The Real Estate Agents Licensing Board (REALB) has issued a reminder to real estate professionals to maintain ethical practices amidst a growing number of complaints. During a recent talanoa session, Compliance and Monitoring Officer Meenal Lal noted that 24 complaints have been filed this year, predominantly concerning unprofessional conduct, improper use of client funds, and non-compliance with disclosure requirements.
Lal emphasized the importance of guiding clients through the documentation process, ensuring they fully understand the terms associated with their transactions. Furthermore, she reminded agents to disclose any personal interests in listings handled by their agencies through the mandatory conflict of interest forms.
Registrar Peni Komainavoka echoed these sentiments, highlighting the critical role that informed clients play in the property transaction process. The Board is actively encouraging agents to uphold integrity and for clients to remain inquisitive and engaged throughout their dealings.
This focus on ethical standards is part of a broader effort to combat issues such as unlicensed agents that have come to the forefront in the real estate market. Previous discussions by Komainavoka and Deputy Prime Minister Manoa Kamikamica have emphasized the necessity for regulatory frameworks that ensure agents abide by ethical practices to foster consumer confidence and support economic recovery.
As the industry pivots towards more stringent regulations, there is hope that the collaborative approach among stakeholders will strengthen trust within the real estate sector. By addressing current challenges, including agent conduct and compliance, the real estate market in Fiji is likely to evolve into a more transparent and reliable environment that benefits both consumers and industry professionals.
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