BREA stresses use of registered realtors after arrest

After the arrest of a man last month for fraud by false pretenses, Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield issued a strong warning to real estate buyers in a press statement yesterday, warning them to use only a BREA-licensed broker or salesperson to purchase, rent or sell property.

Wallace-Whitfield urged real estate clients to use a licensed brokers “for their own peace of mind and financial protection”.

“The general public is protected when using BREA-licensed brokers or salespersons, in that if they are proven to be guilty of professional misconduct, such as being dishonest or incompetent in the performance of their professional duties, breaching the code of ethics or failing to account for monies received from clients, then BREA could order them to make restitution and suspend or even cancel their BREA license.” 

Wallace-Whitfield has continually warned people in the market for real estate to ensure that their realtor is properly licensed to do business in The Bahamas.

“According to Bahamian law, only a licensed real estate broker or salesperson is permitted to list and sell other persons’ property within the borders of The Bahamas,” said Wallace-Whitfield.

“Any BREA broker or salesperson who does not follow the code of ethics will be investigated by BREA and may face disciplinary proceedings which could result in fines or even cancellation of their BREA license.

“There are more than 700 licensed brokers and salespersons in The Bahamas. It is always heart-breaking to hear of a situation where an innocent person is the alleged victim of fraud by false pretenses. Fortunately, those incidents are few by comparison to the number of successfully completed transactions, but even a single case that goes awry and is held by the court to have taken innocent victims with it, endangers the reputation of The Bahamas as well as causing personal financial harm to individuals.”

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source https://thenassauguardian.com/brea-stresses-use-of-registered-realtors-after-arrest/