The article said that the real estate is important sector of market economy. Uzbekistan pays special attention for formation of real estate market, creation and improvement of legal base, connected with relations within the sector.

He said that there was need to develop a separate legislative act, regulating realtor activity, in Uzbekistan. Based on this, Senators approved the law “On realtor activity”, he said.

Senator said the document has great importance as it is directed at stage-by-stage development of legal basis of realtor activity and creation of system, harmonizing interests of participants of real estate and the government.

Ergashev said that currently mediatory services in real estate market are not quality services. He said that in majority cases, untrained and unskilled people. Incomes of them are not declared and they do not pay taxes. There are also many shortages in agreements on purchase of real estate. Senator added that Supreme Economic Court of Uzbekistan reviewed over 1,500 cases connected with violation of consumer rights by mediators in real estate market in 2007-2009.

Implementation of the law will help to create legal base for solving some actual problems in the sector, including licensing, determining requirements to realtors, mandatory insurance of civil society, control over activity of realtors. The law also determines permitted types of realtor activity and rights and obligations of realtor organizations (realtors) and their customers.

He said that the law includes practical mechanisms on regulation of realtor activity. The law determines meanings of realtor, realtor organization, realtor activities, types of services, etc.

Senators underlined that the realtor organization is commercial organization, which does not carry out other types of activity. The organization can carry out any realtor services in Uzbekistan in line with the legislation.

Realtor is individual, who carries out individual entrepreneurship activity. Realtor can only render information and consulting services. The law also reflects responsibilities of authorized state body, regulating real estate market.

Ergashev said that there is also a law “On introduction of amendments to application No. 1 to the resolution of Oliy Majlis of Uzbekistan from 12 May 2001 “On list of activities’ type, to carry out which is required license”.

He said Uzbekistan did not introduce licensing of realtor activity, which created conditions for realtors to evade from responsibility for service quality and results of their activity, as well as hide their income. Controlling and law enforcement bodies do not have authority to limit activity of realtors, who rendered low quality services.

Senator noted that the realtor activity will be included to the list of activities’ type, which will require license as new type of entrepreneurship activity.