THE Real Estate Agents Licensing Board (REALB), in an effort to improve the industry, is working closely with other key agencies to establish mutual areas of understanding specifically in the areas of exchange of information and data.

Solicitor-General Sharvada Sharma said this would bring the Real Estate Agents Act in line with the changes in the marketplace and the policy changes undertaken by the Fijian Government.

Mr Sharma said a review of the Act had been planned.

The agencies are FRCA, Investment Fiji, Fiji Commerce Commission, Consumer Council of Fiji, Department of Police, Financial Intelligence Unit and the Immigration Department.

“There will be extensive consultations with the industry and the public and useful suggestions will be taken on board towards achieving a better regulatory framework,” he said.

In the meantime, to improve the implementation of the Act, he said, a number of regulations would be developed and those included standardised agency agreements, 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 and the Fiji Commerce Commission are working closely on finalising a draft Residential Tenancy Bill.

The Bill will provide protection to parties, the landlord and the tenant, in terms of prescribing the rights and responsibilities of each party.

FIU director Razim Buksh said there was a need for a regulatory framework for this particular sector so that when real estate agents came under the ambit of regulation they would be protected under the unlicensed and scrupulous customers.