Cyprus RICS members practicing agency and brokerage were keen to endorse the guidance for best practice in delivery their services and to respond to the increasing need for trust and transparency.
RICS is setting a global standard for real estate agents and brokers

Ethics, protection and expertise – these are the values at the heart of a new international code which outlines how brokers and real estate agents conduct their business. These new standards will be the first ever to provide an overarching international framework for all RICS real estate agents and property brokers worldwide.

From country to country, there is enormous variation in regulations and government licensing which outline how brokers and estate agents operate.  With continuing globalisation and many companies now conducting cross-border real estate transactions, RICS saw the need for a common set of global standards which apply to this area of the property profession.

Covering residential, rural and commercial transactions, including sales, acquisitions, leasing and letting, the REABS require that clients receive objective and transparent advice from RICS members who are brokers or agents. The standards also incorporate requirements for professional integrity, competence, excellent service and client protection.

With growing international recognition, the REABS were recently accepted by the Estate Agency Authority of the Hong Kong Government and have already been endorsed by Europe’s leading firms. 

A clear, precise and easily enforceable global set of rules, the Real Estate Agency and Brokerage Standards allow sufficient flexibility in following local legal provisions and market requirements. If any transaction ends in a dispute situation, proof of adherence to these standards can help to minimise their business risk.

You may click on the link to view the list of professionals who have endorsed the RICS REABS and the guidance paper.