ESTATE AGENTS ACT
Arrangement of Sections
1. Short title
THE ZAMBIA INSTITUTE OF ESTATE AGENTS
3. Establishment of institute
4. Seal of institute
5. Functions of institute
6. Registrar and other employees
7. Membership of Institute
THE COUNCIL OF THE ZAMBIA INSTITUTE OF ESTATE AGENTS
8. Council of Institute
REGISTRATION OF ESTATE AGENTS
9. Register of Estate Agents
10. Powers of Registrar
11. Application for registration as Estate Agent
12. Qualifications for registration as Estate Agent
13. Procedure for registration
14. Certificate of registration
15. Publication of copies of register
16. Restrictions on practice
PROFESSIONAL CONDUCT AND DISCIPLINE
17. Professional conduct
18. Disciplinary Committee
19. Functions of Disciplinary Committee
20. Powers of Disciplinary Committee
21. Disciplinary penalties, etc
MANAGEMENT OF CLIENT’S MONEY
22. Meaning of “client”
23. Client account
24. Money to be paid into client account
25. Money which need not be paid into client account
26. Withdrawing of money from client account
27. Regulations for management of clients’ money
28. Segregation of account books and accounts
ESTATE AGENTS’ COMPENSATION FUND
29. Compensation Fund
30. Compensation Fund certificates
31. Insurance of Fund
32. Money of Fund
33. Grant out of Fund
34. Rules of Fund
35. Audit of Fund
OFFENCES AND PENALTIES
36. Prohibition of practicing without registration or while on suspension
37. Prohibition of registration through fraud, etc
38. Penalties for offences
39. Fees and charges for services
40. Submission of annual report to Minister
41. Dissolution, vesting of assets and liabilities of former Institute and continuation of proceedings
to provide for the regulation of the practice and business of Estate Agents; to provide for the establishment of the Zambia Institute of Estate Agents and for its functions and membership; to provide for the establishment of the council of the institute and for its functions and composition; to provide for the registration of Estate Agents and for their professional conduct and discipline; to provide for the management of clients’ money by Estate Agents in the course of business and for the establishment of an Estate Agents Compensation Fund; and for other matters connected with incidental to the foregoing.
[24th september, 2010]
Act 21 of 2000.
SI 78 of 2010
This Act may be cited as the Estate Agents Act.
(1) In this Act, unless the context otherwise requires—
“council” means the council of the Zambia institute of Estate Agents established under section 8;
“Estate Agent” means a person who is registered as an Estate Agent under sub-section (3) of section 12 or under section 13;
“former institute” means the Zambia institute of Estate Agents registered as a society under the Societies Act;
“Fund” means the Estate Agents Compensation Fund established under section 29;
“immovable property” includes any interest therein, but does not include a mine, a quarry or a mineral;
“institute” means the Zambia institute of Estate Agents established by section 3;
“Registrar” means the person appointed Registrar under section 6.
(2) For the purposes of this Act, to practice or carry on business as an Estate Agent means, subject to sub-section (3) to do for payment or reward any of the following acts—
(a) bringing together or taking steps to bring together the parties to a sale or lease or proposed sale or lease; or
(b) negotiating the terms of a sale or lease or a proposed sale or lease, in the course of business in connection with immovable property belonging to another person.
(3) For the purposes of this Act, the following persons shall not be regarded as practicing or carrying on business as an Estate Agent—
(a) a person who does an act reffered to in sub-section (2) in connection with immovable property belonging to that person or to that person’s employer or which is to be purchased by that person’s employer;
(b) a person in the bona fide employment of an Estate Agent whilst that person is working under the direction and control of the Estate Agent;
(c) an administrator or executor of the estate of a deceased person, in relation to that estate;
(d) a trustee, liquidator or judicial manager whilst exercising any powers conferred upon that person by the law relating to insolvency;
(e) the Sheriff and other officers, in the performance of their functions under the Sheriffs Act;
(f) a legal practitioner, an accountant or a valuation surveyor in the course of practising as such;
(g) a public officer;
(h) a person employed by a Bank or financial institution whilst carrying out the functions of the Bank or financial institution; or
(i) any other person who, or any category of persons which, the Minister may, by a statutory instrument declare as not being regarded as practising or carrying on business as an Estate Agent.
THE ZAMBIA INSTITUTE OF ESTATE AGENTS
There is hereby established the Zambia institute of Estate Agents which shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its corporate name and with power, subject to the provisions of this Act, to do all such acts and things as a body corporate may by law do or perform.
(1) The seal of the institute shall be such device as may be determined by the council and shall be kept by the Registrar.
(2) The council may use a wafer or rubber stamp in lieu of the seal.
(3) The affixing of the seal shall be authenticated by the Chairperson or the Vice-Chairperson, and the Registrar or one other person authorised in that behalf by a resolution of the council.
(4) Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal may be entered into or executed without seal on behalf of the institute by the Registrar or any other person generally or specifically authorised in that behalf by the institute.
The functions of the institute shall be—
(a) to promote and regulate the practice and business of Estate Agents;
(b) to promote and maintain best standards and practices in the business of Estate Agents;
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