Introduction
Real estate agents play a vital role in the real estate sector as they act as intermediaries between buyers (allottees) and sellers (promoters). Their primary responsibility is to facilitate real estate transactions and ensure a smooth process for all parties involved. Recognizing the importance of real estate agents, the Real Estate (Regulation and Development) Act, 2016 has identified them as key stakeholders alongside allottees and promoters.
Under this act, it is mandatory for every real estate agent to be registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) before engaging in the sale or purchase of any plot, apartment unit, or building on behalf of any person. This registration requirement ensures that real estate agents meet certain standards and adhere to the rules and regulations set forth by MahaRERA.
Real estate agents act as the public face of the real estate industry and serve as a bridge between home buyers/allottees and promoters. Therefore, it is crucial for them to possess a comprehensive understanding of the real estate transaction process. This knowledge allows them to guide home buyers/allottees at every stage of their purchase, minimizing misunderstandings and potential disputes.
In order to bring consistency in the practices of real estate agents and enhance their knowledge and awareness of the regulatory and legal framework, MahaRERA has introduced a real estate agent training and certification program. This program aims to enforce a code of conduct, improve professional qualifications, and ensure that real estate agents are equipped to assist home buyers/allottees effectively.
The real estate agent training and certification program offered by MahaRERA serves multiple purposes. Firstly, it provides agents with a deep understanding of the legal and regulatory aspects of the real estate industry. This includes knowledge about the Real Estate (Regulation and Development) Act, 2016, and other relevant laws and regulations governing real estate transactions.
Secondly, the program emphasizes the importance of ethical conduct and professional behavior. Real estate agents are expected to uphold high standards of integrity, honesty, and transparency in their dealings with clients. The training program highlights these principles and educates agents on how to maintain a professional and ethical approach in their day-to-day activities.
Furthermore, the certification program equips real estate agents with the necessary skills to assist home buyers/allottees effectively. This includes understanding the needs and preferences of buyers, providing accurate information about properties, guiding them through the documentation process, and resolving any concerns or disputes that may arise.
By introducing this training and certification program, MahaRERA aims to raise the overall professionalism of real estate agents and ensure that home buyers/allottees receive reliable and knowledgeable assistance. The program not only benefits agents by enhancing their skills and credibility but also contributes to a more transparent and trustworthy real estate sector.
In conclusion, real estate agents play a crucial role in the real estate industry, connecting buyers and sellers and facilitating transactions. Recognizing their significance, MahaRERA has implemented a mandatory training and certification program to ensure that real estate agents possess the necessary knowledge and skills to assist home buyers/allottees effectively. By upholding high standards of professionalism and ethics, real estate agents can contribute to a more transparent and reliable real estate market, benefiting all stakeholders involved.
Roadmap for Implementation of Real Estate Agent Training & Certification
The implementation of the Real Estate Agent Training and Certification program by MahaRERA follows a specific roadmap, as laid down in MahaRERA Order No. 41 of 2023 dated 10.01.2023. The key milestones and timelines are as follows:
- Commencement of real estate agent training: The training program for real estate agents is scheduled to commence in February 2023. This training is designed to equip agents with the necessary knowledge and skills required to carry out their responsibilities effectively.
- Commencement of online examinations: Starting from April 2023, online examinations will be conducted as part of the certification process. These examinations will assess the agents’ understanding of the real estate industry, legal and regulatory framework, ethical conduct, and professional practices.
- Mandatory certification for new registration/renewal: With effect from 01.05.2023, it will be mandatory for new real estate agents seeking registration or existing agents seeking renewal to hold a valid real estate agent certification issued by MahaRERA. This requirement ensures that all agents operating in the sector meet the prescribed standards of knowledge and professionalism.
- Existing registered agents obtaining MahaRERA certification: Existing registered real estate agents are required to obtain the MahaRERA real estate agent certificate of competency by 01.09.2023. This allows a transition period for agents to complete the necessary training and certification process and comply with the new regulatory requirements.
By implementing this roadmap, MahaRERA aims to ensure a smooth transition for real estate agents towards acquiring the required certification. The phased approach allows agents to undergo the necessary training and assessments while still being able to continue their operations during the implementation period.
Syllabus
MahaRERA, in collaboration with various stakeholders such as the association of real estate agents, association of homebuyers, association of promoters, and the All India Institute of Local Self Governance (AIILSG), has developed a comprehensive curriculum for the real estate agent training program. The AIILSG will be responsible for regularly updating the syllabus to ensure its relevance and alignment with the evolving real estate industry.
The training course syllabus comprises the following key content areas:
- Course Orientation: An introductory module that familiarizes agents with the training program and its objectives.
- Introduction to the Real Estate (Regulation and Development) Act, 2016 (RERA): A detailed overview of the RERA legislation, including its purpose, key provisions, and implications for real estate agents.
- Maharashtra Real Estate Regulatory Authority (MahaRERA): An understanding of the role and functions of MahaRERA as the regulatory body overseeing the real estate sector in Maharashtra.
- Understanding of MahaRERA Portal: Training on how to navigate and effectively utilize the MahaRERA online portal, which serves as a platform for registration, project details, complaints, and other regulatory processes.
- Real Estate Agent Registration and Responsibilities: A comprehensive exploration of the registration process for real estate agents, along with their responsibilities and obligations towards clients, promoters, and MahaRERA.
- Real Estate Project Registration and Promoter Responsibilities: An overview of the project registration process for promoters, including their obligations and compliance requirements under RERA.
- Allottees and Their Responsibilities: Understanding the role and responsibilities of allottees (homebuyers) in the real estate transaction process, as well as their rights and protections under RERA.
- Due Diligence Before Facilitating the Sale of Property: Guidance on conducting thorough due diligence before assisting in the sale or purchase of a property, including the verification of necessary documents and legal compliance.
- Sales Process, Forms, and Agreements: A detailed exploration of the sales process, including the different forms and agreements involved in real estate transactions, such as booking forms, agreements of sale, and possession letters.
- Real Estate Calculations: Training on various calculations and financial aspects related to real estate transactions, such as area measurement, pricing, stamp duty, and registration charges.
By covering these essential topics, the training course equips real estate agents with the knowledge and skills necessary to navigate the legal and regulatory framework, adhere to ethical practices, and provide valuable guidance to homebuyers/allottees throughout the real estate transaction process.
Training Partners
The involvement of various stakeholders in developing the curriculum ensures a well-rounded and balanced training program that addresses the needs and perspectives of all parties involved in the real estate sector.
- Rustomjee Academy for Global Careers Pvt. Ltd.
- National Association of Realtors of India
- National Real Estate Development Council
- SIMACES Leaming LLP
Mode of Training & Duration
To ensure accessibility and flexibility, MahaRERA has made multiple training modes available through empaneled training providers. The following training modes are offered:
- Online Training: Agents can undergo training through online platforms, allowing them to access the course material and participate in virtual sessions from any location with an internet connection. Online training offers convenience and flexibility, enabling agents to learn at their own pace.
- Offline (Physical) Training: Physical training sessions are conducted in a classroom setting, where agents attend in-person sessions conducted by qualified trainers. This mode of training allows for direct interaction, group discussions, and hands-on learning experiences.
- Hybrid Training (Online + Physical): The hybrid training approach combines both online and physical elements. Agents have the flexibility to attend certain sessions online while also participating in in-person training modules. This mode offers a balanced learning experience, incorporating the benefits of both online and offline training.
The duration of the training program is set at a minimum of 20 hours. This ensures that agents receive comprehensive knowledge and understanding of the real estate industry, legal and regulatory frameworks, ethical conduct, and professional practices. The training duration allows for in-depth coverage of relevant topics and facilitates effective learning.
To successfully complete the training and become eligible for examination, a minimum attendance of 60% is mandatory. This requirement ensures that agents actively engage with the training material and benefit from the knowledge imparted during the sessions.
Regarding the fees charged by training providers, MahaRERA has set a maximum limit. The training fees levied by the empaneled training providers should not exceed Rs. 5000/- (excluding GST). This fee structure ensures that the training remains affordable and accessible to real estate agents, promoting widespread participation in the certification program.
The availability of different training modes, along with a specified duration and attendance requirement, allows agents to choose a mode that suits their preferences and availability. The cost limitations on training fees make the program more affordable and encourage agents to pursue the necessary training and certification.
By offering diverse training options and maintaining a standardized duration and attendance requirement, MahaRERA aims to ensure that real estate agents receive quality education and acquire the essential knowledge and skills needed to serve home buyers/allottees professionally and ethically in the real estate market.
Examination and Fees
To ensure the reliability and standardized conduct of the training course examination, MahaRERA has established a Memorandum of Understanding (MoU) with the Institute of Banking Personnel Selection (IBPS). IBPS is an autonomous body with a Governing Board consisting of representatives from various esteemed institutions and organizations, including the Reserve Bank of India, Ministry of Finance, and National Institute of Banking Management. IBPS has extensive experience in conducting large-scale examinations on behalf of reputable institutes and authorities.
Under the MoU, IBPS will be responsible for conducting the real estate agent certification examinations in collaboration with MahaRERA. The examinations will be held online across the state at IBPS centers. This partnership with IBPS ensures the integrity and credibility of the examination process.
The registration process for the examinations is set to commence in March 2023, with the examinations themselves scheduled to begin from April 2023 onwards. Agents seeking certification will need to register for the examination within the specified timeframe.
The examination pattern will consist of Multiple Choice Questions (MCQs) with four options for each question. There will be approximately 50 questions, each carrying two marks, resulting in a total of 100 marks. To pass the examination, agents will be required to achieve a minimum of 40 marks.
The examinations will be conducted in both English and Marathi, allowing candidates to choose their preferred language for the examination.
Regarding the fees for examination registration, MahaRERA has set a maximum limit. The fees charged for registering for the examination should not exceed Rs. 1500/- (excluding GST). This fee structure ensures that the examination process remains affordable for aspiring agents and promotes wider participation in the certification program.
Through the collaboration with IBPS, MahaRERA aims to ensure a fair and transparent examination process, allowing real estate agents to demonstrate their knowledge and competency in the field. By setting clear guidelines for the examination pattern, passing marks, and fee structure, MahaRERA establishes a consistent and reliable assessment system for agents seeking certification.
Overall, the partnership with IBPS and the standardized examination process contribute to the credibility and professionalism of the real estate agent certification program administered by MahaRERA.
*This Article is only for Information purpose. Contact MahaRERA website for Training and Certification.
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