ESTATE AGENTS ACT, 2000: SUBSIDIARY LEGISLATION

"estate agency" means the process of selling, letting or managing real property, including negotiating the sale price or rental value of real property on behalf of a client;

"estate agent" has the meaning assigned to it in the Act;

"Fund" has the meaning assigned to it in the Act;

"Institute" has the meaning assigned to it in the Act; and

"Registrar" has the meaning assigned to it in the Act.

PART II
REGISTRATION OF ESTATE AGENTS

3. Application for registration

(1) A person who intends to practice or carry on business as an estate agent shall apply to the Registrar in Form I set out in the First Schedule.

(2) The Registrar shall, within seven days of the receipt of an application under sub-regulation (1), refer the application to the Council.

(3) The Council shall, within 14 days of the receipt of an application under sub-regulation (2)—

(a) approve the application, if the applicant meets the requirements of the Act; or

(b) reject the application, if the applicant does not meet the requirements of the Act.

(4) The Registrar may request for further information in respect of an application in Form II set out in the First Schedule.

(5) The Registrar shall, where an application is rejected, inform the applicant of the rejection in Form III set out in the First Schedule.

4. Qualification for registration

A person qualifies for registration as an estate agent if that person—

(a) has attained the age of 18 years;

(b) has passed a qualifying examination recognised or conducted by the Council; and

5. Issue of certificate of registration

The Registrar shall, where an application is approved by the Council, issue the applicant with a certificate of registration in Form IV set out in the First Schedule.

6. Renewal of certificate of registration

A registered estate agent may apply to the Registrar for renewal of the certificate of registration at least 90 days before the expiry of the current certificate in Form V set out in the First Schedule.

7. Notice of change of particulars

An estate agent shall, where a change occurs in the registered particulars of the estate agent, notify the Registrar of the change within 14 days of the change in Form VI set out in the First Schedule.

8. Prohibition of transfer of certificate of registration

A certificate of registration shall not be transferred to a third party.

9. Surrender of certificate

(1) A registered estate agent who decides to discontinue practising or carrying out business as an estate agent shall notify the Registrar in Form VII set out in the First Schedule.

(2) A person who ceases to practice or carry on business as an estate agent shall surrender the certificate of registration to the Registrar for cancellation at least 15 days before the cessation of business.

10. Suspension and cancellation

(1) The Registrar shall cancel or suspend the certificate of registration of an estate agent if the estate agent—

(a) contravenes the conditions of the certificate of registration;

(b) contravenes the Act;

(d) is found guilty of professional misconduct; or

(e) is disqualified from practising or carrying on business as an estate agent.

(2) The Registrar shall, before suspending or cancelling a certificate of registration inform the holder of the certificate of registration of the intention to suspend or cancel the certificate in Form VIII set out in the First Schedule.

(3) A notification of the suspension or cancellation of the certificate of registration shall be in Form IX set out in the First Schedule.

11. Duplicate certificate

(1) A person whose certificate of registration is destroyed or lost may apply to the Registrar for a duplicate certificate in Form X set out in the First Schedule.

(2) The Registrar shall, within 14 days of receipt of an application under sub-regulation (1), issue a duplicate certificate of registration to the applicant.

12. Register

(1) The Registrar shall maintain a Register of Estate Agents which shall specify—

(a) the names and addresses of registered estate agents;

(b) the applications rejected and reasons therefor;

(d) any other information relevant for purposes of the Act.

(2) The Registrar may cause alterations to be made to the Register in accordance with the purposes of the Act.

(3) The Register referred to in sub-regulation (1) shall be open for inspection by the members of the public during normal business hours upon payment of the fee set out in the Second Schedule.

PART III
MEMBERSHIP OF INSTITUTE

13. Application for membership

A person who intends to be registered as an estate agent shall apply to the Registrar for membership of the Institute in Form XI set out in the First Schedule upon payment of the fee set out in the Second Schedule.

14. Classes of membership

The Institute shall consist of the following classes of membership—

(a) full membership;

(b) associate membership;

(d) honorary membership.

15. Membership certificate

The Council shall issue a certificate to a person registered as a member of the Institute in Form XII set out in the Schedule.

16. Annual subscription

(1) A member shall pay to the Institute an annual subscription applicable to the class of membership to which the member belongs, on or before the 1st February of each year.

(2) The Council shall not renew the membership of a member who fails to pay the annual subscription within the period specified under sub-regulation (1).

PART IV
MANAGEMENT AND ADMINISTRATION OF COMPENSATION FUND

17. Prohibition of practice without compensation fund certificate

(1) A registered estate agent shall not practice or carry on business as an estate agent without a compensation fund certificate.

(2) A person who contravenes sub-regulation (1) commits an offence and is liable, upon conviction, to a fine not exceeding two thousand five hundred penalty units or imprisonment for a period not exceeding two years, or to both.

18. Compensation fund certificate

(1) A registered estate agent shall pay into the Compensation Fund such contribution as the Council shall specify for purposes of the Compensation Fund.

(2) The Registrar shall issue a Compensation Fund certificate to an estate agent who has—

(a) contributed to the Compensation Fund in accordance with sub-regulation (1).

(b) a valid certificate of registration;

(d) complied with section 28 of the Act; and

(e) not been found guilty of a default in respect of which compensation has been paid to a person under section 33 of the Act.

(3) Notwithstanding paragraph (e) of sub-regulation (2), the Registrar shall issue a compensation fund certificate to an estate agent who undertakes, to the satisfaction of the Council, to pay into the Fund the amount paid out as compensation to a person in respect of the default of that estate agent.

(4) A compensation fund certificate shall be in Form XIII set out in the First Schedule.

19. Change of detail

A compensation fund certificate shall, where a change occurs in the particulars relating to the certificate, notify the Registrar within 14 days of the change in Form XIV set out in the First Schedule.

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