Through updated processes , better clarity and new administrative practice , all property practitioners holding Fidelity Fund Certificates ( FFC ) may consider the Act to be an improvement on the recently repealed legislative parameters .
Who does the Property
Practitioners Act apply to ? The Act broadens the definition of a property practitioner substantially to include anybody , who for the acquisition of gain or remuneration sells , leases or manages property , including commercial and residential sales and rental agents , property and business brokers and property auctioneers . It also includes property and asset and portfolio managers who manage properties on behalf of another party .
“ The Act and corresponding regulations should be viewed as an opportunity .”
Although further clarification is required , it appears that mortgage or bond originators do not fall under the definition of a property practitioner - bond brokers have been excluded should they be defined as a financial institution in terms of the Financial Sector Regulation Act .
All those defined as property practitioners - even practising estate agents who are not registered - need to be registered as property practitioners with the Property Practitioners Regulatory Authority ( PPRA ) by 31 October 2022 . The PPRA replaces the Estate Agency Affairs Board with an expanded mandate to govern the property profession and other previously excluded professions rather than only estate agents .
Those excluded from the definition of a property practitioner include private landlords renting out property or a private individual selling their own property , as well as attorneys or candidate attorneys registering property sales , or collecting property rentals - these individuals do not need to be registered as property practitioners .
Property practitioners who are not registered with the PPRA and who do not hold a valid Fidelity Fund Certificate are not entitled to receive remuneration or commission .
What are the steps that Property Practitioners Need to Take ?
1
Fidelity Fund Certificates
There are a number of technical and administrative details that property professionals are required to complete and be compliant with prior
SA Real Estate Investor Magazine MARCH 2022 47