There are several Acts that directly affect the operations of businesses as well as Real Estate. As such, it is mandatory that we comply with the legislation that affects us. The HUB has become a necessary feature to our business to assist us in becoming fully compliant with the relevant Acts that affect our...
POPI was enacted on 26th November 2013, and certain sections came into effect in April 2014. It is proposed to be fully implemented in 2018. Our constitution makes specific reference to the rights to privacy and includes everyone’s personal right to that privacy. POPI is meant to promote transparency in terms of how personal information is collected, processed, and archived. The Act also...
Estate Agents This Act came into being on the 1st April 2011 and has bearing on property transactions. One of the key definitions in the Act is that of “supplier”. Estate Agents are suppliers and their services fall within the provisions of the Act. Estate Agents are not responsible for any ‘goods’ relating to their service. As Estate Agents we offer a service relating to the...
In terms of Section 1 of the Financial Intelligence Centre Act (FICA) 38 of 2001 an ‘accountable institution’ means a person referred to in Schedule 1. Schedule 1 lists an estate agent as defined in the Estate Agents Act, 1976 (Act 112 of 1976) as an accountable institution. Therefore, all estate agents are obliged to comply with the FICA rules as set out in the Act and the regulations. Identity...
In 2000, the Promotion of Access to Information Act (PAIA) came into law, fulfilling the provision of section 32 of the Constitution which requires the enactment of legislation relating to access to information. The purpose of PAIA is to promote the right to access information. It is important to note that PAIA cannot be used to obtain records for use during civil or criminal legal proceedings after...
The new Companies Act came into effect on 1st May 2011. The Act affects every company in South Africa. Some changes to make note of are: Liability rules for directors. New rules for the incorporation, registration, organisation, and management of companies in South Africa New registration process. Defines the relationship between companies and their respective shareholders (or members)...
The Competition Act 89 of 1988 contains certain prohibitions to business practices that restrict competition as well as the abuse of a dominant position. Practices that restrict competition: These restrictive practices deal with the relationship between a company and its markets and are presumed to exist between two firms unless: Company and its competitors in the market owns a...
We have consulted with the Department of Labour and can confirm that only Estate Agencies who employ more than 50 people (including admin, intern agents and full status agents) or employ less than 50 people but have an annual turnover of more than R30 million, must by law complete and Employment Equity Plan. Check their website for their annual reporting period and deadline. If you are unsure of any...
Other organisations that the franchisee and its agents may become members of are: 1. REBOSA – Real Estate Business Owners of South Africa Rebosa primarily looks after the interests of Real Estate Business Owners/Principals. 2. IEASA – Institute of Estate Agents South Africa The institute primarily looks after the interests of estate agents (employees), even though principals can also...