Auctioneers/House Agents

 

Legislation

The main statutory requirements covering auctioneers are contained in the Auctioneers and House Agents Acts 1947–1973. These Acts cover:

  • licences and auction permits
  • certificates of qualification to hold an auctioneer’s or house agent’s licence
  • deposits
  • provisions as to licences and auction permits

 

Establishment of the National Property Services Regulatory Authority

The Property Services (Regulation) Act 2011 provides for the establishment of the Property Services Regulatory Authority. The main functions of the Authority are as follows:

Licensing of property services providers
The Act replaces the current court-based system for regulating auctioneers and house agents with an updated regulatory system covering auctioneers, estate agents, and property management agents. As part of the licensing system, the Authority will specify and implement the following standards:

  • standards relating to the required education, training and experience levels of applicants for licences;
  • levels of professional indemnity insurance,
  • quality of financial accounting systems, and 
  • ethical standards to be observed in the provision of property services.

Redress mechanisms
The Authority will investigate complaints against auctioneers, estate agents and property management agents and impose sanctions in respect of improper conduct. It will also carry out investigations on its own volition. The Act also provides for the establishment of a Compensation Fund to provide compensation for losses arising from the dishonesty of licensees.

Setting other property related standards
The legislation imposes new obligations on auctioneers, estate agents and property management agents e.g. it requires auctioneers, estate agents and property management agents to issue a letter of engagement to all clients and it includes provisions aimed at ensuring transparency and preventing conflicts of interest, etc. It also gives the Authority a power to make regulations in relation to other property-related matters, such as specifying the content of advertisements for the sale or letting of property; standards for measuring property; the determination of the cost of surveys, etc.

Residential Property Prices and Commercial Leases
The statutory functions of the new Authority also include –

  • the publication of residential property sales prices; and
  • the establishment and maintenance of a public database containing relevant details of letting arrangements and rent reviews in the commercial property market.

Sections 1, 2, 5 and 6, Parts 2 and 12, sections 95 to 97, section 101 in so far as it relates to paragraph 9 and 10 of Schedule 8 and paragraphs 9 and 10 of Schedule 8 of the Act came into force on 3 April 2012 .

Remaining sections of the Act, including provisions relating to the licensing requirements which will replace those in the Auctioneers and House Agents Acts 1947-1973, will be commenced at a later date.

The Act is available on the legislation pages of the Oireachtas website - www.oireachtas.ie
 
An explanatory guide to the Act is available on the Property Services Regulatory Authority website – www.npsra.ie.