs losses resulting from an incorrectly or inaccurately negotiated transaction.
As such, the Real Estate Board (REB) urges real property consumers to workout caution when buying belongings.
“We’ve realized that the general public isn’t always as informed on the subject of real estate shopping for, and it’s miles imperative that we sensitize humans on this,” Chief Executive Officer (CEO) of the Real Estate Board and Strata Corporation, Sandra Garrick, tells JIS News.
Mrs. Garrick informs that many people aren’t doing the crucial exams earlier than they are seeking to buy the actual estate, noting that the REB has received numerous complaints approximately transactions gone wrong.
“Rather than coming to us from the vanguard to find out who’s perfect to cope with, folks are coming to us after the truth. They are not looking to see if the man or woman is a registered developer or provider, and that’s our simplest manner to defend them,” she shares.
Mrs. Garrick explains that underneath the law, all real property agents must be trained and authorized to guidance within the area.
The REB is currently the only local entity that offers pre-licensing training in actual property sales.
“There is a misconception that promoting real estate does not require schooling… and that’s now not the case. You can be prosecuted in case you are untrained and performing as a real property agent. Currently, all our REB inspectors are District Constables for this very motive, and once they come upon persons practising real estate without a license they can arrest on the spot,” the CEO informs.
Mrs. Garrick factors out that previously while the REB notified the police about humans working towards illegally, the culprits managed to escape before they arrived.
Consequently, it turned into determined that each one REB Inspectors ought to be District Constables to rectify this problem, she adds.
“The mission we’ve is that participants of society don’t need to offer statistics and copies of their file for court docket cases… even when they lose their money,” she reports.
“Our goal is to guard the consumers to ensure that all contractual responsibilities are honoured through builders,” Mrs Garrick provides, mentioning the latest prosecution in Montego Bay.
She indicates that the REB through the Real Estate Training Institute (RETI) offers publications for eligible humans to turn out to be licensed and licensed real property sellers.
The training covers the areas of salesmanship, dealership, and property management.
To qualify for these guides, candidates should be at the least 18 years of age at the date of software and own CXC General Proficiency Grades I, II or III in four topics, such as English and Mathematics or the GCE O’Level equivalent with a minimum Grade of C in those subjects.
Applicants pleasant the fundamentals requirements must additionally fulfil a final selection interview.
Meanwhile, the REB has introduced that powerful April 1, 2019, there may be a growth in costs for real estate practitioners.