If the Montenegrin Parliament approves the proposed Real Estate Mediation Law, only licensed agents who pass a professional exam will be allowed to mediate in real estate transactions and leases.
The proposed law, currently under parliamentary review, outlines the conditions and procedures for engaging in real estate mediation services in Montenegro. According to the draft, real estate mediation may only be carried out by companies or entrepreneurs registered in the country who are included in the official mediator registry.
It also specifies that companies and individuals from the European Union or European Economic Area member states can engage in real estate mediation, provided they are registered for such activities in their home country.
The registry for mediators will accept only companies or entrepreneurs who have at least one full-time employee with a valid professional qualification and insurance for professional liability, meet space requirements, and have no criminal convictions related to financial transactions, property business, or official duties.
The proposed law also mandates that agents must pass a professional exam to work in the sector. To be eligible for the exam, applicants must have a minimum of a fourth-level national qualification and residence in Montenegro or another EU/EEA member state.
The Chamber of Commerce of Montenegro will organize and conduct the exams. Upon passing, agents will receive a certification. The exam will be held in the Montenegrin language, and successful candidates will be issued a certificate.
Real estate agents will be prohibited from engaging in any mediation activities outside their employer’s company or without prior approval. They will also be required to disclose essential information about the properties they mediate in public advertisements, such as location, area, and structure, along with the registration details of the agency.
The law also covers exclusive mediation agreements, allowing clients to commit to using only one agent during a specified period.
The Ministry of Economic Development will oversee the implementation of the law, with market inspectors responsible for monitoring compliance. Violators of the law could face fines ranging from 500 to 20,000 EUR.
