The Property Services Regulatory Authority ("Authority") was established on the 3 April 2012 pursuant to the Property Services (Regulation) Act 2011 ("Act"). One of the main functions of the Authority is the licensing of auctioneers, estate agents and letting agents which, was previously overseen by the courts and Revenue Commissioners. Management agents, for the first time, will also need to be licensed by the Authority.
The Authority will take over the role of licensing the property service providers listed above with effect from the 6th July 2012. Applications for licences may be made to the Authority from the 30th May 2012 onwards.
The new procedure requires all applicants to submit the appropriate application form to the Authority together with certain accompanying documentation. The accompanying documentation will depend on the type of applicant. It should be noted all applicants must meet certain minimum qualification requirements, for example an applicant must have a minimum academic qualification or have appropriate experience. The licence fee is determined by the type of applicant. Currently it is €1,000 for companies, independent contractors, partnerships and sole traders and €100 for employees or principal officers.
A Property Services Compensation Fund has also been established under the Act. It is a condition of the granting of all licences to pay a contribution to this fund, this contribution is additional to the licence fee.
Certain transitional arrangements are in place meaning that the prohibition on providing a property service without the appropriate licence, issued by the Authority, does not apply in certain limited circumstances. Full details of the transitional arrangements together with the application forms and guides on the new procedures and the completion of the forms are available on the Authority's website www.npsra.ie
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