Council of Ministers Approves the API Statute

9 January 2008

On September 28th, the API General Statute was approved by Royal Decree 1294/2007. Said statute establishes certain changes as regards registration with professional associations and aims to improve professional training for real estate agents and consumer protection.

The Council of Ministers approved, on September 28, 2007, the General Statutes for the Real Estate Agents Professional Association and their General Council which regulates the activities of this group as well as their institutions under Royal Decree 1294/2007.

One of the most important changes is Article 1.1.b) of the Royal Decree which lists the formal requirements to register with the professional association, including an engineering, architecture, or any other bachelors degree or the title of Real Estate Agent, which implies a substantial benefit for consumers and users as it assures increased professionalism amongst agents.

Further, the Royal Decree eliminates the Ministry’s entrance exam, as they had administered exam sittings as they saw fit, often impeding access to professional association. Therefore, from the time the Royal Decree goes into effect, the process of professional affiliation will be more dynamic and the number of professional associates is expected to increase substantially in the next few years.

Further, the Royal Decree eliminates the Ministry’s entrance exam, as they had administered exam sittings as they saw fit, often impeding access to professional association. Therefore, from the time the Royal Decree goes into effect, the process of professional affiliation will be more dynamic and the number of professional associates is expected to increase substantially in the next few years. Currently, only 30% of the real estate agents are members of the professional association; a very low percentage when the importance of their sector is taken into account.

Definitively, the passing of this statute will more effectively regulate the intervention and activity of real estate agents and will provide support for professionals and increase consumer confidence.

For more information, please contact Mónica Regaño Aguirre: mregano@mmmm.es