Regulations

Did you know that all agents who provide a property service must hold a property service providers licence?

The Minister for Justice and Equality, by order under the Property Services (Regulation) Act 2011, established the Authority on a statutory basis on 3 April 2012.

The main function of the Authority is to control and regulate Property Services Providers (i.e. Auctioneers/Estate Agents, Letting Agents and management Agents) this includes the licensing of all such services providers, the establishment of a complaints investigation and redress system for consumers, the setting and enforcement of standards in the provision of property services, the administration of client accounts, the establishment and maintenance of a compensation fund and the creation of three Public Registers.

The Authority has published three registers namely, the "Register of Licensed Property Services Providers", the "Residential Property Price Register" and the "Commercial Leases Register".

All persons wishing to provide property services in Ireland must hold a licence from the Authority.

The Authority is responsible for the control and supervision of Property Services Providers (PSPs) -(i.e. Auctioneers/Estate Agents, Letting Agents and Management Agents) and for the maintenance, by such providers, of high standards in the provision of property services.

Its main functions are to:

• To specify and enforce standards, including qualification standards which PSPs must attain
• To specify and enforce technical and ethical standards to be observed by PSPs in the provision of property services
• To specify and enforce the minimum levels of professional indemnity insurance which PSPs must hold
• To establish and administer a system of investigation and adjudication of complaints made against PSPs
• To impose sanctions on PSPs for improper conduct
• To establish, maintain and administer a Compensation Fund
• To promote the development and adoption of codes of practice
• To establish and maintain the Public Register of Licensed PSPs
• To establish and maintain a Public Register of Residential PropertyPrices
• To establish and maintain a Commercial Leases Database
• Drafting and introduction of a wide range of legislation

Anyone involved in the activities below will be subject to regulation by the PSRA.

1. Purchase or sale, by whatever means, of any estate or interest in land (including buildings) wherever situated
2. Auction of private property other than land
3. Provision of property management services
4. The letting of any estate or interest in land wherever situated

All auctioneers, estate agents, lettings agents and management companies now need a property services providers licence issued by the PSRA.

All agents must carry their licence with them and on request must present it to you.