Tashkent, Uzbekistan (UzDaily.com) -- The State Asset Management Agency of Uzbekistan (AUGA) has developed a draft of a new edition of the law “On real estate activities”.

According to the draft law, regulation of the real estate market will be carried out by the State Assets Management Agency.

The agency will establish requirements for realtors to obtain a qualification certificate, as well as maintain a unified public register of real estate agents, real estate organizations and their associations.

The draft law stipulates the introduction of national standards for real estate services and a Code of Professional Conduct for Realtors. The standards will establish requirements for the work of companies, the design, quality and composition of documentation.

To register real estate organizations, a minimum of two specialists with a qualified realtor, including a manager, is required.

In addition, realtors are allowed to work as real estate agents by obtaining the status of an individual entrepreneur or self-employed.

Real estate agents will be able to provide information and consulting services in the field of real estate, as well as provide intermediary services in concluding transactions. Real estate organizations will be able to conduct auctions and act as trustees.

According to the bill, individuals and legal entities will be able to place advertisements or announcements about objects only through real estate organizations, including via the Internet.

Membership in one of the professional associations will be mandatory for all real estate organizations and real estate agents. Requirements also include having a civil liability insurance policy.