Romanian government to regulate real estate agency profession, suggest fine for offenses for up to RON 30,000
Earlier this week, the Romanian Chamber of Deputies received a new legislative proposal to organize the profession of real estate brokerage, which is also registered to the Senate for debate.
Earlier this week, the Romanian Chamber of Deputies received a new legislative proposal to organize the profession of real estate brokerage, which is also registered to the Senate for debate.
As noted from the official document obtained by Hotnews.ro, the new regulation is meant to bring positive, significant changes to the Romanian market.
"The profession of real estate broker is free and independent and is exercised by natural persons who have acquired the quality of real estate agent under the conditions provided by this law," the document reads.
Most importantly, the establishment of the National Electronic Register of Real Estate Agents (RENII) could bring a transparent record where all agents are obliged to practice. They will all be obligated to finish 180 hours of a professional training course and once finished, will receive a certificate that's renewable every three years.
"The submission of evidence regarding the annual conclusion of the professional insurance policy is a condition for the renewal of the real estate agent authorization or the real estate agency authorization, as the case may be," the same source says.
Depending on the committed offenses, real estate agents can also be fined. The sanctions range from a warning, a penalty from RON 3,000 to 30,000, a one-month to a one-year suspension from the profession, or a complete withdrawal of the permit.
The real estate agent profession is one of the most important jobs in Romania. The country is among popular destinations for digital nomads due to its affordable living costs, but it's currently witnessing a significant raise in rental/sales of properties in recent months.
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