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12/04/2012
Amendments regarding the provision of realtors' services

The New Law 4072/2012 incorporates the basic provisions of EU Directive 2006/123/EC with regard to deregulating the internal market and allows for the trans-border provision of realtor services for the citizens at the other member states.

More specifically, the realtor agreement, as per this law, must be in writing. Thus oral agreements, which were a common practice, are now forbidden. Another important point of this law is the introduction of the speciailty of “assistance realtor”, who can either be an employee of the realtor or an independent professional- collaborator. The assistant realtor is the person labored with supporting and assisting the realtor, as the latter performs his services.As of the enactment of this law, the real estate agency personnel which participates directly in realtor services must satisfy the qualifications of the assistant realtor (lyceum degree or foreign equivalent).

Moreover, the lyceum (high school) graduates who wish to become realtors must first work as assistant realtors for a year or for six months if they attend a series of courses. It is also noted that in case of real estate agency branches, the head at the branch must be a realtor.