Estate Agency Affairs Act
The Estate Agency Affairs Act: To provide for the establishment of an Estate Agency Affairs Board and an Estate Agents Fidelity Fund; for the control of certain activities of estate agents in the public interest; and for incidental matters. [Long title substituted by s. 21 of Act 90 of 1998.]
Chapter I - Estate Agency Affairs Board [ss 2-11]:- The Establishment of Estate Agency Affairs Board. There is hereby established a juristic person to be known as the Estate Agency Affairs Board. [S. 2 substituted by s. 2 of Act 90 of 1998.]
Chapter II - Estate Agents Fidelity Fund [ss 12-28]:- The Establishment and control of Estate Agents Fidelity Fund.
1. There is hereby established a fund to be known as the Estate Agents Fidelity Fund, into which shall be paid:
[a] All moneys paid as annual contributions in accordance with the provisions of this Chapter to or on account of the fund;
[b] Income derived from the investment of moneys in the fund;
[c] All moneys recovered by or on behalf of the fund in the exercise of any right of action conferred by this Chapter;
[d] All moneys received on behalf of the fund from any insurance company;
[e] Interest paid to the fund in terms of section 32 [c]; and
[f] Any other moneys accruing to the fund from any other source.
2. The fund shall be controlled and managed by the board, which shall utilize the moneys in the fund in accordance with the provisions of this Chapter.
3. All moneys forming part of the fund shall, until they are invested or spent in accordance with the provisions of this Chapter, be paid into a bank approved by the Minister, to the credit of an account to be called the Estate Agents Fidelity Fund Account.
Chapter III - General Provisions [ss 29-37]:-The Duty of estate agent to keep accounting records. Every estate agent shall in respect of his activities as such:
A. Keep in one of the official languages at an address in the Republic such accounting records as are necessary fairly to reflect and explain the state of affairs
[i] Of all moneys received or expended by him, including moneys deposited to a trust account referred to in section 32 or invested in a savings or other interest-bearing account referred to in section 32 [a];
[ii] Of all his assets and liabilities; and
[iii] Of all his financial transactions and the financial position of his business;
B. Cause the accounting records referred to in paragraph [a]to be audited by an auditor within four months after the final date of the financial year of the estate agent, which final date shall after the commencement of section 9 of the Estate Agents Amendment Act, 1984, not be altered by him without the prior written approval of the board.
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Estate Agency Affairs Act
The Estate Agency Affairs Act: To provide for the establishment of an Estate Agency Affairs Board and an Estate Agents Fidelity Fund; for the control of certain activities of estate agents in the public interest; and for incidental matters.