estate agent

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A person who introduces prospective buyers and sellers of property to each other. Such a person may be a member of a professional body but is in any event regulated by the Office of Fair Trading (OFT), under the Estate Agents Act 1979. The Property Misdescription Act 1991 prohibits estate agents from making false or misleading statements about property in the course of their business; making such statements is punishable by a fine. From October 2008 all estate agents are required to register with the Ombudsman for Estate Agents or another redress scheme that has been approved by the OFT. See also misdescription.

Subjects: Law.

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