{"id":544497,"date":"2022-03-07T04:00:22","date_gmt":"2022-03-07T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/real-estate-brokers-face-new-prospect-of-regulation\/"},"modified":"2022-03-07T04:00:22","modified_gmt":"2022-03-07T04:00:22","slug":"real-estate-brokers-face-new-prospect-of-regulation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/real-estate-brokers-face-new-prospect-of-regulation\/","title":{"rendered":"Real estate brokers face new prospect of regulation"},"content":{"rendered":"

<\/a> Real estate brokers could soon face regulatory scrutiny<\/strong> after the House of Representatives approved in principle amendments to the law regulating commercial and real estate brokerage, Al Borsa<\/a> reported yesterday. The changes would see an electronic registry set up for licensed brokers, set rules for their activities, regulate the fees they charge (and how those fees are collected) in a bid to bring into the light an industry that often flies below the radar of the formal economy.<\/p>\n

The line from the domestic press: <\/strong>The changes will help clamp down on fraud and money laundering. Lawmakers also say that the amendments will make it easier for authorities to hold to account any broker that misleads a client.<\/p>\n

Brokers that violate the regulations could face penalties<\/strong> under the new amendments, which hopefully means less unwanted phone calls from simsars trying to sell you overpriced chalets in Sahel.<\/p>\n

Licensing real estate agents isn\u2019t a new idea: <\/strong>Anyone who wants to work as a real estate broker in Canada or the United States needs to pass a licensing exam, though requirements vary by province and state.<\/p>\n

ALSO IN THE HOUSE- <\/strong><\/p>\n

MPs also gave the preliminary greenlight to amendments to the law regulating the safety of vessels at sea<\/strong>, Al Shorouk<\/a> reported yesterday. The changes will make it mandatory for ship owners to report the sale or rent of their units to the authorities, and will establish a mechanism that enables stronger oversight of actions taking place on board ships and vessels, in efforts to prevent illegal activities such as smuggling migrants.<\/p>\n

Tough penalties to be imposed:<\/strong> Ship owners who violate the rules could face up to one year in prison and fines ranging between EGP 50k-500k.<\/p>\n

Next steps<\/strong>: The amendments will head back to the House for a final vote, and if passed, will be handed to President Abdel Fattah El Sisi to be ratified into law.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate brokers could soon face regulatory scrutiny after the House of Representatives approved in principle amendments to the law regulating commercial and real estate brokerage, Al Borsa reported yesterday. The changes would see an electronic registry set up for licensed brokers, set rules for their activities, regulate the fees they charge (and how those […]<\/p>\n","protected":false},"author":1,"featured_media":544498,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,274,187,83,1285],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-real-estate","tag-sea-ships","wpautop","entry"],"acf":{"mongo_id":"6fb38673-fb8e-473e-ad91-bf13c1040483","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/77.jpg","photo_position":"above","related_issue":[544489],"teaser":"","voice_url":""},"yoast_head":"\nReal estate brokers face new prospect of regulation - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/real-estate-brokers-face-new-prospect-of-regulation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real estate brokers face new prospect of regulation\" \/>\n<meta property=\"og:description\" content=\"Real estate brokers could soon face regulatory scrutiny after the House of Representatives approved in principle amendments to the law regulating commercial and real estate brokerage, Al Borsa reported yesterday. 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The changes would set up a registry for licensed brokers and\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/295.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545869,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/real-estate-brokers-prepare-for-regulatory-scrutiny\/","url_meta":{"origin":544497,"position":1},"title":"Real estate brokers, prepare for regulatory scrutiny","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"Real estate brokers are now set to face more regulatory scrutiny after President Abdel Fattah El Sisi ratified amendments to the law regulating commercial and real estate brokerage, according to a decree published in the Official Gazette (pdf) yesterday. The changes would see an electronic registry set up for licensed\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/255.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544987,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/house-approves-early-bonuses-raises-for-state-employees-and-pensioners\/","url_meta":{"origin":544497,"position":2},"title":"House approves early bonuses, raises for state employees and pensioners","author":"enterpriseam admin","date":"30 March 2022","format":false,"excerpt":"The House of Representatives has approved a law that expedites public sector wage hikes and pension increases, an urgent measure announced last week to soften the economic impact of the Ukraine war, Ahram Online reports. 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