Last August 2022, Decree 98/2022 was published, which regulates the Real Estate Agent’s Registry (RAII) of the Valencian Community, which will come into force on October 16, 2022.
We answer some of most frequently asked questions in this post.
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WHAT IS THE RAII?
It is the Registry of Real Estate Agents (Spanish acronym RAII) of the Valencian Community, applicable to those who carry out the activity of Real Estate intermediation within the Territory of the Valencian Community.
It is a public, administrative registry, free and mandatory.
WHO SHOULD REGISTER IN THE REGISTRY OF REAL ESTATE INTERMEDIATION AGENTS (RAII) OF THE VALENCIAN COMMUNITY?
All those individuals or legal entities who are dedicated to, advice and intermediate in Real Estate operations within the Valencian Community on a regular basis (at least 2 per year) and paid, including:
- Collegiate Real Estate Agents (API).
- Agents who comply with the professional training established by their specific regulations.
- Individuals or legal entities that have the required professional studies (f.e. specific University Degree or 200 hours of courses in Real Estate) and meet the requirements of article 68 of Decree 130/2021 (among others: have material and personal means, not having a criminal record, having an electronic signature, being up to date with tax obligations, etc…).
WHAT ARE THE REQUIREMENTS TO ACCESS THE REGISTRY OF REAL ESTATE INTERMEDIATION AGENTS (RAII)?
In accordance with Decree 98/2022, in order to access the RAII and, therefore, carry out the activity of Real Estate Agent in the Valencian Community, a DECLARACION RESPONSABLE (responsible declaration) must be submitted proving compliance with the following requirements:
- Have an establishment open to the public in Valencian Community territory or provide services online, in accordance with the provisions of Art. 3.a) of Decree 98/2022.
- Accredit the professional training required as established in article 3.b) of Decree 98/2022: This is:
- Title of Real Estate Agent (API).
- University degree in the field of Social and Legal Sciences, Engineering or Architecture.
- Certificates of academic training in Real Estate of at least 200 hours.Have a guarantee or surety insurance of at least 60,000 € and professional civil liability insurance of at least 600,000 € per claim and year, with a sublimit of 150,000 € per victim, as provided in art. 3, c) of said Decree 98/2022.
- Commit to carrying out the activity in accordance with professional codes of ethics, behavior, respecting professional secrecy, commercial communications, and transparency in remuneration.
- Have the corresponding licenses, permits and tax registrations.
- Commitment to maintain all the conditions and requirements described above.
- Authorize those who manage the RAII to carry out the necessary checks.
IS IT MANDATORY TO BE REGISTERED TO CARRY OUT THE ACTIVITY?
Yes, in accordance with article 4.1 of Decree 98/2022, the Registry is mandatory.
The regulation that enables the imposition of sanctions has not yet been developed, but the decree itself announces its future publication:
“Consequently, the regulatory development of a sanctioning regime is also contemplated, so that it is applied to people who carry out the activity without being registered in the corresponding registry or who fail to comply with the obligations imposed on them.”
WHAT IF AN AGENT IS ON THE REAL ESTATE ACTIVITY BEFORE THE ENTRY INTO FORCE OF THE DECREE?
In that case, the First Transitory Provision establishes a period of one year from the entry into force to formalize the registration after fulfilling all the requirements.
IS THE REGISTRY OF REAL ESTATE INTERMEDIATION AGENTS (RAII) THE SAME AS THE REGISTRY OF COLLABORATORS AGENTS OF THE VALENCIAN COMMUNITY?
No, the RAII is a general registry of obligatory to carry out the activity within the Valencian Community, however, as its name indicates, the registry of collaborators includes only those Real Estate Agents Collaborating with the Administration in relation to the Xarxa lloga’m initiative.
Although the access requirements are very similar, it is not the same registry.
HOW CAN YOU KNOW IF A REAL ESTATE AGENT IS REGISTERED IN THE REGISTRY OF REAL ESTATE INTERMEDIATION AGENTS (RAII)?
IS THERE ANY DISTINCTIVE?
Yes, the registry will be accessible on the institutional website of the Valencian Community, in addition, the registered Agents will be in possession of a plaque like the following:
STILL HAVE QUESTIONS? It is very possible, the regulations have not yet entered into force and the registry is not in operation, the procedure will be enabled soon, and the most frequent doubts and questions will be resolved little by little and we will inform you about it.
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