1- The words and terms mentioned in this Regulation shall have the meanings specified next to each of them in Article (1) of the Real Estate Mediation System, issued by Royal Decree No. (M/130) on 30/11/1443 AH and its executive regulation, unless the context requires otherwise.

2- The following words and terms - wherever they appear - in this Regulation shall have the meanings specified next to each of them, unless the context requires otherwise:

• Real Estate Consultations: Recommendations, opinions, or advice related to the real estate sector, provided to the beneficiary in writing.

• Real Estate Analyses: Opinions or analyses related to the real estate sector, provided to the public through media outlets or social media platforms or similar.

• Beneficiary: The person requesting real estate consultation services from the licensed entity.

• Licensed Entity: A natural or legal person licensed to provide real estate consultation and analysis services.

It is required for the licensing to practice real estate consulting services - in addition to the conditions stated in the implementing regulation of the Real Estate Mediation System - for practicing individuals affiliated with legal entities (establishments), or natural persons (individuals), to obtain a university degree in relevant fields, including, for example, (Economics - Engineering - Finance - Business Administration) and similar disciplines, and to have at least (3) years of experience in practicing any of the real estate activities. The authority has the exemption from the qualification requirement based on criteria it establishes in this regard.

It is required for the licensing to practice Real Estate analysis services - in addition to the conditions stated in the Implementing Regulation of the Real Estate Mediation System - for practicing individuals affiliated with legal entities (establishments), or natural persons (individuals), to obtain a university degree in related fields, including, for example, (Economics - Engineering - Finance - Business Administration) and similar disciplines, and to have at least (10) years of experience in practicing any of the Real Estate activities.

The licensee authorized to provide real estate consulting and analysis services - in addition to the provisions contained in the Real Estate Mediation System and its executive regulations - must adhere to the following:

1- To act with integrity and sincerity, exercising professional care and dealing with beneficiaries or recipients in a neutral and objective manner.

2- To ensure the accuracy and correctness of the information provided, and not to include any misleading information or data, or information that is inconsistent with the real estate data and information issued by official authorities or licensed entities, when providing real estate consultation.

3- To obtain the license of certified appraisers when providing services that include property valuation.

4- To provide the authority with any information or data it requests within the specified timeframe in the request.

5- To provide the service through practicing individuals affiliated with the establishment and registered with the authority.

6- To comply with the regulations and instructions governing the provision of the service.

The licensee authorized to provide real estate consulting and analysis services is prohibited from the following:

1- Producing or promoting anything that may affect the stability of the real estate market or harm it, or confuse the public.

2- Providing the service if it leads to achieving a personal interest for himself or others, or harming others, and is done in a manner that involves fraud, deception, or misrepresentation.

3- Providing the service based on unofficial information if its result is to negatively or positively impact the real estate market.

4- Disclosing any confidential information regarding the service.

5- Making any comparisons or references that disparage others.

6- Providing the service under a pseudonym on social media or any media outlet.

7- Using the name and logo of the authority in any real estate consultation or analysis.

8- Providing real estate analysis services based on a paid advertisement.

The licensee, when entering into a mediation contract with the beneficiary to provide real estate consultations, must present them in writing - during the term of the contract - and include the following data in the consultation:

1- Mediation contract number.

2- Name of the licensee and their license number.

3- Date of providing the consultation.

4- Essential information and data on which the consultation is based.
 

The licensee providing real estate consulting and analysis services must correct any incorrect information or data, or rectify any violations, through the same means, upon request from the beneficiary or the authority, without this resulting in the exemption of the provider from any liability arising therefrom.