The Financial Supervisory Authority of Norway (Finanstilsynet) has decided to revoke an authorised real estate agent’s eiendomsmeglerbrev after finding a gross breach of duties in connection with a property valuation used for bank lending, alongside repeated violations of archiving, journal and documentation rules that impeded effective control of the agent’s assignments. The revocation took effect on 7 November 2025 and has been appealed. Finanstilsynet’s decision centres on an e-takst dated 14 October 2021 that valued a property at NOK 9,800,000, which it noted was 108% above the property’s purchase price 6–8 months earlier; the comparable sales included in the e-takst were materially lower at NOK 4,900,000, NOK 5,200,000 and NOK 7,000,000. The e-takst stated it was based on the broker’s internal and external inspection, but Finanstilsynet concluded the inspection was not carried out in a sufficiently thorough manner and that the valuation relied on photos of a different property around 7 kilometres away, without adequate verification of claimed renovation works; it also found the assignment fell outside the firm’s natural geographic market and was not performed in line with internal valuation routines, including documentation of a colleague review. The authority further pointed to missing logs relating to the inspection and to anti-money laundering customer measures, and concluded that the valuation contributed to financing being granted on flawed assumptions and to a significant loss for the bank. Separately, the decision reiterates findings from a 2023 supervisory case involving eight properties under an agreement priced at NOK 100,000 per property plus VAT (NOK 1,000,000 including VAT), where documentation was consistently inadequate and timelines and case handling were unclear. Finanstilsynet concluded that less intrusive measures would not be sufficient and that revocation was not disproportionate; the agent may continue to work as an assistant under the supervision of a responsible broker but can no longer act as the responsible broker. The decision may be appealed to the Finanstilsynet Appeals Board (Finanstilsynsklagenemnda), and the agent may request a stay of execution pending the appeal.
Norwegian Finanstilsynet 2025-11-12
Financial Supervisory Authority of Norway revokes real estate agent licence over gross valuation misconduct and repeated recordkeeping breaches
Norway's Financial Supervisory Authority revoked a real estate agent's license for gross duty breaches in property valuation for bank lending and repeated documentation rule violations. The inflated valuation led to flawed financing assumptions and a bank loss. The agent can appeal and work under supervision but cannot act as a responsible broker.