Realtors in America are held to a very high fiduciary standard when it comes to agency law and client representation. We are among a profession, trade or occupation for which a LICENSE is required. Passing a comprehensive exam (similar to an attorney or lawyer having to pass a bar exam, or an accountant's CPA) is required for initial licensure to demonstrate sufficient knowledge and competence. There is also a requirement to take continuing education as part of the bi-annual license renewal process so that knowledge and skills in core areas such as legal or legislative updates, ethics, contracts, and agency representation do not remain dormant or stagnant.
Real estate agents, brokers or practitioners in other countries; e.g. Mexico and Indonesia, are not required to be licensed and all too often a buyer/seller or lessor/lessee in a sales or lease property transaction are assisted by sub-standard, sub-par and amateur individuals who quite frankly have no business engaging in such activities.
While there does exist an association of brokers or agents in both Mexico and Indonesia, participation in such a trade organization is merely voluntary. There are no sanctions or punishment for compliance with any ethics or standards of practice (which are non-existent) and there is no governmental licensing board or agency to oversee the trade or profession to protect the public. Such is the goal of regulatory law.
Hopefully Indonesia will move towards a requirement for licensure of real estate property agents, brokers, and property managers in both the residential and commercial sectors....
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