What is the purpose of the Real Estate License Act 2000?

The Real Estate License Act 2000 is primarily designed to protect the public by ensuring that individuals engaged in real estate transactions are qualified and adhere to a standard of professional conduct. This legislation establishes the licensing requirements for real estate professionals, which include education, examination, and compliance with ethical standards.

By enforcing these standards, the Act aims to safeguard consumers from potential fraud, misrepresentation, and incompetence among real estate agents and brokers, thereby promoting trust and integrity within the real estate market. This consumer protection mechanism helps maintain the professionalism necessary for a healthy real estate industry, ensuring that individuals are well-informed and can engage in transactions with confidence.

The other choices do not align with the primary purpose of the Act: managing real estate taxes relates more to tax laws and regulations, increasing real estate prices is not a function of licensing, and while aspects of regulation may touch upon commercial leases, the Act primarily focuses on licensing and consumer protection.