Real estate brokerage agencies and letting agencies
Only private entrepreneurs or legal persons registered as real estate brokerage agencies may operate as real estate brokerage agency. Only private entrepreneurs or legal persons registered as letting agencies or real estate agencies may operate as letting agency.
The registration notification must be submitted to a Regional State Administrative Agency. The Regional State Administrative Agency must register as a real estate brokerage agency or a letting agency each party submitting a registration notification that meets the requirements laid down in the law.
The requirements for registration are as follows:
- The agency has taken out a liability insurance that is estimated to cover any losses arising from the operations.
- The agency has a person in charge for its operations. The person responsible for the operations of a real estate brokerage agency must possess the professional competence demonstrated in the LKV (licensed real estate agent) qualification test, while the person responsible for the operations of a letting agency must possess the professional competence demonstrated in the LVV (licensed letting agent) or LKV qualification test.
Organisation of the qualification tests is the responsibility of the qualification test board of the Finland Chamber of Commerce.
The person in charge of the agency must ensure that at each office of the agency, there is a person engaged in the real estate or letting agency business that possesses the same professional competence as the person in charge of the agency.
Professional competence requirements
The professional competence requirements of the persons engaged in the real estate or housing rental agency business were made stricter under the legislative changes introduced at the start of 2016: At least half of the persons working for the agency and acting as real estate or letting agents at each of its offices must possess the professional competence demonstrated in the qualification test.
The Act on Real Estate Brokerage Agencies and Letting Agencies applies to the right to work as real estate brokerage agent and letting agent. The act comes under the area of responsibility of the Ministry of Economic Affairs and Employment.
Separate provisions on the contracts concluded with real estate or housing rental agencies are contained in the Act on Working as Real Estate Agent and Housing Rental Agent. The act comes under the area of responsibility of the Ministry of Justice.
Further information: sami.teravainen(at)tem.fi