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REAL ESTATE BROKERAGE ACT

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					REAL ESTATE BROKERAGE ACT (ZNPosr)



I.      GENERAL PROVISIONS



                                          Article 1
                                      (Scope of this Act)

This Act:
1. Establishes the conditions for real estate companies and real estate brokers for
brokering real estate transactions;
2. Establishes the rules for safe and diligent business activity in real estate brokerage
that real estate companies and real estate brokers are obliged to respect in their work;
3. Establishes the obligations of the ministry with jurisdiction for brokering real estate
transactions (hereinafter: the ministry with jurisdiction);
4. Establishes public records on real estate brokerage;
5. Defines the technical basis for individual appraisal of the market value of real estate;
6. Regulates inspectors' supervision over the application of this Act.

                                           Article 2
                                         (Terms used)

The individual terms used in this Act have the following meaning:

(1) A "real estate company" is a business or an independent contractor that conducts
brokerage services as an economic activity in real estate transactions according to this
Act.

(2) A "real estate broker" is a natural person that conducts brokerage for a real estate
company on the basis of an employment contract or other legal basis with a license
obtained from the ministry with jurisdiction for conducting brokerage transactions and
that is registered in the directory of real estate brokers at the ministry with jurisdiction.

(3) "Brokering real estate transactions" means conducting registered economic activity in
brokering real estate transactions, in which individual real estate brokerage deals are
comprised of all activities in establishing contact between a client and a third party, and
in negotiating and preparing the conclusion of legal transactions, the subject of which is a
particular item of real estate, such as a purchase, sales, rental, leasing or other contract for
a particular item of real estate.

(4) A "client" is a natural person or legal entity that concludes a brokerage contract with a
real estate company.
(5) A "third party" is a person that a real estate broker attempts to bring into contact with
a client, in order to negotiate the conclusion of a specific agreement with them connected
with real estate.

     1. The "client's immediate family members" are the spouse of the client or a person
        with whom the client lives in cohabitation in accordance with the regulations on
        marital union and family relations, their children or adopted children, their parents
        and adoptive parents, and persons that they are obligated by law to support.



(7) The "ministry with jurisdiction" under this Act is the ministry with jurisdiction for
spatial planning.



     1. CONDITIONS FOR BROKERING REAL ESTATE TRANSACTIONS



1.      Real estate companies and conducting brokerage service

                                        Article 3
                              (Conducting brokerage service)

A real estate company may begin to conduct brokerage service if it fulfils the following
conditions:
1. That it has secured adequate workplaces necessary and appropriate for conducting
brokerage service, for which the securing of at least one workplace that, separately from
others, is used for individual discussions with parties is deemed an adequate workplace, if
the real estate company has more than one employee;
2. That, on the basis of an employment contract or other legal basis, one or more real
estate brokers with a license from the ministry with jurisdiction and entered in the
directory of real estate brokers at the ministry with jurisdiction conduct brokerage
transactions for the company;
3. That it has insured liability in accordance with the provisions of this Act.

                                          Article 4
                        (The responsibility of a real estate company)

A real estate company must ensure that, whether on the basis of employment or on
another legal basis, only real estate brokers that fulfil the conditions for conducting these
transactions under this Act conduct business in relation to the client in a brokerage
transaction.
                                     Article 5
                    (The maximum permitted brokerage commission)

(1) The maximum permitted brokerage commission may at most in the case of purchase
or sale amount to 4% of the contract price. This restriction does not apply if the contract
value of the real estate is less that EUR 10,000 in tolar equivalent. In the case of other
legal transactions the parties settle the amount of the brokerage commission through
contract.
(2) A real estate company may charge a client a brokerage commission only on the basis
of a brokerage contract. If it is agreed that a brokerage commission is to be paid by both
parties, the sum under the preceding paragraph shall be divided.
(3) A contract that is contrary to paragraphs 1 and 2 of this article is void.
(4) The minister with jurisdiction for spatial planning may, in agreement with the
minister with jurisdiction for the economy, through an executive regulation, prescribe
measures for forming the prices for real estate brokerage services as part of the maximum
permitted brokerage commission under paragraph 1 of this article.

                                        Article 6
                         (Damage liability and ensuring liability)

(1) A real estate company must ensure its liability for damage incurred by the client or
third party through the breach of a contract on real estate brokerage for an insured sum
that may be no less than SIT 40,000,000 for an individual insurance case or no less than
SIT 80,000,000 for all insurance cases in a single year.
(2) For a single calendar year, the minister with jurisdiction may change the insured sum
under the preceding paragraph.
(3) Insurance under paragraph 1 of this article must cover the liability of the real estate
company for handling all real estate brokers and other persons that conduct real estate
transactions for the real estate company, whether on the basis of an employment contract
or on another legal basis.



2. The real estate broker and conducting brokerage transactions

                                          Article 7
 (Issue of a license for conducting brokerage transactions and entry into the directory of
                                    real estate brokers)

   1. The ministry with jurisdiction issues a license for conducting real estate
      transactions to individuals upon their request if they have at least a post-secondary
      vocational education, have passed the professional examination in accordance
      with this Act, and have not been finally and unconditionally convicted of a
      criminal offence against property or business to a sentence of more than three
      months that has not yet been expunged.
   1. The fulfilment of the conditions under the preceding paragraph is guaranteed by
      public documents or certificates.

   1. At the proposal of the individual that has received a license under paragraph 1 of
      this article, the following information is entered into the directory of real estate
      brokers at the ministry with jurisdiction:

1. Personal information (first name, last name, date and place of birth, personal
identification number [EMŠO], tax number, place of residence);
2. Education;
3. Number and date of issue of license;
4. Receipt of license;
5. Withdrawal of license;
6. Number and date of renewal of license;
7. Type of license (conditional, unconditional).

   1. Information under the preceding paragraph is received on the basis of the
      application for entry into the record, which must contain all information under the
      preceding paragraph as well as an enclosure demonstrating the fulfilment of the
      conditions for entry into the directory.



   1. Upon receipt of the license and entry into the directory of real estate brokers, the
      individual receives the status of a real estate broker.

   1. A real estate broker is obliged to inform the ministry with jurisdiction of all
      changes in information under paragraph 3, and this within 15 days of the change.



   1. The directory of real estate brokers is public. The manager of this directory has
      the right and obligation to periodically update the information under paragraph 3
      from the central population registry.

                                       Article 8
                     (Supplementary training for real estate brokers)

Real estate brokers are obliged to undergo supplemental training every five years or upon
a change in the regulations that must be known as part of the professional examination
for a real estate broker.

                                        Article 9
                                (Foreign natural persons)
On the condition of reciprocity, foreign natural persons may act as real estate brokers:
1. If they demonstrate that in the state in which they hold citizenship they fulfil the
conditions for a real estate broker;
2. If they demonstrate with appropriate documents that in the state in which they hold
citizenship they have been not finally and unconditionally convicted of a criminal offence
against property or business to a sentence of more than three months that has not yet been
expunged;
3. If they are entered into the directory of real estate brokers at the ministry with
jurisdiction, for which it is necessary to submit, with the application for entry, evidence
of having fulfilled the conditions under this Act.

                                      Article 10
     (Withdrawal of a license and removal from the directory of real estate brokers)

(1) The ministry with jurisdiction may permanently or temporarily withdraw the license
for conducting brokerage from real estate brokers in the following cases:

   1. If they are not professionally trained for this work or if they violate the
      regulations;
   2. If they commit a serious violation of a rule for safe and diligent business activity
      in real estate brokerage, for which the giving of incomplete, incorrect, misleading
      or false information in connection to real estate being brokered shall be deemed a
      serious violation;

   1. If they do not undergo supplementary training every five years or upon a change
      in the regulations that must be known as part of the professional examination for a
      real estate broker;
   2. If they are finally and unconditionally convicted of a criminal offence against
      property or business to a sentence of more than three months;
   3. If their contractual capacity has been withdrawn.

   1. In the case of conduct covered under points 1, 2 and 3 of the preceding paragraph,
      the ministry with jurisdiction shall withdraw the license of a real estate broker for
      a period of six months.



   1. In the case of a repetition of conduct covered under points 1, 2 and 3 and for
      reasons under points 4 and 5 of paragraph 1, the ministry with jurisdiction shall
      permanently withdraw the license of a real estate broker.

   1. Real estate brokers shall be removed from the directory of real estate brokers in
      the following cases:

   1. If they so request;
   2. If they die;
   3. If their license is permanently withdrawn;
   4. If their conditional license expires.



                                        Article 11
                                     (Legal protection)

The ministry with jurisdiction shall decide on the issue, refusal to issue or withdrawal of
a license and on the entry or removal from the directory of real estate brokers through a
decision issued in an administrative procedure. An appeal against the decision may be
made at the administrative court.

                                        Article 12
            (Prohibition against conducting business constituting competition)

While real estate brokers conduct brokerage for a particular real estate company, they
may not, without the consent of the real estate company, conduct brokerage for another
real estate company nor conduct other business or activities that compete with the
brokerage services conducted by the real estate company.




III. REGULATIONS FOR SAFE AND DILIGENT BUSINESS ACTIVITY IN REAL
ESTATE BROKERAGE

                                        Article 13
                            (Contract on real estate brokerage)

(1) A written agreement on real estate brokerage binds the real estate company on behalf
of the client to endeavour to seek out and establish contact with a third party that shall
negotiate with him on the conclusion of a specific contract, the subject of which is real
estate, and the client is bound to pay the real estate company a brokerage commission if
the contract is concluded.

(2) For the legal relationship between the real estate company and the client, the general
regulations of the law of obligations on brokerage contracts shall apply unless otherwise
provided under this Act.

(3) It is not possible to exclude or limit the provisions of this chapter unless, in
connection with a particular provision, a different agreement between the contracting
parties is expressly permitted in the obvious interest of the client.
(4) The brokerage contract concluded between the real estate company and the client
must cite information on liability insurance, the real estate broker that will conduct the
brokerage for the client, and any additional costs, if the client has commissioned services
under point 3 of paragraph 2 of Article 15 of this Act.

                                        Article 14
         (Diligence of a good real estate company and a good real estate broker)

(1) A real estate company and a real estate broker that conducts brokerage for it must, in
the performance of services or conduct of real estate brokerage, act with good
professional diligence.

(2) A real estate company or a real estate broker may not encourage or recommend
concluding a particular contract simply for the purpose of receiving a payment for
brokerage.

                                        Article 15
                             (General conditions of business)

   1. A real estate company must define its general conditions of conducting real estate
      brokerage services (hereinafter: general conditions of business).



   1. For every type of brokerage service that the real estate company offers to parties,
      the general conditions of business must contain:

   1. A specific description of the individual transactions that the real estate company
      binds itself to carry out in conducting a particular type of service;
   2. The amount of the usual brokerage commission and a specific description of the
      transactions under point 1 that are included in this commission and that must
      contain in particular the establishment of contact as well as verification of the
      situation of the real estate, and the necessary negotiations and preparation for
      concluding these as well as concluding the legal transaction;
   3. The type and amount of fees if the real estate company, by agreement with the
      client, conducts additional services in addition to brokerage in connection with the
      transaction that is being brokered.

   1. Before the conclusion of all contracts on real estate brokerage, a real estate
      company must deliver to clients a copy of the general conditions of business and
      make it possible for them to become acquainted with the contents of these.
    1. In every room in which a real estate company deals with parties, it must make the
       general conditions of business available for inspection in a visible and accessible
       place.

                                          Article 16
                                         (Advertising)

(1) In its advertising or in other public announcements in public media or on Internet
pages, in the premises of the real estate company or in other places where advertising
connected with the real estate being brokered is permitted, a real estate company must
ensure that the price, location, year of construction or last renovation, and size of the real
estate, as well as the name and headquarters of the real estate company, are announced.

(2) If a real estate company advertises its own real estate, it must state this specifically in
the advertisement.

(3) It is prohibited to advertise in a manner contrary to paragraph 1 of this article (for
example, with flyers pasted at the entrance of buildings or flyers left in their mailboxes).

(4) The provisions of the Consumer Protection Act shall apply to the advertising of a time
lease for residential buildings.

                                          Article 17
                            (Protecting the interests of the client)

When conducting real estate brokerage, a real estate company and a real estate broker
must acquaint the client in an appropriate manner with all circumstances that are
significant for the decision of the client on concluding a real estate contract. In doing so,
they must clarify the following circumstances in particular:

    1. Market conditions that are significant in determining the price in the real estate
       contract;
    2. The content of regulations that are significant for the valid conclusion of a real
       estate contract;
    3. The amount and type of tax liabilities of the party, the amount of fees for the
       notary's verification of signatures, entry into the land register and other potential
       fees connected with concluding the brokerage contract;
    4. Possible risks connected to any unregulated situation of the real estate in the land
       register, registered rights in rem or other rights of third parties to the real estate or
       other possible unregulated legal circumstances.

                                          Article 18
                             (Obligation to provide information)

(1) The client must provide the real estate company with information on all
circumstances that are significant for conducting the brokerage services.
   1. If clients themselves find a third party with which they conclude a contract that
      was being brokered, they must promptly notify the real estate broker or the real
      estate company of this.



(3) The client must submit all available documentation on real estate to the real estate
company for inspection.

                                          Article 19
                                     (Client anonymity)

If a real estate company conducts brokerage for a client that wishes to remain
anonymous, it is not obligated to reveal the identity of the client to the third party wishing
to conclude a legal transaction with the client until the conclusion of the legal transaction.

                                         Article 20
                                 (Impartiality in brokerage)

(1) A real estate company must, in conducting brokerage services, take care to protect the
interests of both the client and the third party with whom it has put the client in contact in
equal measure, and to act impartially in doing so, except upon the basis of an express
agreement with the client to represent only the client's interests.

(2) If, on the basis of an agreement with the client in brokering, a real estate company
exclusively represents the interests of the client, it must clearly advise the third party with
whom it is putting the client in contact that it is acting in the role of a representative and
not as a mediator.

                                         Article 21
                                    (Conflict of interests)

A real estate company must inform the client of potential conflicts between the interests
of the client and the interests of the real estate company or other clients for whom the real
estate company is conducting real estate brokerage services.




                                        Article 22
                                   (Exclusive brokerage)

(1) If a real estate company and a client so agree, the real estate company may turn over
its brokerage services to another real estate company.
(2) In the case under the preceding paragraph, the client remains in a contractual
relationship solely with the real estate company with which the brokerage contract was
concluded, and the real estate company must turn over to the client a list of the real estate
companies to which it transfers the order.

(3) The client may conclude a brokerage contract for the same real estate with only one
real estate company, unless otherwise agreed.

                                         Article 23
                        (Verification of the situation of real estate)

(1) Before concluding a contract that it has brokered, a real estate company must verify
the legal and actual situation of the real estate, and clearly and understandably call the
contractual party's attention to any legal defects or factual defects of the real estate.

(2) In verifying the legal and actual situation, as part of real estate brokerage a real estate
company must in particular:
1. On the basis of information from the land registry or, if the real estate is not entered
in the land registry, on the basis of the documents that are the basis for entry, verify
whether the seller or lessor is the owner of the real estate that is the subject of the
contract, the conclusion of which it is brokering, and whether rights in rem or other rights
of third parties that could restrict or exclude the rights of the third party apply to the real
estate;
2. On the basis of a diligent examination verify whether the real estate has apparent
defects or shortcomings that influence the usefulness or price of the real estate;
3. If the subject of the contract being brokered is land: on the basis of a certificate (site
information) from the administrative body with jurisdiction, verify the intended use of the
land as defined through acts on spatial planning.

(3) A real estate company is liable to the client or the third party with whom it has put the
client in contact for damages arising to the client or to the third party due to legal or
factual defects of the real estate that the real estate company did not draw to their
attention, if the real estate company was aware of the defect or if it could have
ascertained this through a diligent verification of the situation of the real estate.




                                       Article 24
                   (The drawing up of documents on legal transactions)

(1) If the real estate brokerage conducted by a real estate company also includes the
drawing up of documents containing written records of the contract, the conclusion of
which was brokered by the real estate company, or documents on other legal transactions
that include brokerage, the real estate company must ensure that these documents are
drawn up by a university graduated lawyer, which shall be confirmed by his or his last
name, first name and signature on the documents drawn up.

(2) If in conducting brokerage services a real estate company also draws up a document
on a legal transaction, it is also responsible to a client or third party for damages arising
to them due to incorrectly drawing up the document on the legal transaction.

                                         Article 25
                                  (Brokerage commission)

(1) A real estate company receives the right to a brokerage commission when a contract
is concluded, the conclusion of which it brokered, unless the real estate company and the
client agree that it shall receive the right to a commission upon the conclusion of a
possible preliminary contract.

(2) A real estate company may not demand a partial brokerage commission prior to the
conclusion of a legal transaction that it is brokering. It may however accept payment for
additional services connected to the appraisal of real estate, the drawing up of contracts
and the like, in the amount of actual costs if this is agreed separately between the parties.

(3) A real estate company also has the right to a brokerage commission if the contractual
parties later withdraw from a concluded contract.

   1. A real estate company also has the right to a brokerage commission in cases in
      which the clients or their immediate family members conclude a contract on real
      estate that was the subject of brokerage with a third person with whom the real
      estate broker put the client in contact and such contract was concluded within six
      months following the termination of the brokerage contract.



   1. Regardless of paragraph 1 of this article, a real estate company and clients may
      agree that the real estate company also has the right to a brokerage commission if
      the clients themselves find a third party with whom they conclude the contract
      that was being brokered. The brokerage commission under the preceding
      paragraph must be based on transactions already made under Article 15 of this
      Act and may not exceed one quarter of the agreed-upon brokerage commission in
      the contract.

(6) Regardless of paragraph 1 of this article, a real estate company does not have the right
to a brokerage commission if it itself concludes a contract that was being brokered with
the client, or if such a contract is concluded with the client by a real estate broker that is
conducting brokerage for the real estate company.

                                         Article 26
                          (Duration and termination of a contract)
(1) If the parties do not agree otherwise, it shall be deemed that a brokerage contract is
concluded for a specified time of nine months and that it may be extended multiple times
by agreement.

(2) The clients may at any time terminate the contract if doing so is not contrary to good
faith and fairness.



IV.    PUBLIC RECORDS ON REAL ESTATE BROKERAGE

                                          Article 27
                 (Records of real estate companies on real estate brokerage)

(1) A real estate company must keep records of real estate brokerage.

(2) Under paragraph 1 of this article, records must include the following information for
every transaction (contract):
1. The type of legal transaction;
2. The type of property (land with a designation of its intended use, residence, business
premises, etc.);
3. Technical information on the real estate;
4. Identifying information on the real estate (identifying designation from the cadastral
land register or the cadastral building register), if the real estate has such a designation, or
other information with which it is possible to unambiguously identify the real estate;
5. The sale price or rent per m2 of area.

      1. A real estate company must supply the information from the preceding paragraph
         to the ministry with jurisdiction, which establishes and keeps a common database
         on real estate brokerage for the purpose of carrying out land and housing policy,
         market valuation of real estate and analysis of the real estate market.



      1. Within three months following the entry into force of this Act, the minister with
         jurisdiction shall issue instructions regulating in greater detail the keeping of
         records under this Act and the manner of supplying information under paragraph
         2 of this article.




                                        Article 28
                              (Records on real estate business)
(1) For the purpose of carrying out land and housing policy, as well as market analyses,
the Tax Administration of the Republic of Slovenia regularly supplies the following
information on real estate business to the ministry with jurisdiction from the records on
tax assessment, statements, collection and recording of taxes on real estate business:

   1.   The year of receipt of the tax declaration;
   2.   The location of the real estate (cadastral municipality and settlement);
   3.   The type of real estate;
   4.   The area of the land;
   5.   The area of the building;
   6.   The year of construction of the building;
   7.   The contract price.

(2) The time period and manner for supplying the information under paragraph 1 shall be
defined by the minister with jurisdiction in agreement with the minister with jurisdiction
for finances.

(3) The information under paragraph 1 of this article shall be kept in an independent
database.

                                        Article 29
                               (Accessibility to information)

The databases under Articles 27 and 28 shall be publicly accessible within 30 days
following a request.



V. INDIVIDUAL APPRAISAL OF THE MARKET VALUE OF REAL ESTATE

                                         Article 30
  (Application of the principle of individual appraisal of the market value of real estate)

(1) For individual appraisal of the market value of real estate, the appraiser shall employ
professional standards adopted in accordance with the law regulating auditing.

(2) More detailed instructions on the training of appraisers and the recognition of
knowledge in the area of the application of standards under paragraph 1 of this article
shall be prescribed by the minister with jurisdiction for spatial planning in agreement
with the minister with jurisdiction for finances as well as the minister with jurisdiction for
justice.

(3) Regardless of the provisions of paragraph 1, the minister with jurisdiction may, in
agreement with the minister with jurisdiction for justice and the minister with jurisdiction
for finances, for the purpose of putting into effect the principle of individual appraisal of
the market value of real estate, issue a regulation that regulates the methodology of
individual appraisal of the market value of real estate.



VI. JURISDICTION OF THE MINISTRY WITH JURISDICTION FOR REAL
ESTATE BUSINESS

                                         Article 31
                              (Jurisdictions of the ministry)
                            (1) The ministry with jurisdiction:

   1. Issues and withdraws licenses for conducting brokerage transactions;
   2. Keeps the directory of real estate brokers;

   1. Establishes, keeps and maintains the public records on real estate brokerage.

(2) The minister with jurisdiction, in agreement with the minister with jurisdiction for
justice, issues a directive in which he or she prescribes the contents of the professional
examination, the method and procedure for verifying and assessing knowledge, the
content and method of additional training, the content and form of the license for
conducting real estate brokerage, and more specific information on the content and form
of the directory as well as the method for making entries in it.

                                        Article 32
                                   (Conflict of interests)

   1. The ministry with jurisdiction may transfer the jurisdictions under points 2 or 3 of
      paragraph 1 of the preceding article, as a public power, to an individual
      organisation in the field of education or to a chamber, in which it must ensure
      respect for the principle of preventing a conflict of interests. The jurisdictions
      under point 1 of the preceding article may not be transferred as a public power.



   1. The ministry with jurisdiction must transfer the jurisdictions under the preceding
      paragraph on the basis of a public invitation for tenders.



VII. INSPECTORS' SUPERVISION

                                         Article 33
                                       (Jurisdiction)
Inspectors' supervision over carrying out brokerage services is carried out by inspectors
from the Market Inspectorate of the Republic of Slovenia.




VIII. PENAL PROVISIONS

                                        Article 34
                           (Violations by real estate companies)

(1) A real estate company shall be punished by a fine of SIT 3,000,000 to 30,000,000:
1. If it has not secured premises in accordance with point 1 of Article 3 of this Act;
2. If it has not concluded an insurance policy for liability under point 3 of Article 3;
3. If it does not define real estate brokers in accordance with Article 4, and these
actually conduct brokerage activity;
4. If it arranges a commission contrary to Article 5;
5. If it does not define the general conditions of business or does not make available the
general conditions of business under Article 15;
6. If it advertises contrary to Article 16;
7. If it does not ensure impartiality in brokerage in accordance with Article 20;
8. If it does not inform the client about a conflict of interests under Article 21;
9. If it does not establish the actual and legal situation of real estate under Article 23;
10.         If the documents under paragraph 1 of Article 24 are not drawn up by a
university graduated lawyer with the lawyer's state examination;
11.         If it does not keep records on real estate brokerage or if it does not supply
information for the common database in accordance with Article 27.

(2) The responsible individual at a real estate company shall also be punished by a fine of
SIT 250,000 to 1,000,000 for a violation under the preceding paragraph.

(3) If the inspector with jurisdiction ascertains that the conditions under Article 3 of this
Act have not been fulfilled, he or she shall issue a decision prohibiting the conduct of
activity.

                                        Article 35
                           (Violations by real estate companies)

A real estate company shall be punished by a fine of SIT 2,000,000 to 20,000,000 if a
person that conducts real estate brokerage transactions for it does not have a license from
the ministry with jurisdiction and is not entered in the directory of real estate brokers at
the ministry with jurisdiction.
                                         Article 36
                             (Violations by real estate brokers)

Individuals shall be punished by a fine of SIT 50,000 to 150,000 for a violation:
1. If they do not report changes in information entered into the directory of real estate
brokers to the ministry with jurisdiction within 15 days of such change;
2. If they conduct brokerage without a valid license for conducting brokerage
transactions and without being entered in the directory of real estate brokers;
3. If they do not notify third parties that wish to conclude a contract with a client of the
finding of factual and legal defects in the real estate and if they do not inform them of the
characteristics and situations of the real estate.



IX. TRANSITORY AND FINAL PROVISIONS

                                      Article 37
            (Alignment with the Act when conducting brokerage transactions)

   1. Real estate brokers that, upon the entry into force of this Act, conduct brokerage
      transactions for a real estate company and have completed a programme of
      education within the framework of the Chamber of Commerce and Industry of
      Slovenia (GZS), the Real Estate Chamber (NZ) in cooperation with Informacijska
      Borza Nepremičnin d.o.o. (IBN), the Slovenian Real Estate Exchange (SBN), the
      Commercial Association of Real Estate Companies and the Commercial Law
      Institute at the Faculty of Law at the University of Maribor, for receiving a license
      for conducting brokerage transactions and for entry into the directory of real
      estate brokers at the ministry with jurisdiction, must pass the professional
      examination for real estate brokers within a period of three years following the
      entry into force of the directive under paragraph 2 of Article 31 of this Act, in
      which they are excused from repeating the verification of already successfully
      acquired basic knowledge of the profession that is evident from the contents of
      the educational programmes and personal evidence on verifying this knowledge;



   1. Real estate brokers that have not completed a programme of education under the
      preceding paragraph must pass the professional examination within a period of
      one year following the entry into force of the directive under paragraph 2 of
      Article 31 of this Act;

   1. Real estates brokers that do not fulfil the conditions under paragraphs 1 or 2 may
      no longer conduct brokerage transactions.
           1. It shall be deemed that a real estate broker that has graduated from at least
              a general secondary school, a secondary technical school or another
              secondary school in a programme for acquiring a secondary technical
              education or an education corresponding to this according to the above
              regulations, and that has at least three years of work experience in
              business activity with real estate on the day that this Act enters into force
              fulfils the educational condition for a real estate broker.

           1. Real estate brokers that, on the day this Act enters into force, do not have
              a corresponding post-secondary vocational education and do not have the
              necessary work experience under the preceding paragraph must receive
              the necessary education within four years of this Act entering into force in
              order to receive a license as a real estate broker.



           1. In cases under paragraphs 1, 2 and 5 of this article, the minister with
              jurisdiction conditionally issues a license to the real estate broker.

           1. Real estate companies that, upon the entry into force of this Act, conduct
              brokerage services must fulfil the conditions under point 2 of Article 3 of
              this Act within the period under paragraph 2, and the condition under
              point 3 of Article 3 of this Act within six months of the entry into force of
              this Act.



                                        Article 38
                           (Deadline for issuing the regulation)

(1) The regulation under paragraph 2 of Article 30 must be issued within three months
following the entry into force of this Act.

   1. The regulation under paragraph 2 of Article 31 must be issued within six months
      following the entry into force of this Act.



                                        Article 39
  (The beginning of the application of the amount of the fine under Articles 34 and 35)

(1) The amount of the fine under paragraphs 1 and 2 of Article 34 and Article 35 of this
Act shall take effect beginning 1 January 2005.

(2) Until the deadline under the preceding paragraph, a fine shall punish:
   1.   For a violation under Article 34 of this Act:
   2.   A legal entity in a range of SIT 3,000,000 to 10,000,000;
   3.   An independent contractor in a range of SIT 1,500,000 to 5,000,000;
   4.   The responsible person at a legal entity in a range of SIT 250,000 to 500,000.
   5.   For a violation under Article 35 of this Act:
   6.   A legal entity in a range of SIT 2,000,000 to 10,000,000;
   7.   An independent contractor in a range of SIT 1,000,000 to 5,000,000.

                                         Article 40
            (The cessation of the validity and application of other regulations)

The directive on the uniform methodology for calculating the market value of residential
houses and apartments as well as other real estate (Official Gazette SRS, no. 8/87) shall
cease to apply on the day this Act enters into force.

                                         Article 41
                                (Entry into force of the Act)

This Act shall enter into force on the 15th day following its publication in the Official
Gazette of the Republic of Slovenia.

				
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