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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Property Practitioners Act, No. 22 of 2019

Long title


To provide for the regulation of property practitioners; to provide for the continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority; to provide for the appointment of the members of the Board and matters incidental thereto; to provide for the appointment of the Chief Executive Officer and other staff members of the Authority; to provide for transformation of the property practitioners sector; to provide for the establishment of the transformation fund and establishment of the research centre on transformation; to provide for compliance with and enforcement of the provisions of the Act; to provide for the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund; to provide for consumer protection; to provide for the repeal of the Estate Agency Affairs Act, 1976; and to provide formatters connected therewith.

Table of contents

SECTION TITLE
PREAMBLE
ARRANGEMENT OF SECTIONS
CHAPTER 1. DEFINITIONS, APPLICATION, OBJECTS AND ESTABLISHMENT OF AUTHORITY
1. Definitions
2. Application of Act
3. Objects of Act
4. Exemption from Act
5. Establishment of Property Practitioners Regulatory Authority
6. Functions of Authority
CHAPTER 2. BOARD OF AUTHORITY
7. Composition and appointment of Board
8. Disqualification from membership of Board
9. Powers and duties of Board
10. Good governance and code of ethics
11. Conflict of interest of members of Board
12. Termination of Board membership
13. Meetings of Board
14. Committees of Board
15. Dissolution of Board
CHAPTER 3. APPOINTMENT OF CEO AND STAFF OF AUTHORITY
16. Appointment of CEO
17. Staff of Authority
18. Conflict of interest of employees
19. Delegation
CHAPTER 4. TRANSFORMATION OF PROPERTY SECTOR
20. Property sector transformation
21. Property Sector Transformation Fund
22. Property Sector Research Centre
23. Exemptions in respect of accounting records and trust accounts
CHAPTER 5. COMPLIANCE AND ENFORCEMENT
24. Appointment of inspectors
25. Powers of inspectors to enter, inspect, search and seize
26. Compliance notices
27. Fine as compensation
28. Lodging of complaints
29. Mediation
30. Adjudication
31. Adjudication Appeal Committee
CHAPTER 6. FINANCES
32. Funds of Authority
33. Financial year and deposits
CHAPTER 7. PROPERTY PRACTITIONERS FIDELITY FUND
34. Property Practitioners Fidelity Fund
35. Primary purpose of Fund
36. Control and management of Fund
37. Claims from Fund
38. Payments from Fund
39. Authorisation of grants
40. Indemnity insurance
41. Fees payable by property practitioner
42. Co-operation by claimant
43. Actions against Authority in respect of Fund
44. Application of insurance monies
45. Transfer of rights and remedies to Authority
46. Fund exempt from insurance laws
CHAPTER 8. PROPERTY PRACTITIONERS
47. Application for Fidelity Fund certificate
48. Prohibition on rendering services without Fidelity Fund certificate
49. Mandatory time periods for issuing certificates
50. Disqualification from issue of Fidelity Fund certificate
51. Amendment of Fidelity Fund certificate
52. Withdrawal or lapse of Fidelity Fund certificate
53. Mandatory display of Fidelity Fund certificate
54. Trust account
55. Duty of property practitioner to keep accounting records and other documents
56. Property practitioner not entitled to remuneration in certain circumstances
57. Mandatory indemnity insurance
58. Limitation on relationships with other property market service providers
59. Insolvency or liquidation of property practitioner
CHAPTER 9. CONDUCT OF PROPERTY PRACTITIONERS
60. Application of this Chapter and Chapter 10
61. Code of conduct for property practitioners
62. Sanctionable conduct
63. Undesirable practices
64. Supervision of candidate property practitioners
65. Franchising
66. Prohibition on conduct to influence issue of certain certificates
CHAPTER 10. CONSUMER PROTECTION
67. Mandatory disclosure form
68. Agreements
69. Consumer education and information
CHAPTER 11. GENERAL
70. Regulations
71. Penalties
72. Delegation of powers by Minister
73. Legal proceedings against Authority
74. Use of name of Authority
75. Transitional provisions
76. Repeal
77. Short title and commencement
.
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