The main function of BOVAEA is to regulate the professional conduct of those registered by the Board including Valuers, Property Managers and Estate Agents.
General Public FAQ
BOVAEA has two (2) registers. One is the register for Valuers/Property Managers and the other for Estate Agents.
- Who is a Real Estate Agent (REA)?
A real estate agent (REA) is an individual who has attained the following requirements;
- Have passed part 1 & part 2 comprising of 12 papers
- Registered as a Probationary Estate Agent (PEA)
- Have completed two years of post-practical training with a Real Estate firm
- Have completed task 1 & 2 and
- Passed the test of professional competence (TPC) after which.
- whose name has been placed on a register in the Board as a Registered Estate Agent.
An estate agent can operate his/ her own Real estate firm.
Provide real estate service in selling, leasing properties or finding a property for the clients.
To employ up to 30 Real Estate Negotiators to assist the Real Estate Agent to providing Real Estate services.
- Who is a Real Estate Negotiator (REN)?
A Real Estate Negotiator (REN) is an individual who is employed by a Registered Estate Agent. They are not registered with the Board but certified to practice. They must attain the following requirements to be employed by the Real Estate firm
- They must attend a full two days course on real estate and will be issued a certificate of attendance.
- With the certificate they seek employment either on a contract of service or contract for service with a real estate firm.
- The real estate firm then, will apply for the Ren tag with the BOVAEA.
- BOVAEA will then certify and designate a REN number & issue a Tag to the REN, only then the REN can be employed by the firm and only then can they represent sellers, landlords, buyers & tenants in the sale and marketing of properties.
REN Tag is an identification tag issued to a real estate negotiator (REN). It contains all the information including their name, photo, IC no, REN no, firm name, firm registration no, quick respond code (QR) and security features, This tag must be worn by the REN at all times during their conduct od business.
These signboards are done by the illegal brokers. REN are not allowed to put-up signboards on lamppost and tree trunks.
- The contents in the flyer shall specify the types of property for sale/rental/lease or wanted.
- The flyer shall produce in a firm’s letterhead which bears the name registration number, the telephone number, address of the firm. It shall carry the signature of the REA. It shall include the negotiator’s name with the REN Number.
- The flyer must also carry the following statement:-
- “Persons responding to this flyer are not required to pay any estate agency fee whatsoever for properties referred to this flyer as this firm is already retained by a particular principal” The font size for this statement shall be similar to the general contents of the flyer.