The Norwegian Financial Supervisory Authority has proposed amendments to the Real Estate Brokerage Act and regulations aimed at reducing administrative and operational requirements. The Norwegian Ministry of Finance has opened a consultation on the authority’s proposals. The package would abolish the requirement to provide an hourly fee quote, limit itemized billing requirements to assignments paid by the hour and remove the ban on receiving remuneration for arranging home seller insurance. It would also ease responsible broker requirements for rental brokerage, end mandatory approval applications for continuing education courses and reduce the frequency of regulatory reporting.
Norwegian Financial Supervisory Authority proposes simplifying real estate brokerage rules
The Norwegian Financial Supervisory Authority has proposed simplifying real estate brokerage rules in a consultation opened by the Ministry of Finance. The changes would streamline fee and billing requirements, permit remuneration for arranging home seller insurance and reduce requirements for rental brokerage, course approvals and regulatory reporting.