To become a real estate agent there needs to be no qualification
Real estate broking is one of the easiest business in India as there are no specific qualification or experience requirements and also there is no code of practice which sets accountability, transparency, and professional benchmarks. Hence, there are thousands of non-professional agents/ brokers in every city operating without any accountability. Hence, to bring in transparency and accountability, agents have also been covered under the ambit of RERA and registration requirement has been mandatory.
Without obtaining registration, the real estate agent shall not facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment, or building.
Every real estate agent shall make an application to the Authority for registration in such form, manner, within such time and accompanied by such fee and documents as may be prescribed.
Every real estate agent who is registered as per the provisions of this Act or the rules and regulations made thereunder shall be granted a registration number by the Authority.
Every registration shall be valid for such period as may be prescribed and shall be renewable for a period in such manner and on payment of such fee as may be prescribed.
If an agent found to be wrongly submitting the documents, their registration will be canceled
Where any real estate agent who has been granted registration under this Act commits a breach of any of the conditions thereof or any other terms and conditions specified under this Act or any rules or regulations made thereunder, or where the Authority is satisfied that such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, without prejudice to any other provisions under this Act, revoke the registration or suspend the same for such period as it thinks fit. so before submitting the credentials the agent should consciously think and not make any misrepresentation of prescribed data.
DOCUMENTS REQUIRED UNDER RERA REGISTRATION FOR AGENT
Id & address, Contact Details, Photographs, Particulars related to his organization such as name and registered address, Certificate of Incorporation, PAN Card and MSME Certificate, etc along with the details of The project along with the promoter details, and the Approved layout of the project.
As per Rule 8(2) of the Telangana Real Estate (Regulation and Development) Rules, 2017, the real estate agent will have to pay a registration fee of Rs. 10,000 if the applicant is an individual. In case the applicant is an entity, a fee of Rs. 50,000 is payable towards registration with the regulatory authority.
Customers should rely only on RERA registered agent
Customers who are willing to buy or sell through the agents should know more about the good practices of an agent who may give misrepresentation about the property which may cause unnecessary glitches in the whole process. So one must look only a registered RERA agent who may give genuine information of the property which he has faith in his profession and who furnishes his credentials with Govt agencies.
Nowadays people have become smart enough to hire an agent who is registered because they are well educated and well versed with fraud practices of non-genuine agents.