Property Services Regulatory Authority
- Appointing of Members
The Minister for Justice and Equality is seeking expressions of interest from suitably
qualified and experienced persons for consideration for appointment as members of
the Property Services Regulatory Authority (PSRA).
Terms of membership are for three or four years commencing in early 2012.
Appointment may be renewed.
Functions of the PSRA
The Property Services (Regulation) Bill 2009 provides for the establishment of the
Property Services Regulatory Authority. The main functions of the Authority will be
Licensing of property services providers
The legislation will replace the current court-based system for regulating auctioneers
and house agents with an updated regulatory system covering auctioneers, estate
agents, and property management agents.
As part of the licensing system, the Authority will specify and implement the
· standards relating to the required education, training and experience levels of
applicants for licences;
· levels of professional indemnity insurance:
· quality of financial accounting systems, and
· ethical standards to be observed in the provision of property services
The Authority will investigate complaints against auctioneers, estate agents and
property management agents and impose sanctions in respect of improper conduct. It
will also carry out investigations on its own volition. A Compensation Fund is also
being established to provide compensation for losses arising from the dishonesty of
Setting other property related standards
Under the legislation –
· Auctioneers, estate agents and property management agents will be required to
conclude a detailed agreement (‘letter of engagement’) with clients within 7 days of
agreeing to provide a property service;
· Auctioneers will be required to publish a realistic "advised market value" of
property for sale rather than using the discredited "guide price" mechanism;
· In order to avoid any conflict of interest and ensure transparency, an auctioneer who
wishes to provide a financial service to a purchaser of property which the auctioneer
is selling will be required to obtain the agreement of the vendor of the property.
· An auctioneer who promotes a loan package to intending purchasers will be required
to indicate whether or not the financial institution offering the loan had already
funded the development (or was prepared to fund it where housing units are being
sold from plans).
· In the case of private treaty sales, auctioneers will be required to maintain records of
all offers received in respect of property.
· The legislation gives the new Authority a power to make regulations in relation to
other property-related matters, such as specifying the content of advertisements for
the sale or letting of property; standards for measuring property; the determination do
the cost of surveys, etc.
Residential Property Prices and Commercial Leases
The statutory functions of the new Authority will also include –
· the publication of residential property sales prices; and
· the establishment and maintenance of a public database containing relevant details
of letting arrangements and rent reviews in the commercial property market.
These measures will help to restore consumer confidence in the property market.
The PSRA will consist of not more than 11 members.
Members of the Authority will be appointed by the Minister for Justice and Equality
who will designate one of them as its Chairperson.
In appointing persons to be members of the Authority the Minister will have regard to
the desirability of their having knowledge or experience in consumer affairs, business,
finance, management or administration or any other subject which would, in his
opinion, be of assistance to the Authority in performing its functions.
Of the members of the Authority
not more than 3 will be persons who, in the opinion of the Minister, are
representatives who provide property services;
not less than 3 will be persons who, in the opinion of the Minister, have
knowledge of, or experience in, consumer affairs; and
one will be an officer of the Minister.
The Minister will, in so far as practicable and having regard to the knowledge or
experience of matters relevant to the functions of the Authority of the persons
concerned, ensure an appropriate balance between men and women in the
composition of the Authority.
hold office on a part-time basis and on such other terms (other than the
payment of remuneration and allowances for expenses) as the Minister may
be paid such remuneration (if any) and allowances for expenses (if any) as the
Minister may, with the consent of the Minister for Public Expenditure and
How to apply
Selection will be based on an examination of the expressions of interest received and
a shortlist of the most suitable will be placed before the Minister for consideration.
The Minister may, at his discretion, select persons from outside this list.
Persons wishing to express an interest in these positions should submit a detailed
curriculum vitae and covering letter to firstname.lastname@example.org (to which enquiries should also
be addressed) outlining how they meet the requirements and indicate under which of
the categories (representatives of property service providers or persons who have
knowledge of, or experience in, consumer affairs or persons with other relevant
experience) of membership they wish to be considered. A model curriculum vitae
setting out the information which should be included is appended.
Your curriculum vitae and covering letter should reach the above mentioned email
address not later than midnight, Wednesday, 21 December 2011.
MODEL CURRICULUM VITAE FOR PSRA MEMBERS
I. Personal details
Surname, first name
Date of birth
II. Education and academic and other qualifications
III. Professional activities
(a) Current and Previous positions
(b) Relevant experience
IV. Other relevant information