Real estate activity in Uzbekistan has been regulated by law.
According to the new procedure, realtors will be required to undergo special training, pass a qualification exam, and obtain a certificate, while organizations will need to be included in the Unified Register.
A new law regulating realtor activity in Uzbekistan has been adopted. The law "On Realtor Activity" was signed on August 7.
According to the document, the State Assets Management Agency has been designated as the authorized state body in the field of realtor activity.
To operate as a realtor, an applicant must complete a special training program and successfully pass a qualification exam. After that, they will be issued a qualification certificate with a barcode by a professional public association.
A realtor operates within a realtor organization and must hold a qualification certificate. A realtor organization and a real estate agent shall have the right to carry out relevant activities from the date they are entered into the Unified Register.
The law also defines the main types of realtor services. These include intermediation in concluding transactions related to real estate and rights thereto, organizing auctions for real estate and rights thereto, trust management of real estate, as well as providing information, consulting, and advertising services in the real estate market.
Additionally, the establishment of a multiple listing system by the private sector is envisaged. This system will allow for the provision of realtor services on the basis of fixed-term contracts through the "single window" principle and the reliable exchange of information in electronic form.
