Monday, April 13, 2015

Exceptions on estate agency practice

Q.
A friend asked a probationary estate agent what is so special about being a Registered Estate Agent. He was informed that the Valuers, Appraisers and Estate Agents Act , 1981 safeguards the position of a Registered Estate Agency Practice. In fact, nobody shall carry out such professional practice unless having issued with an authority to practice estate agency under Section 16 of the Act. Hence, he asked about what if his girlfriend's mother wants to sell her own house without going through an Estate Agent. Of course, she dan do that right?

Advice this friend, and further elaborate on what occasions it becomes unnecessary to involve an Estate Agent.

A.
Section 22c of the Valuers, Appraisers and Estate Agents Act, 1981 - Restrictions on Estate Agency practice, specifies that under the situation below it does not require to follow the law:

Section 22c subsection (2) Notwithstanding subsection (1)* -

(a) an owner of any land, building and any interest therein may sell or rent or lease or sublease, or offer to sell or rent or lease or sublease, such land, building and interest;

(b) a licensed auctioneer may sell or offer to sell any land, building and any interest therein by public auction; and

(c) a holder of a power of attorney in respect of any land, building and any interest therein, acting gratuitously and for no commission, fee, reward or other consideration, may sell, purchase or rent, or offer to sell, purchase or rent, such land, building and interest.

* Subsection (1) No person shall unless he is a registered estate agent and has been issued with an authority to practice under section 16 -

(a) ... (d) on various requirements of estate agency practice.

Ref:
Section 22c of Valuers, Appraisers and Estate Agents Act, 1981.

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