CONSULTATION ON THE IMPLEMENTATION OF THE REAL ESTATE (BROKERS & SALESMEN) LICENSING ORDINANCE 2004

This consultation paper is being issued to seek feedback from businesses, stakeholders, consumers, industry associations, practitioners and any other interested parties (“Consultees”) in regard to the implementation of the Real Estate (Brokers & Salesmen) Licensing Ordinance, 2004 (the “Proposal”).

The Ministry of Finance, Investment & Trade is seeking feedback, comments and suggestions on the Proposal.

Contact Details:

Ministry of Finance, Investment & Trade

Grand Turk

Turks & Caicos Islands

Telephone: 1-649-331-6425

Email:cfoster@gov.tc

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* 1. What is your Name?

First

Last

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* 2. What is your contact number?

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* 3. What is your email address?

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* 4. Are you any of the following?

An independent real estate broker/real estate agent

Employee of a real estate agency/company

Part of a real estate partnership

None of the above

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* 5. If you answered “none of the above” to question 4, are you interested in working in the real estate market of the Turks and Caicos Islands?

Yes

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* 6. Are you familiar with the 2004, Real Estate (Brokers and Salesmen) Licensing Ordinance?

Yes

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* 7. Are you aware that the Real Estate (Brokers and Salesman) Licensing Ordinance, 2004 stipulates that real estate brokers or salesmen must hold Turks and Caicos Islander status?

Yes

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* 8. Are you a Turks and Caicos Islander Status holder?

Yes

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* 9. If you fall within any category listed in question 4, how many properties are in your current portfolio?

1 - 5

6 - 10

10 - 20

More than 20

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* 10. If you fall within any category listed in question 4, how long have you been in the real estate business?

1 - 4 years

5 - 10 years

10+ years

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* 11. If you fall within any category listed in question 4, what is the current asset value in your portfolio?

$0 - $500K

$500K - $5 million

$6 million - $15 million

$15 million +

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* 12. Are you familiar with the Business Licensing Ordinance, Cap 17.02 of the Revised Laws of the Turks and Caicos Islands?

Yes

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* 13. Are you aware that under the Business Licensing Ordinance, “Real Estate Agency” falls under Business Activities which are reserved for Turks and Caicos Islanders?

Yes

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* 14. Are you aware that under the Real Estate (Brokers and Salesmen) Ordinance, 2004 there are specific documents that must accompany an application for a business licence to trade as a real estate salesman or broker?

Yes

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* 15. Are you aware that real estate practices are subject to “Know-your-Customer” (“KYC”) and Anti-Money Laundering (“AML”) compliance standards?

Yes

I do not know what KYC and AML Standards are

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* 16. Are you aware of any individual or establishment operating as a real estate agency/ broker/company without a valid business licence?

Yes

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* 17. Are you aware of any non- Turks and Caicos Islander (individual or business) operating as real estate agent/agency/broker/company?

Yes

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* 18. If you answered “Yes” to question 16, how prevalent would you say this is in the Turks and Caicos Islands?

Exists but rare;

Common and well known

Extremely widespread

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* 19. If you answered “Yes” to question 17, how prevalent would you say this is in the Turks and Caicos Islands?

Exists but rare;

Common and well known;

Extremely widespread.

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* 20. Are you aware that failure to comply with the requirements of the Real Estate (Brokers and Salesmen) Ordinance, 2004 is an offence punishable by fine of up to $25,000.00, or imprisonment for six months, or both?

Yes

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* 21. Are you aware that under the Real Estate (Brokers and Salesmen) Ordinance, 2004, real estate businesses in the Turks and Caicos Islands are subject to have all or any documents relating to their real estate business inspected by the Minister of Finance or any person authorised by the Minister of Finance?

Yes

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* 22. Are you aware that all changes made to the membership of a partnership shall be deemed to create a new partnership and to extinguish an existing licence and that notice of any such change must be provided to the Permanent Secretary, Finance within 30 days of such change?

Yes

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* 23. Do you believe the current Real Estate (Brokers and Salesmen) Ordinance, 2004 is efficient?

Yes

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* 24. Give reasons for your answer in question 25.

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* 25. What recommendations would you make to the Government of the Turks and Caicos Islands to improve the efficiency of the administrative processes which govern real estate practices?