Regulations of Real Estate Consultation & Analysis Services

1.      The words and phrases mentioned herein shall have the meanings assigned thereto in Article 1 of the Real Estate Brokerage Law, issued by Royal Decree No. M/130, dated 30/11/1443H, and its Implementing Regulations, unless the context requires otherwise.

2.      The following words and phrases, wherever mentioned in these Regulations, shall have the meanings assigned thereto, unless the context requires otherwise:

Real Estate Consultations: Any recommendation, opinion, or advice related to the real estate sector that is provided to the beneficiary in writing.

Real Estate Analyses: Any opinion or analysis related to the real estate sector that is provided to the public via media, social media platforms, or similar channels.

Beneficiary: A person who seeks real estate consultations from the licensee.

Licensee: A natural or legal person licensed to practice the services of real estate consultations and real estate analyses.

Licensing Terms and Conditions

Article 2

In addition to the requirements provided for in the Implementing Regulations of the Real Estate Brokerage Law, for individuals working for legal persons (establishments) or natural persons (individuals) to obtain a license for providing the services of real estate consultations, it is required to hold a university degree in related fields, including, but not limited to (economics, engineering, finance, business administration, and the like), and have at least three years of experience in any real estate activities. REGA has the right to grant exemption from the qualification requirement based on criteria set by REGA.

Article 3

In addition to the requirements provided for in the Implementing Regulations of the Real Estate Brokerage Law, for individuals working for legal persons (establishments) or natural persons (individuals) to obtain a license for providing the services of real estate analyses, it is required to hold a university degree in related fields, including, but not limited to (economics, engineering, finance, business administration, etc.), and have at least ten years of experience in any real estate activity.

Licensee’s Obligations & Prohibitions

Article 4

In addition to the provisions provided for in the Real Estate Brokerage Law and its Implementing Regulations, a licensee authorized to provide services of real estate consultations and analyses shall:

1.      Maintain integrity and honesty, exercise professional due care, and deal with beneficiaries or recipients impartially and objectively.

2.      Ensure that the information provided in the real estate consultations is accurate, correct, and does not include any information or data that is misleading or inconsistent with real estate data and information issued by official authorities or licensed entities.

3.      Obtain an accredited valuer license when providing services that involve real estate valuation.

4.      Provide REGA with any information or data it requests within the period specified in the request.

5.      Provide the services by qualified professionals who are affiliated with the establishment and who are registered with REGA.

6.      Comply with all applicable regulations and instructions in service provision.

Article 5

A licensee authorized to provide the services of real estate consultations and analyses shall not:

1.      Engage in any conduct that would destabilize or harm the real estate market or mislead the public.

2.      Provide a service that would result in a personal benefit for himself or others, or cause harm to others, if the service is provided in a manner involving fraud, deceit, or misrepresentation.

3.      Provide services based on unofficial information that may negatively or positively impact the real estate market.

4.      Disclose any confidential information related to the service.

5.      Make any comparisons or references that undermine others.

6.      Provide a service using a pseudonym on social media or any other media platform.

7.      Use REGA’s name and logo in any real estate consultation or analysis.

8.      Provide the services of real estate analyses through paid advertisements.

Article 6

When entering into a real estate brokerage contract with a beneficiary for providing real estate consultations, a licensee shall provide such consultations in writing during the contract validity term. The consultation shall include the following information:

1.      The real estate brokerage contract number.

2.      The licensee’s name and license number.

3.      The date of providing consultation.

4.      Key information and data forming the basis of consultation.

Article 7

A licensee, authorized to provide real estate consultations and analyses, who provides incorrect information or data or commits a violation shall rectify such information or violation in the same medium, at the request of the beneficiary or REGA. Such rectification shall not release the licensee from any consequential liability.

Article 8

Any person who violates any of the statutory provisions shall be subject to the penalties prescribed in the violation and penalty classification table provided for in the Implementing Regulations of the Real Estate Brokerage Law.

Concluding Provisions

Article 9

The data and information of licensees shall be recorded in a designated register on REGA’s electronic platform.

Article 10

These Regulations shall be published in the Official Gazette and shall enter into force from the date of their publication.