What is the Property Services Regulatory Authority?
The Property Services Regulatory Authority's (PSRA) mission is to control and supervise the Property Services Providers (PSPs) ie Auctioneers, Estate Agents, Letting Agents and Management Agents. We work to protect the interests of the public by ensuring that high standards are maintained in the delivery of property services.
The PSRA fulfils this mission through licensing and regulating Property Services Providers. Our remit includes, licensing all such services providers; the provision of a complaints investigation and redress system for consumers; the setting and enforcement of standards in the provision of property services and the maintenance of a compensation fund.
The PSRA is also responsible for three Public Registers namely the Property Price Register, the Commercial Lease Register and the Register of Licensees.
The Regulatory Environment
The Property Services (Regulation) Act 2011 applies to all Property Services Providers (PSPs within the meaning of the Act). These are persons involved either as corporate bodies, partnerships, sole traders or employees in:
1. The purchase or sale, by whatever means, of any estate or interest in land (including buildings) wherever situated;
2. The auction of private property other than land;
3. The letting of any estate or interest in land wherever situated;
4. The provision of property management services.
Auctioneers, Estate Agents, Letting Agents and Property Management Agents established in the state must be licensed and regulated by the PSRA. This applies to property located in the Republic of Ireland and to transactions in Ireland which relate to property located abroad
The regulatory environment provides for:
· a comprehensive licensing system covering all PSPs
· the investigation and adjudication of complaints made against PSPs
· the audit/inspection of PSPs businesses
· the establishment of minimum qualification standards
The PSRA, following an investigation, has the power to sanction a licensee up to and including the revocation of a licence and may also impose fines of up to €250,000 where a PSP is found to have engaged in "improper conduct".
The PSRA may bring a prosecution against a PSP for failing to comply with his or her statutory obligations or against any person providing a property service without a licence which may result in either a large fine or imprisonment or both.
Under the regulatory regime all PSPs are required to contribute to the "Property Services Compensation Fund". Where a person suffers a loss due to the dishonesty of a PSP the PSRA may award compensation from the "Fund”.