On March 3, the new law on real estate mediation comes into force. The main purpose of it is to protect the clients of real estate agencies from dishonest brokers and to improve the performance of the market as a whole. Previously almost anyone could work as a real estate broker, but now it requires special professional qualifications.
- Higher education in the field of law, economics, building or other related areas of the selected profession.
- Higher education in the not related to real estate field or secondary education with the obligation of 3 years’ experience in the field of real estate.
- Bachelor or MBA degree in the field of real estate with the obligation of 1 year professional experience.
- Passing a professional exam without taking the level of education in consideration.
Current brokers have six months to confirm their education, work experience or to pass a professional exam. Future brokers will be required to provide all the necessary documents when applying.
The Minister of Regional Development of the Czech Republic believes that there is no need to worry about the increase of the real estate brokers’ prices after the adoption of the new law.After all, it will primarily affect dishonest brokers, who will soon disappear from the real estate market.
It is worth noting that there are currently 909 official real estate brokers in the Czech Republic. This is one of the lowest indicators among the European Union.