PROPERTY SECTOR TRANSFORMATION GAINS TRACTION

The Property Practitioners Act of 2019 came into effect on 1st February 2022, guided by the Property Practitioners Regulations. The preamble to the Act states:

“ … 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 for matters connected therewith”.

TFM Magazine Issue 24, which is currently in production, will break down the Act's requirements and Regulations thereof. Members measured on the Property Sector Code are welcome to contact the Executive Support Desk for guidance on these pieces of legislation.