XN000022-1994-03-31 — Page 13

ANNUALLY

11

THE COST OF COMPILING ONP STATISTICS

THURSDAY, MARCH 31, 1994

IS AROUND $9.5 MILLION

THE FIRST ROUND OF THE PLANNED SURVEY WILL BE CONDUCTED FROM OCTOBER THIS YEAR. THE FIRST SET OF GAE STATISTICS, IN RESPECT OF LAST DATA COLLECTION YEAR,

WILL BE AVAILABLE BY FND 1995. IN DUE COURSE, WILL BE EXPEDITED SO THAT BY 1998 THE RELEASE OF GNP IN 1996 WILL BE ADVANCED TO MARCH 1998.

RESPECT OF

ESTATE AGENTS WORKING GROUP ENDORSES LICENSING

ITS

SYSTEM AGENTS.

THE WORKING GROUP ON REGULATION. OF REAL ESTATE AGENTS HELD MEETING YESTERDAY (WEDNESDAY) AND ENDORSED THAT THE LICENSING SHOULD BE DIVIDED INTO THREE CATEGORIES APPLICABLE TO ESTATE CORPORATIONS AND FRONT-LINE SALESPERSONS,

MEMBERS AGREED THAT ANY INDIVIDUAL WHO WISHED TO APPLY FOR ESTATE AGENT'S LICENCE SHOULD MEET A NUMBER OF REQUIREMENTS:

HE MUST BE AT LEAST OF A MINIMUM AGE AS SPECIFIED REGULATORY AUTHORITY;

AN

BY THE

* HE MUST BE A FIT AND PROPER PERSON, E.G. HE SHOULD HAVE NO IN THE RECORD OF CRIMINAL CONVICTIONS OR COMPLAINTS THAT, VIEW OF THE REGULATORY AUTHORITY, RENDER HIM UNSUITABLE BE AN ESTATE AGENT; AND

*

HE

THE

SATISFACTION

OF

ΤΟ

THE REGULATORY

TO DEMONSTRATES AUTHORITY THAT HE HAS A GOOD UNDERSTANDING OF THE STATUTORY OBLIGATIONS OF AN ESTATE AGENT AND THE RULES OF CONDUCT PRACTICE PRESCRIBED BY THE REGULATORY AUTHORITY.

AND

A

CORPORATION THAT WANTS TO OPERATE AN ESTATE MUST OBTAIN A CORPORATION LICENCE FIRST.

AGENT BUSINESS

MEMBERS AGREED THAT THE REQUIREMENTS FOR A CORPORATION SHOULD BE:

THE

CORPORATIONS*

INDIVIDUALS;

THE CORPORATION

LICENCE

DIRECTORS

MUST

FIT

AND

PROPER

SHOULD

HAVE ITS AS

SPECIFIED

DIRECTORS A BY THE

NUMBER OF REGULATORY

ESTATE AGENTS LICENSED AUTHORITY (E.G. THE REGULATORY AUTHORITY MAY SPECIFY THAT AT LEAST HALF OF THE CORPORATIONS' DIRECTORS SHOULD BE LICENSED ESTATE AGENTS); AND

*

THE CORPORATION HAS A LICENSED ESTATE AGENT ACTING AS OFFICER IN EFFECTIVE CONTROL OF ITS ESTATE AGENT BUSINESS.

THE

:

ги

/MEMBERS ALSO