CEPI - European Association of Real Estate Professions
Access to the profession - IE
2. Access to the property profession
2.1. Qualification Requirements
At present by law there are no specific academic requirements to become an estate agent in the Republic of Ireland. The Minister for Justice, Equality and Law Reform has in June 2004 established a Working Group to carry out a review of all aspects of the auctioneering profession in Ireland and equivalent services in appropriate comparable jurisdictions and to make recommendations for any changes necessary in terms of structure or legislation. The group is also to make specific recommendations in relation to:
An appropriate body to regulate the professional conduct of auctioneers / estate agent / property letting agents;
A system to facilitate the investigation of complaints about auctioneering / estate agency / property letting transactions.
At present any person may obtain a license to practice as an estate agent until proven unfit to do so. However, in order for property valuers to obtain professional indemnity insurance, there is an increasing need for them to have acquired some third level property related qualifications, particularly where the valuer is involved in commercial property.
These groups are:
Irish Auctioneers and Valuers Institute
Society of Chartered Surveyors in Ireland
Institute of Professional Auctioneers and Valuers.
Each of these groups has codes of practice which all members and student members must adhere to.
Some of these organisations also require any individual, hoping to gain entry to the profession, to acquire a standard of at least a cognate degree by attending and passing the exams in any of the following courses.
The courses recognised by the IAVI and the SCS are as follows. The level of exemption from the examinations of the IAVI and the SCS varies with each course.
2/ Property Valuation & Management
This is a 4-year course in the Limerick Institute of Technology. The third year consists of a work placement.
3/ Auctioneering, Valuations & Estate Agency Degree
This is a 3 year full time pass degree course also in the Dublin Institute of Technology.
4/ Property Valuation & Estate Agency
This is a 3-year full time degree course in the Galway /Mayo Institute of Technology
5/ Estate Management Degree Course
This is a 4-year honours degree sandwich course in the University of Ulster.
The IAVI also recognises the following course, which has not yet been accredited by the SCS:
B.Sc. in Property Studies. This is a part time honours degree course provided by the Dublin Institute of Technology in partnership with the Irish Auctioneers and Valuers Institute.
2.2. Respectability Requirements
As mentioned above, there is currently no requirement for an estate agent to obtain a qualification in order to practice. However, it is necessary for the auctioneer to obtain a license under the Auctioneers and House Agents Acts of 1947, 1967 and 1973.
No member shall engage in any occupation, which, in the opinion of the Council, is inconsistent with the practice of the profession.
Members shall at all times make it their first duty to protect and promote the legitimate and ethical interest of their clients to the utmost of their ability.
If a member receives instructions concerning a property which is known to be or can be readily ascertained, is or was in the hands of a Sole Agent, the member must clarify the position regarding the current standing of that Sole Agent and only accept instructions if and when confirmation is received that the Sole Agency has been withdrawn or that the Sole Agent has been made aware of the Vendor's wishes and the member first must ascertain from the former Sole Agent that all charges due to the member originally employed have been settled or from that Vendor in writing that they will be settled.
A member shall, as soon as practicable after receipt of instructions, confirm same to the client in writing together with details of all agreed fees/fee scales and outlay and the manner in which they become payable by the client.
Members shall ensure that their advertisements and other public pronouncements are in keeping the dignity of the profession.
2.3 Incompatibility
All property agents who have commercial interests in property either directly or indirectly shall take all reasonable precautions to ensure that no conflict arises between the paramount duty to the client and their interests. They should make full disclosure to the client of all or any material circumstances where instructed to sell or let property if it is proposed that any estate or interest in such property shall be acquired either by:
No estate agent should act for two parties in the same transaction without the full knowledge and consent of both parties.
2.4. Financial Guarantees
Condition No.5 (b) in the Law Society Standard General Conditions of Sale in the Republic of Ireland provides that;
"The recipient of any part of the deposit if nominated by the vendor will be deemed to be a stakeholder thereof".
In 1995 the NHGBS began to operate under the name Homebound. They issue documentation to indicate that registration has taken place and are available from the builders after registration.
Auctioneers should ensure that the Bond documentation for the particular house number is available before passing deposits on to builders but deposits are not covered under Homebond unless and until a formal contract is executed. If a builder insists on receiving booking deposits before a contract comes into existence the agent should ensure that the cheques are made out directly by the buyer to the builder and do not pass through the agents accounts.
Estate agents, as a condition of obtaining their auctioneering license must lodge a bond in the amount of €12,700.
2.5. Insurance for Professional Indemnity
The IAVI and the SCS stipulate that no member, who is a principal in any business that involves the sale, leasing, management and/or valuation of real property or the sale and/or valuation of personal property, on behalf of third parties shall practice, unless professional indemnity insurance is in place in respect of that business.
2.6. Administrative Authorities and Supervisory Bodies
The role of ‘Auctioneers’ and ‘House Agents’ is governed by statue, namely the Auctioneers and House Agents Acts of 1947, 1967 & 1973. It is not a requirement of the Act, that ‘estate agents' hold an appropriate educational qualification or be a member of a professional institute.
The Irish Auctioneers and Valuers Institute is a supervisory body founded in 1922 and was established to represent the property profession in Ireland and to provide an interface between the profession and the public for the benefit of both.
The institute lays down rules of professional conduct which its members must follow failure to obey these rules of professional conduct will in serious cases result in expulsion from the institute. The institute also lays down guidelines for its members to follow in dealing with certain aspects of the practice of Estate Agency and it keeps its members up to date on changing practices, new developments and new legislation which is relevant to their work. The IAVI can be contacted at:
38 Merrion Square
The IPAV can be contacted at:
44 Lower Leeson Street
2.7. Types of companies that can practice as estate agents
2.7.1. Sole Trader
While not a legal requirement, most partnerships start with the drawing up of a formal agreement. With the help of an Accountant and Solicitor, the agreement would typically cover such areas as:
A limited company is a separate legal entity. It is quite separate from its owners, who are shareholders and from its directors, who make decisions on behalf of the company.
As a separate entity it has sole responsibility for its debts, which frees its owners from this responsibility. Its liabilities are limited to the paid-up share capital - hence the company is said to have "limited liability".
Some professional bodies have regulations relating to the operation of estates agencies as limited companies.
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