Advice to Body Coporates on Estate Agents

In: Business and Management

Submitted By EZISSI
Words 625
Pages 3
COMPLAINCE WITH THE PROVISIONS OF THE ESTATE AGENCY AFFAIRS ACT BY ESTATE AGENT AND MANAGING AGENTS

16. Applications for and issue of fidelity fund certificates and registration Certificates. 1) Every estate agent or prospective estate agent, shall, within the prescribed period and in the prescribed manner, apply to the board for a fidelity fund certificate, and such application shall be accompanied by the levies.

The Act defines an estate agent as any person, estate agent, managing agent who operates as such and is paid a fee, management fee or commission and requires the said person or company to have a valid certificate to operate.

In South Africa any person or company operating and or practising within a regulated industry or profession is required by law to have the necessary required license.

26. Prohibition of rendering of services as an estate agent in certain circumstances 1) No person shall perform any act as an estate agent unless a valid fidelity fund certificate has been issued to him or her and to every person employed by him or her as an estate agent and, if such person is - a) a company, to every director of that company; or b) a close corporation, to every member referred to in paragraph (b) of the definition of 'estate agent' of that corporation.

This means that any person or company that operates as an estate agent and or managing agent cannot operate as such without being registered and being issued with a fidelity fund certificate.

34A. Estate agent not entitled to remuneration in certain circumstances 1) No estate agent shall be entitled to any remuneration or other payment in respect of or arising from the performance of any act referred to in subparagraph (i), (ii), (iii) or (iv) of paragraph (a) of the definition of 'estate agent', unless at the time of the performance of the act a valid…...

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