Application and registration for real estate agents, business and ship brokers

General information

It is necessary for a service provider to gain certification in order to be authorised to sell estates, businesses and ships in Iceland.

Obligations

  • The applicant has to be a resident in the EEA-area.
  • The applicant has to be of legal age (18 years).
  • The applicant may not have had his estate be subject to bankruptcy administration.
  • The applicant has to have finished a certification exam for real estate agents, business and ship brokers.

In order to be permitted to take the certification exam a service provider:

  • Has to take a special course organized by the Ministry of Economic Affairs.
  • Must have been employed for at least 12 months by a certified real estate agent in the EEA-area.
  • Has to have finished a matriculation examination or an equivalent education.

Information about when and where the relevant courses and the certification exams are held can be acquired at the Ministry of Finance and Economic Affairs.

Other obligations

A real estate agent has to have a valid professional liability insurance with a licensed insurance company in EEA-area.

About the service provider

The District Commissioner of Hafnarfjordur issues real estate licences. If the District Commissioner refuses to issue a licence the service provider can appeal to the Ministry of Economic Affairs.

Laws and regulations

  • Act on the sale of estates, businesses and ships.
  • Regulation on the certification of estate-, business- and ship agents.
  • Regulation on the Real estate supervisory committee.
  • Regulation on trust accounts of real estate agents.
  • Regulation on real estate sale contracts and sale overview.
  • Regulation on liability insurance of real estate agents.
  • Regulation on branches of real estate agents.
  • Regulation on courses and exams to acquire certification as a real estate agent.
  • Legislation, Ministry of Finance and Economic Affairs
  • Legislation, Ministry of the Interior

Further information

Application

Application and registration for real estate agents, business and ship broker