The launch of PPRA, which will replace the Estate Agency Affairs Board (EAAB), marks the coming into operation of the Property Practitioners Act, which is aimed at strengthening the regulatory aspect of the human settlements sector.
The new body’s main functions include, among others, to regulate the affairs of all property practitioners, to allow for transformation in the property sector, and to provide for consumer protection.
The Property Practitioners Act, which governs the PPRA, came into effect on 1 February 2022. The Act provides for, among other things, the regulation of property practitioners, transformation of the property sector, and continuation of the Estate Agents Fidelity Fund, as the Property Practitioners Fidelity Fund.
Kubayi said the Property Practioners Act, by which the PPRA is anchored, is a consumer-focused piece of legislation that has been designed to protect consumers in the property industry. She said that the PPRA, in contrast to the EAAB, will have more far-reaching powers, including inspections without notice and more serious consequences for non-compliance.
Meanwhile, Kubayi said the property practitioners sub-sector needs to be transformed so that the historically disadvantaged, especially women and people living with disabilities, can participate meaningfully.
On transformation, the Act entails the following elements, amongst others:
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