Estate Agent registration

Those involved in Estate Agency (the sale of land) in the Island have to register with the OFT as per the Estate Agents Act 1975.

In section 15 of the Act, ‘sale of land’ includes the grant of a tenancy at a rent.  This means that rental agents are considered to be estate agents within the meaning of the Act and are therefore required to have the same qualifications as traditional estate agents to operate.

The Act can be found at the Legislation website but note that the maximum fines which may be imposed on summary conviction for offences under the Act have not been adjusted to reflect new levels.

The current conditions for registration are (ref. section 3 of the Act and rule 13 of the Rules):

In addition to the requirements under section 3 of the Act as to the good character of an applicant for registration, the registrar shall also satisfy himself:

• (a) That:
  
  
  • (i) The applicant is a fellow or associate of the Royal Institution of Chartered Surveyors and that the applicant’s accredited degree or diploma included a pass in estate or land management, valuation of land, survey of land or land economics; or
    
    
  • (ii) The applicant is a fellow of the National Association of Estate Agents and has passed the examination for the Certificate of Practice in Estate Agency; or
    
    
  • (iii) The applicant has been awarded a degree in estate management by a University in the United Kingdom; and
    
    

• (b) By production of written evidence, that the applicant has attained a practical standard of competence in estate agency, in the Island or elsewhere in the British Isles, as is requisite to enable that person properly to carry on business as an estate agent in the Island

We also draw attention to the requirements of section 10 (Compensation for Dishonesty) of the Act and advise you to contact the Isle of Man Financial Services Authority telephone: +44 1624 646000 or email: info@iomfsa.im), which is responsible for overseeing the adherence of certain businesses and professions, including estate agents within the meaning of the Act, to the Island’s anti-money laundering and countering the financing of terrorism legislation.

Documents can be downloaded at the top right of this page.