Considering that under the Real Estate Brokerage Law (Law No. 14/12, of 4 May 2012), property brokerage and real estate agency activities must be carried out by entities duly qualified for this purpose by the National Housing Institute (INH), Presidential Decree No. 320/20, of 24 December 2020, was recently enacted, establishing the rules and procedures for the licensing and registration for the exercise of these activities.

The new Regulations establish the general requirements for access to property brokerage and real estate agency activities, namely with regard to the exclusivity of their exercise, nationality or head office location, corporate structure, fiscal and parafiscal status, professional and economic capacity and reputation. The procedure for accessing, maintaining and canceling the registration for the exercise of those activities is also defined, as well as the applicable fees and the penalties in case of infringement of said legal provisions. Infringement of the rules of this new Regulations qualifies as an administrative fault, and INH is responsible for monitoring compliance with those procedures.

 
Natural persons or legal entities currently engaged in property brokerage and real estate agency activities have a 120 days-term (which ends on 26 April 2021) to request their licensing or registration, as appropriate, and conform their activity to the requirements of this new Regulations.

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