Real estate dealers in Jamaica now have a new option for how they work. They can either work alone as individuals or serve as directors in a real estate dealer company. They can even choose to “pause” their license if they’re not working actively.
This change came after the Real Estate Board (REB) decided to update its rules. Previously, if someone worked in a company, they had to put their personal dealer license on hold. Now, they can keep both roles active if they want.
At a meeting on June 22, the REB’s Board of Directors approved these changes. Phillip Chambers, the CEO of the REB, explained that the REB regularly reviews its policies to make sure they’re helping real estate agents and the public.
The REB also made another change: now, supervising dealers can work with up to four people, instead of just two. To do this, supervising dealers must complete a special training course to stay updated in their field.
In addition, the REB will offer a two-day Real Estate Dealers Course. The first day is for all dealers, and the second day is just for supervising dealers.
According to the Real Estate (Dealers and Developers) Act, anyone who completes the pre-licensing Dealers Course must also do some hands-on training with an experienced dealer. For people from other countries who want to work as dealers in Jamaica, they need to take a training course at the Real Estate Training Institute (RETI) and work for at least a year with a licensed dealer in Jamaica.
Phillip Chambers said these changes are designed to help real estate dealers improve their skills and provide better service to the public. The REB carefully considers any changes that might impact how dealers work or affect the public’s trust in the industry.
Last Updated: July 14, 2023