Only those licensed by the District Commissioner are allowed to act as intermediaries in buying, selling, or exchanging property or registered vessels for others.
Lawyers do not need such a licence when handling a property transaction as part of their legal work.
The District Commissioner of North-east Iceland issues all real estate and ship broker licences in Iceland.
Fee
The licence costs ISK 12,000, payable to account 0348-26-000001, kennitala 680814-0820.
Who can apply
You must:
Live in Iceland.
Be over the age of legal majority.
Have completed a 90-credit study programme for real estate and ship brokerage.
Have indemnity insurance to cover any losses or costs to clients caused by you or your employees.
Have worked full-time for a licensed real estate agent for at least six months in the last five years.
You cannot apply if you have:
Been declared bankrupt, or been permanently banned from working as a real estate agent.
This rule may be waived if the Supervisory Committee for Real Estate Agents confirms you have managed your own finances for at least the last three years.
What to include with your application
Confirmation from your insurance company of professional indemnity insurance.
A certificate of financial competence (búsforræðisvottorð).
A copy of your degree certificate.
A certificate of working hours from a licensed real estate agent.
Important: An electronic certificate of financial competence is not enough, as it does not show your full financial competence history. You must get a certificate from the District Court.
Appeals
You may appeal a decision by the District Commissioner to the Ministry of Culture and Business Affairs within three months of receiving it.
If you do not have electronic identification, you can download the application form here (PDF).
If you do not have electronic identification, you can download the Certificate of Working Hours from a licensed real estate agent here (PDF).
Service provider
District Commissioners