Half a thousand real estate agents have joined the Madrid RAIN community

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

A total of 500 real estate agents have registered in the Registry of Real Estate Agents (RAIN), created by the Community of Madrid last year, as an instrument that provides guarantee and safety references to professionals in the real estate brokerage sector.

The RAIN is an open and public registry that contains information on registered real estate agents, so that any citizen can access it when trusting certain real estate transactions to a third party.

Given the importance that in economic terms have this type of real estate transactions, from the Community of Madrid it was considered that the creation of a register in which agents who meet certain conditions can register, contributes to providing quality guarantees in the service, as well as security in operations.

Registration in the Registry is a support for the professional and economic solvency of the registered agent, since certain requirements are required for registration, which is a guarantee not only of professionalism but of economic solvency, since an endorsement is required or bond and civil liability insurance.

The regional government carries out controls from the Ministry of Housing and Local Administration to prove that the circumstances contemplated in the decree creating this Registry are met. These controls can be carried out randomly, or after a complaint, complaint or claim.

The delimiting criterion of the scope of the Registry is that of the fiscal domicile in the Community of Madrid, so, even if an agent has an office open, he cannot register if he does not have the fiscal domicile established in the region.

Requirements to appear in the RAIN

The requirements for registration in the RAIN are to have a university degree belonging to the branch of social, legal, engineering or architecture or non-university education of at least 200 teaching hours in real estate related to mediation, advice and management services .

You can also register those who have professional experience in providing the services that constitute the activity of a real estate agent for at least four years immediately prior to the date of submission of the application.

The training can be accredited with certificates or certificates of assistance and exploitation, and the experience, through a report of the worker's working life that accredits the dedication to the real estate sector, the registration of freelancers or a franchise contract in the real estate field valid for those four years.

Accreditation of compliance with professional training requirements will only be necessary in the event that the agent already registered is required for that purpose. That is, after registration, either because the Administration does it ex officio, in compliance with its control function, or as a consequence of a complaint.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.