The ALUR law aims to further regulate the real estate agent profession. To this end, several texts have recently been adopted. Thus, the code of ethics, the principle of which was established by the ALUR law, is now applicable to these professionals. Similarly, the requirements concerning their insurance obligations have been clarified.
Code of Ethics
Since September 1 , 2015, the code of ethics for real estate agents (Decree No. 2015-1090 of August 28, 2015, establishing the rules constituting the code of ethics applicable to certain persons engaged in real estate and business transaction and management activities) has been in effect. This code, containing twelve articles, includes requirements relating to the ethics of these professionals, their skills, and the organization of their businesses.
Insurance obligation
The obligation to take out professional liability insurance, imposed by Article 24 of the ALUR Law, is further defined by Decree No. 2015-764 of June 29, 2015, concerning the mandatory professional liability insurance for real estate agents. This decree, which came into force on October 1 , specifies in particular that agents must be able to provide proof of an insurance contract at any time.
The minimum conditions and format of the contract were established by the Order of July 1, 2015, amending the amended Order of September 1, 1972, which sets the minimum conditions for the insurance contract and the format of the supporting document stipulated by Decree No. 72-678 of July 20, 1972, establishing the conditions for the application of Law No. 70-9 of January 2, 1970, regulating the conditions for carrying out activities related to certain transactions involving real estate and businesses. This decree sets the minimum guarantee amount at 75,000 euros and specifies in the appendix the minimum content of the contract.
