In order to practise as a real estate agent in the Republic of Cyprus, one needs to register at the Register of Real Estates Agents and obtain a licence from the Council of Real Estate Agents.
The term “Real Estate Agent” refers to a natural or legal person whose occupation is to act as an intermediary for a land transaction for a fee. In parallel, Real Estate transaction refers to every transaction for the conclusion of an agreement for the sale, purchase, exchange or leasing of immovable property for a period exceeding one month, including assigning the property with valuable consideration or through the transfer of company shares.
The licence to practise as a Real Estate Agent can be granted both to natural persons and to legal entities.
Every natural person is eligible to register to the Register of Real Estate Agents, provided that the Council of Real Estate Agents is satisfied that he/she:
(a) is a citizen of the Republic or of any other EU member state (or a spouse or a child of a citizen of the Republic of Cyprus that has his/hers habitual residence in the territory of the Republic of Cyprus);
(b) is not subject to bankruptcy or any other legal disability under the legislation or any judicial decision;
(c) has not been convicted of any offence involving dishonesty or moral indecency and in the case he/she has been convicted, has then been reinstated on the basis of the provisions of the pertinent legislation ("ο περί Αποκαταστάσεως Καταδικασθέντων Νόμος του 1981 (Ν.70/1981)");
(d) has obtained after a minimum three-year course, a recognised diploma, degree or title from a university or professional body in a subject related to the profession of a real estate agent and thereafter, has gained experience, in the Republic, by professionally practising as a real estate agent for at least twelve months under the status of a deputy real estate agent or holds a masters degree or title of at least one year studies in subjects related to real estate agents profession;
(e) has sufficient knowledge related to the real estate and town planning legislation of the Republic of Cyprus, necessary for the correct and responsible exercise of the profession of a real estate agent.
For the purposes of determining the last criterion, as described in subparagraph (e), the Council of Real Estate Agents has the responsibility to put the applicants through a written examination. The examination material can be found on the website of the Council of Real Estate Agents.
Obligations and Supervision
Registered and licensed real estate agents are obliged to comply with the provisions of the Real Estate Agents Law of 2010, as periodically amended, and specifically among others, with the following: