Plans are underway for a review of the Real Estate Agents Act that came into effect 10 years ago.
Industry and Trade Minister, Faiyaz Koya, noted that the Act needs to be brought in line with marketplace and policy changes by the Fijian Government.
He said efforts in the meantime to improve the Acts implementation would see the development of several regulations.
These , he said, include standardized agency agreements between real estate agents and their clients, a Code of Ethics and Professional Client Care, prescribed examinations for salespersons and stronger provisions on commission payable to real estate agents.
“In addition to these, the Ministry, Solicitor General’s Office and Fiji Commerce Commission are working closely on finalizing a draft Landlords and Tenants Bill,” Mr Koya revealed.
He said the Bill would provided protection to both parties – the landlord and the tenant – in terms of prescribing the rights and responsibilities of each party.
Mr Koya made these remarks at Fiji’s first National Real Estate Workshop in Nadi yesterday, where key presenters outlined key policies and necessary changes pertaining to the industry.
Real Estate Agents Licensing Board (REALB) deputy chairperson, Matt Myers noted the necessity of updating Fiji’s current real estate laws.
Enacted in 2006, these laws, he said, were developed upon New Zealand’s former real estate laws, which were now 40 years old, and outdated, and needed to be brought to international levels.
REALB chairman, Dr Abdul Hassan also highlighted that prior to the enactment of Fiji’s real estate licensing laws a decade ago, some industry practices were not in the best interest of the public.