NATIONAL REAL ESTATE ASSOCIACION (NREA) is the representative professional organization of companies operating in the real estate segment in Bulgaria. The association was established in 1992 as a non-profit organization, first registered under the Law of Persons and Family named "Real Estate Association ". On the 17.11.1995 on the General Assembly it changed its name to National Real Estate Association. After changes had been done of the regulatory requirements, in 2001 the association was re-registered under the Law on Non-Profit Organizations.
Professional and regulated real estate business with guaranteed honesty to partners, customers and the country.
MA – The Management Assembly is a permanent joint management body which directs and organizes the overall activities of the Association. It consists of seven to nine members, one of whom is the President. He is elected and dismissed by the General Assembly by a simple majority for a period of two years. The President of the association by right is the Chairman of the Management Assembly. The President of the Association is elected by the General Assembly for a two years’ term with a simple majority by the present members. He shall not be selected for more than two mandates in a row.
The General Assembly is a superior body for management of the Association, that includes all its members and has the right to amend the Regulations and the Professional Ethics Code (PEC). It directly selects the Chairman of the Management board, the Chairman of PEC and the President of MA, as also elects and dismisses the members of the Management Board, of the the Supervisory Board and the Professional Ethics Code commission. It approves the activity reports of the Management board and the reports of the Supervisory board, as well as the activity schedule of the Association and its budget. It makes decisions upon the size of the amount of the membership fee, transformation or termination of the Association. The General assembly can repeal the decisions of all other bodies of the Association, if they are in contrary to the law, the regulations or other internal documents regulating the activities of the Association. It considers complaints against decisions of the Board, including the denial of admission or the exclusion of members of the Association. The General Assembly`s decisions are obligatory on the members and bodies of the Association, they are subject to judicial control as to their legality and compliance with the regulations.
The National Council is a consultative body of the Association, which - between general meetings - assists the Board, the regional structures and the working committees, to implement the decisions of the General Assembly. By law, it includes the President and the members of the Management Board of NREA, the Chairmen of the Regional structures, the Ethics code commission, the Supervisory board; the former Presidents of the Association. Upon decision made by the General assembly and of MB, in the operations of the Association of the Board could be involved other persons, who had contributed to the establishment and development of the organization, as well as individuals with extensive experience, enjoying a reputation in society and among members of the Association.
The Supervisory Board consists of five members, elected and dismissed by the General Assembly of NREA for two years’ term. The Chairman of the Supervisory board is elected by the General Assembly for two years’ term. He shall not be elected for more than two mandates in a row. The Supervisory board shall examine the financial activity of the Association and its its compliance with the Regulations and internal rules and legislative documents, the expenditure and revenue budget implementation, status of its property, the way it is disposed and managed.