ARTICLE · 23 MAY 2024

Market Intelligence Thought Leadership Award Winner

New B-BBEE Requirements For Real Estate Agents

ENS

Explore more from ENS

The Property Practitioner's Act, No. 22 of 2019 (the "Act") requires every property practitioner to apply every three years to the Property Practitioners' Regulatory Authority (the "Authority")...

South AfricaReal Estate and Construction

Author LinkedIn connections

The Property Practitioner's Act, No. 22 of 2019 (the "Act") requires every property practitioner to apply every three years to the Property Practitioners' Regulatory Authority (the "Authority") for a Fidelity Fund Certificate ("FFC") in order to practice as such.

The Act states that an FFC may not be issued unless the applicant submits a valid Broad-Based Black Economic Empowerment ("B-BBEE") certificate.

To clarify confusion around this requirement, on 13 March 2024 the Authority clarified that an FFC may not be issued to a Property Practitioner without it reaching a minimum level 8 compliance under the B-BBEE legislation. This effectively means that all Property Practitioners are required to be B-BBEE compliant (albeit at the lowest compliance level under the B-BBEE legislation).

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Variation Or Novation: Does A New Sale Agreement Wipe The Slate Clean?

South AfricaReal Estate and Construction

Cliffe Dekker Hofmeyr

When A Gate Falls: Lessons In Property Owner Liability For The Insurance Industry

South AfricaReal Estate and Construction

What Happens When A Municipality Sells The Same Land To Two Purchasers?

South AfricaReal Estate and Construction

Allegations Of Fraud Must Not Be Made Lightly

South AfricaReal Estate and Construction

Sale Of A Tenanted Property: Is An Exit Inspection Required Before The Tenant's Deposit Can Be Released?

South AfricaReal Estate and Construction

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Real Estate and Construction
- Real Estate

Related Comparative Guides

Comparative Guide

Real Estate

Comparative Guide

Construction

See more popular content from

Real Estate and Construction

Transferring Immovable Property From A Deceased Estate: Understanding The Process

When the registered owner of immovable property dies, the property forms part of their deceased estate. Consequently, no dealings can occur until the relevant...

South AfricaReal Estate and Construction

Time Is Money: Understanding Extension Of Time Claims Under The General Conditions Of Contract For Construction Works

Construction contracts contain a specified date by which the Contractor must complete the works, or face penalties if not complied with.

South AfricaReal Estate and Construction

Tiefenthaler Africa

Restrictions On Agricultural Land Transactions: Key Considerations For Farm Buyers

When purchasing farm or agricultural land, there are specific legal restrictions and requirements that differ from buying residential properties or sectional title units.

South AfricaReal Estate and Construction

How To Check Your Property Zoning And Apply For Changes In Cape Town

Every property within the boundaries of the City of Cape Town municipality has a specific zoning assigned to it based on the City of Cape Town's Land Use Management System and Development Management Scheme (DMS).

South AfricaReal Estate and Construction

How Should You Own Residential Property In South Africa? Trusts, Companies And Holding Structures Explained

In today’s residential property environment, how you own property is often as important as what you buy. Increasingly, South African investors and high-value homeowners are re-examining traditional ownership...

South AfricaReal Estate and Construction

Occupational Health And Safety Act – Guidelines For The Construction Regulations, 2014

On Friday, 2 June 2017, a notice (GNR.489) was published in Government Gazette No. 40883, which contains guidelines/explanatory notes in relation to the Construction Regulations, 2014.

South AfricaReal Estate and Construction

Special Power Of Attorney vs General Power Of Attorney In Property Transfers: What Must Be Lodged In The Deeds Office?

In property transactions, Powers of Attorney are frequently used, particularly where a Seller or Purchaser is abroad, unavailable, or otherwise unable to sign transfer documents personally.

South AfricaReal Estate and Construction

When Can An Estate Agent Be Held Liable For Latent Defects In Immovable Property?

Claims against estate agents for latent defects discovered after the purchase of immovable property are frequently pursued without a full appreciation of the legal requirements that must be satisfied for success.

South AfricaReal Estate and Construction

Does A Usufruct Automatically Terminate On Death? Understanding The Legal Process

Usufructs are frequently used in estate planning and property transactions in South Africa, particularly where a property owner wishes to grant a surviving spouse or family member...

South AfricaReal Estate and Construction

Transfer Duty And Instalment Sale Agreements: Understanding Section 20 Of The Alienation Of Land Act

Instalment sale agreements offer flexibility in South African property transactions, but many purchasers misunderstand when transfer duty becomes payable. Under Section 20 of the Alienation of Land Act, transfer duty liability may arise at the date of agreement signature—long before ownership actually transfers—creating unexpected financial obligations that require careful legal and tax planning from the outset.

South AfricaReal Estate and Construction