Estate agency affairs act 112 of 1976 pdf

Provided that where the landlord is a registered estate agent as provided for in the estate agency affairs act, 1976 act no. Eaab to drive transformation of the south african estate. The namibia estate agent board neab was established in 1976 in terms of the estate agency affairs act, 112 of 1976 the act, with the mandate to regulate and control certain. May 19, 2019 the property practitioners bill, 2018 is intended to replace and repeal the estate agency affairs act of 112 of 1976 and is intended to govern amongst others estate agents. In these regulations words and expressions defined or used in this act have the meaning assigned thereto. Oct 02, 2019 the property market in the country also stands to gain from the newly signed property practitioners act of 2019, which repeals the 43yearold estate agency affairs act of 1976 act 112 of 1976. General duty to protect the publics interest in terms of estate agents general duty to members of the public and other persons or bodies, an estate agent.

Estate agents act 112 of 1976 regulations relating to trust account of an estate agent and investment of trust moneys. There is hereby established u juristic person to be known as the estate agents agency atiairs board. One of the more celebrated results of the adoption of this bill is the fact that it will repeal the estate agency affairs act 112 of 1976, which was largely based on segregatory clauses. The eaab regulates the estate agency profession by ensuring that all persons carrying out the activities of. Estate agents act 112 of 1976 rsa be it enacted by the state president, the senate and the house of assembly of the republic of south africa, as follows. Sabinet offences involving an element of dishonesty. Reg of interccommand provision of comminformation act no 70 of 2002. Estate agents act 112 of 1976 parliament of namibia. Finally, this act contains provisions with regards to appeal procedures. To prepare for the examinations, candidates need to obtain a comprehensive study guide from the board as well as a copy of the estate agency affairs act, 112 1976 the act. Estate agency affairs act, 1976 to provide for the establishment of an estate agency affairs board and an estate agents fidelity fund. The eaab regulates the estate agency profession by ensuring.

What will the property practitioners bill mean for the. Ngatjizeko minister of industrialization, trade and sme development windhoek, 15 september 2015 schedule. Code of conduct ieasa institute of estate agents of. Revocation and variation of orders under sections 3 and 4. The estate agency affairs board in agency this is to certify. Supplementary provisions as to orders under sections 3 and 4.

Cliffe dekker hofmeyr the property practitioners act. Note that the code of conduct is not the same regulatory document as the estate agency affairs act 112 of 1976. The property practitioners bill will replace the estate agency affairs act, 1976 act no. How new legislation will affect sas property industry. Estate agents act 112 of 1976 namibia legal database. A supervisory body is a functionary or institution referred to in schedule 2 of the fic act, for example. Estate agents amendment act south african government.

Anyone who is defined as an estate agent in section 1 of the estate agency affairs act 112 of 1976 must qualify as set out hereunder. Estate agency affairs act and regulations 112 1976 share results. According to eaabs transformation projectmanager, sipho tyira, a estate agency board exists, because of the estate agency act 112 of 1976. It is hereby notified that the state president has assented to the following act which is hereby published for general information. Penalty payable to the estates agency affairs board for late payment of contributions and levies. To pass the examination, candidates need to obtain at least 50%. It was introduced to the national assembly on 14 june 2018 and was passed by the national assembly on 4 december 2018. How does one become a registered estate agent in namibia. Dealing with estate agent affairs board eaab matters. The estate agency affairs act 112 of 1976 fails to cater for transformation in an unequal profession or to take into account the imperatives of a constitutional democracy, she stated during. Act 28 of 1987 makes the following substitutions throughout the act.

This act protects the interests of the public and ensures that estate agents are compliant. Estate agents act 2010 act 25 of 2010 estate agents estate agency work regulations 2010 arrangement of regulations part i preliminary regulation 1. The old act regulates certain activities of estate agents and is limited to that extent, whereas the new act is broad and deals with numerous problems currently facing the property market. Estate agency affairs board is on a recruiting mission. Understanding and preparing for eaab and fic compliance. The eaab also plan to establish a transformation fund, to help emerging black estate agents to sustain themselves especially as they enter the sector. The centre for affordable housing finance in africa cahf has accessed this document from an external source. South africa estate agency affairs act 112 of 1976. The estate agency affairs board respondent judgment.

It includes guidelines about how to deal with clientele, general duties as an estate agent, a framework for communication, as well as other general fields that are conducted as an estate agent, e. An estate agent is any person natural or juristic that markets for sale or hire any immovable property or business undertaking, collects any rentals payable in terms of a. The primary mandate of the eaab in respect of the estate agency affairs act is to. It was established in 1976 in terms of the estate agency affairs act 112 of 1976 eaaa. Amended by estate agents amendment act 90 of 1998 from 1 jan 1999. In terms of estate agents general duty to members of the public and other persons or bodies, an estate agent. To be repealed by property practitioners act 22 of 2019. This law establishes the estate agency affairs board which is required to encourage. Code of conduct eaab the estate agency affairs board. The new act will replace the estate agencies affairs act 112 of 1976 the old act. The estate agency affairs board eaab was established in 1976 in terms of the estate agency affairs act, 112 of 1976 the act, with the mandate to regulate and control certain activities of estate agents in the public interest.

Issue of fidelity fund and registration certificates. Estate agents affairs board eaab or board the eaab is the regulating body for estate agents in south africa. Estate agents act 112 of 1976 issue of fidelity fund and registration certificates annexure c. There is hereby established a juristic person to be known as the estate agency affairs board. The code of conduct for an estate agent fpc property. To provide for the establishment of an estate agents board and an estate agents fidelity fund. Estate agency affairs act 1121976 amendment of the estate. Estate agency affairs board the board, in terms of section 33. Business brief december 2011 usa federal taxes irs. Estate agency affairs act 112 of 1976 esi attorneys.

Call for nominations of members to fill existing vacancies in the board of the estate agency affairs board eaab 53 38693 omgewingsake, departement van goewermentskennisgewing r. Longterm insurance business including brokers and agents of the insurer. Estate agency affairs act eaab the estate agency affairs. Definitions in this act, unless the context otherwise indicates annual financial statements. The estate agency affairs board eaab was established in 1976 in terms of the estate agency affairs act 112 of 1976 the act, with the mandate to regulate and control certain activities of estate agents in the public interest. Amendment of the estate agency affairs board regulations.

Please note that most acts are published in english and another south african official language. Constitution of board 1 the board shall consist of fifteen members appointed under subsection 2 by the minister. I, lindiwe sisulu, minister of human settlements has, after consultation with the. Amends estate agency affairs act previous short title. Estate agency affairs act previously estate agents act. A management company registered in terms of the unit trusts control act, 1981 act 54 of 1981. The appellant is a company carrying on business as an estate agent as defined in section 1 of the estate agency affairs act 112 of 1976, as amended hereinafter referred to as the act. New law signed by ramaphosa aims to regulate the buying. Estate agents code of conduct south africa estate agents. Companies act, estate agency affairs act 112 of 1976, fidelity fund certificate principals beware, ensure your fidelity fund certificates are correct any estate agency needs interns to function, they help generate new leads, assist with the marketing of the agency and ultimately bring in sales. Exemption of a category of estate agents from the prescribed standard of training, 2000. Accountable institutions which fall under the estate agency board include estate agents as defined in the estate agents act, 1976 act 112 of 1976. As a supervisory body in terms of fica, the estate agency affairs board eaab is empowered to act in the enforcement of the provisions of the act. Estate agency affairs board annual report and financial.

Estate agents act 112 of 1976 rsa rsa gg 5221 brought into force in south africa and south west africa on 1 august 1977 by rsa proc. The eaab regulates the estate agency profession through ensuring that all persons carrying out the activities. Estate agents as defined in the estate agents act, 1976 act 112 of 1976. Jan 15, 2020 the act has repealed the estate agency affairs act 112 of 1976 eaa act in its entirety. Estate agency affairs act, 1976 act 112 of 1976 shall be a in respect of an estate agent by virtue of paragraph a of the definition of estate agents or paragraph c i of the definition of estate agents, r450 per month or part thereof that payment of such levy is made late. Estate agency affairs act previously estate agents act 112. If the bill passes into law in its current form, it will introduce sweeping changes to the real estate industry. Estate agents act 112 of 1976 centre for affordable housing. The property practitioners act b212018 the new act has recently been adopted by parliament. To provide for the establishment of an estate agency affairs board and an estate agents fidelity fund. With the new bill, public complaints can be directed to an independent ombuds office, which is to be established. This law establishes the estate agency affairs board which is required to encourage and promote the improvement of the standard of training of and services rendered by estate agents as well as frame and publish a code of conduct which they will abide by. To provide for the establishment of an estate agency affairs board and an estate. This proposed new piece of legislation is intended to repeal the aging estate agency affairs act 112 of 1976 in its entirety.

6 1310 917 497 148 1586 1179 568 1302 1091 224 404 698 746 962 266 808 1026 23 1315 969 436 1338 1412 1033 883 939 425 838 580 1040 308 1286 1299 490 16 1492 82 1340 790 1404 509 870 676 1215 945 800