Does CIREBA vet its members?

| 16/10/2017

Does CIREBA run background checks on all its recognised agents, e.g. for any prior criminal records (particularly given the large sums of money they have access to)?

Auntie’s answer: The Cayman Islands Real Estate Brokers Association (CIREBA) requires a prospective member to submit a police clearance certificate, which is what the Department of Immigration mandates as part of various applications such as for work permits and permanent residency.

In addition, the section introducing the association on CIREBA’s website says it “monitors the business standards and practices of all its members to ensure fair, honest and professional dealings in all real estate transactions”.

The association also has a code of ethics, which is set out on the website. The introduction to this code says, “Maintenance of the reputation of the Cayman Islands Real Estate Brokers Association and of the high standard of ethical practice which it promotes is the direct responsibility of every CIREBA member.”

Of specific relevance to your question, Article 11 of the code says, “Money coming into a member’s possession, such as deposits and/or purchase funds, are to be held in trust. Broker members shall keep special accounts for each currency in a Class A Licensed Cayman bank, separate from their own funds. These escrow accounts must be designated expressly as ‘Client Trust Accounts’.”

I will refrain from commenting on the efficacy of this particular article because I am not qualified to render an informed judgement on it. However, I will point out that many of the brokers who work in Cayman come from overseas and therefore it seems possible that anyone with a criminal record from outside our jurisdiction may be able to avoid having their past catch up with them in Cayman.

If a potential member has resided in Cayman for at least six months, he or she can request a police clearance certificate from the RCIPS, which would not include any offences committed while living elsewhere.

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Category: Ask Auntie, Real Estate Questions

Comments (10)

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  1. Anonymous says:

    I do not think they have to prove themselves to be mediocre but it seems to speed the approval process up if they can do so. The only requirement is that they are willing to parrot “there has never been a better time to buy” at every conceivable occasion.

    • Too late to run says:

      You have to remember they ALL represent the seller. Very simple.

  2. Anonymous says:

    Why do we need expat real estate agents? Does CIREBA offer to train local Caymanians?

  3. Anonymous says:

    The GOL for a Real Estate agent should be CI$10K annually. There are enough Caymanian agents. Those are bad enough without any more used-car-salespersons/shisters.

  4. Anonymous says:

    CIREBA does not allow shareholders of real estate firms to lawyers. Such restraint of trade is totally illegal. Where are the Lawyers associations on this? Not all lawyers work for multi-jurisdictional law firms…and this policy is hurting Caymanian lawyers.

    • Too late to run says:

      Does the law society permit Non-lawyers to be shareholders (or share fees) in law firms? I think not.

      • Anonymous says:

        In fact it does. Many Cayman firms are owned by persons who are not attorneys at law.

    • Too late to run says:

      I (a non lawyer) would love to buy a share in a caymanian law firm.

  5. Anonymous says:

    Ha! It’s Buyer Beware! Ain’t any of them with ethics!! They do not even know what that means.