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About the Real Estate Agent Authority

Overview of the Authority

The Real Estate Agent Authority (REAA) was established under the Real Estate Agent Authority Act, enacted in September 2020 and partially proclaimed in November 2020 and October 2023. Operating under the aegis of the Ministry of Housing and Lands, the REAA is mandated to regulate the real estate sector pursuant to the Act.

Certain provisions of the Act are yet to be proclaimed, including those relating to the registration and obligations of real estate agents, AML/CFT requirements, disciplinary matters, the Real Estate Agent Fund, and transitional provisions.

Objectives
  • Regulate and control the business of real estate agents;
  • Promote Transparency, accountability and integrity in the business of real estate agents; and
  • Protect and assist persons engaged in real estate transactions with real estate agents.

Functions of the Authority

In furtherance of its objects, the Authority has been entrusted with the following functions under the Real Estate Agent Authority Act:




 Register real estate agents


Exercise and maintain discipline in the business activities of real estate agents


Cooperate with the Financial Intelligence Unit (FIU) and other relevant public sector agencies to assist in the detection and prevention of money laundering and the financing of terrorism and proliferation within the real estate sector


Exchange information with the FIU to assist in the discharge of its functions


Approve the Money Laundering Reporting Officers (MLROs) and Deputy Money Laundering Reporting Officers (DMLROs) of real estate agents


Establish a Code of Conduct and Practice for real estate agents and monitor compliance with such Code


Provide education and training in the field of real estate


 Develop and disseminate consumer information on matters relating to real estate transactions


 Investigate complaints against real estate agents


 Cooperate with institutions having similar or related objectives


 Advise the Minister on matters governed by the Act or incidental thereto