Edition 41, December 2006

Unlicensed estate agency businesses

The Business Licensing Authority has recently become aware that a number of estate agency corporations are attempting to operate without an officer in effective control.

All estate agency corporations must be managed by an officer in effective control who is a licensed estate agent and who is regularly and usually in charge at the principal office of the estate agency.

While officers in effective control must be in regular and substantial attendance at their principal office, they are fully accountable for the overall operations of the estate agency at all offices where their agency carries on business.

The officer in effective control must ensure that at all times the business is carried on in accordance with the relevant laws and that ongoing good estate agency practice, with particular emphasis on trust accounting procedures and staff supervision, is implemented.

For more information on becoming an officer in effective control:

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