Discuss the functions of Real Estate Agent under the Real Estate (Regulation and Development) Act, 2016.
CS Executive · Economic, Business and Commercial Laws · PYQS · December 2020
Discuss the functions of Real Estate Agent under the Real Estate (Regulation and Development) Act, 2016.
Answer & Explanation:
According to Real Estate (Regulation and Development) Act, 2016, every real estate agent which or who is not registered with the Authority shall not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area. Therefore, the Real Estate Agents are required to register themselves with the authority. Every real estate agent shall be required to maintain and preserve such books of account, records and documents as may prescribed. Every real estate agent not to involve himself in any unfair trade practices, namely:- the practice of making any statement, whether orally or in writing or by visible representation which- falsely represents that the services are of a particular standard or grade; represents that the promoter or himself has approval or affiliation which such promoter or himself does not have; makes a false or misleading representation concerning the services; permitting the publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered. Every real estate agent shall facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building, as the case may be and discharge such other functions as may be prescribed.
Topics: Real Estate (Regulation and Development) Act, 2016
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