Estate Agents Act
- Commenced on 31 August 2007
- [This is the version of this document at 31 December 2016 and includes any amendments published up to 31 December 2017.]
- [Note: This version of the Act was revised and consolidated by the Law Development Commission of Zimbabwe]
Part I – Preliminary
1. Short titleThis Act may be cited as the Estate Agents Act, [Chapter 27:17].
Part II – Estate Agents Council
3. Continuation of former CouncilThe Estate Agents Council established by the repealed Act shall continue in existence as a body corporate capable of suing and being sued in its own name and, subject to this Act, of performing all acts that bodies corporate may by law perform.
4. Functions of CouncilThe Council’s functions shall be—
5. Composition of Council
6. Chairman and vice-chairman of Council
7. Terms and conditions of office of members
8. Disqualifications for election or appointment as memberNo person shall be elected or appointed as a member, and no person shall be qualified to hold office as a member, who—
9. Vacation of office by memberA member shall vacate his office and his office shall become vacant—
10. Minister may require member to vacate office
11. Filling of vacancies on Council
12. Meetings and decisions of Council
13. Validity of decisions and acts of CouncilNo decision or act of the Council or act done under the authority of the Council shall be invalid only because—
14. Funds of CouncilThe funds of the Council shall consist of—
15. Expenses of CouncilSubject to this Act, the expenses incurred by the Council in the exercise of its functions under this Act shall be met out of the funds of the Council.
16. Accounts of Council
17. General meetings of registered estate agents
18. Inquiries by Council
19. Committees of Council
20. Recovery by Council of costs and feesThe Council may by proceedings in a competent court recover—
Part III – Registrar and Register of Estate Agents
21. Registrar of Estate Agents
22. Register of Estate Agents and certificates of registration
23. Offences in connection with Register, etc.A person who—
24. Register and certificates of registrar to be evidence
Part IV – Registration
25. Qualifications for registrationFor the purposes of this Part, a person shall be qualified to be registered as an estate agent if—
26. Board of examiners and recognition of examinations and qualifications
27. Application for registration
28. Application for registration to be referred to Council
29. Procedure by Council in connection with application for registration
30. Provisional registration
Part V – Cancellation and suspension of registration and disciplinary powers of Council
31. Disciplinary powers of Council
32. Persons employed by estate agents
33. Exercise of disciplinary powers by Council on conviction of offence: court to forward evidence
34. Failure to pay contributions and fees
35. Suspension because of sequestration or liquidation of company
Part VI – Appeals
36. Appeals against decisions of Council
Part VII – Estate Agents Compensation fund
37. Continuation of Estate Agents Compensation Fund and vesting thereof
38. Composition of Compensation FundThe Compensation Fund shall consist of—
39. Compensation for loss due to estate agent’s dishonesty
40. Assignment of rights when Council makes grant from Compensation Fund
41. Compensation fund certificates and contributions to Compensation Fund
42. Practising without compensation fund certificate
43. Failure to produce compensation fund certificateIf any person practising as an estate agent fails without just cause to produce on demand a valid compensation fund certificate to—
44. Insurance to indemnify Compensation FundThe Council may enter into a contract with an insurer registered under the Insurance Act [Chapter 24:07] whereby the Compensation Fund will be indemnified to the extent and in the manner provided by such contract against the making of grants under this Part.
45. Investment of moneys in Compensation FundAny moneys in the Compensation Fund which are not immediately required for the purposes of the Compensation Fund shall be invested in such securities as the Council may determine.
46. Borrowing for purposes of Compensation FundThe Council may borrow moneys for the purposes of the Compensation Fund and may charge any investment of the Compensation Fund by way of security for such loan:Provided that the aggregate sum owing at any one time in respect of any such loan or loans shall not exceed such limit as may be prescribed in regulations.
47. Audit of Compensation FundThe accounts of the Compensation Fund shall be audited at least once in each year by a person who is registered as a public auditor in terms of the Public Accountants and Auditors Act [Chapter 27:12] and appointed by the Council.
48. Expenditure from Compensation FundSubject to this Act, there shall be paid from the Compensation Fund all or any of the following—
49. Fidelity cover
50. Rules in respect of Compensation FundRules made by the Council in terms of subsection (3) of section seventy may provide for the administration of the Compensation Fund and all matters incidental thereto, including—
Part VIII – Trust accounts
51. Opening of trust accounts
52. Books of account and audit of accounts
53. Trust moneys excluded from insolvency or attachmentNo amount standing to the credit of a trust account shall form part of the assets of the person required to keep it, and no such amount shall be liable attachment at the instance of any creditor of that person:Provided that any excess remaining after payment of the claims of all persons whose moneys have or should have been deposited in the trust account shall be deemed to form part of that person’s assets.
54. Control of operation of trust account
55. Bank or financial institution not deemed to know that funds are held in trustA bank or other institution at which a person keeps a trust account shall not, by reason only of the name or style by which the account is distinguished, be deemed to have knowledge that that person is not entitled absolutely to all moneys paid or credited to the account:Provided that nothing contained in this section shall relieve a bank or other institution from any liability or obligation under which it would be apart from this Act.
56. Limitation of set-off, etc., against trust accountNotwithstanding anything contained in section fifty-five, a bank or other institution at which a person keeps a trust account shall not, in respect of any liability of that person to the bank or other institution, not being a liability arising out of or in connection with that account, have or obtain any recourse or right, whether by way of set-off, counterclaim, charge or otherwise, against moneys standing to the credit of that account.
57. Saving of estate agent’s rights against moneys in trust accountNothing contained in this Part shall be construed so as to take away or affect any just claim, lien, counterclaim, right or set-off or charge of any kind which an estate agent may have under any law against or upon any moneys held or received by him on account of any person.
58. Partnership or group trust accounts
59. Council may require certified balance of trust accountA bank or other institution at which a trust account is kept shall, whenever so requested by the Council, furnish the Council with a signed certificate of balance certifying the amount, if any, standing to the credit or debit of that trust account in that bank or institution as at such date or dates as may be specified by the Council.
Part IX – General
60. Offences by or in respect of unregistered persons
61. Incorporated estate agents
62. Persons who may perform estate agents’ work without being registered
63. Special provisions relating to companies and partnerships
64. Supervision of employees
65. Estimation of sale price not to constitute valuationA registered estate agent who, in connection with a sale, proposed sale, lease or proposed lease of immovable property, gives the seller, purchaser, lessor or lessee an estimate of the price at which the property or any part of it may be sold or leased, shall not thereby be regarded as practising or carrying on business as a valuer in contravention of the Valuers Act [Chapter 27:18].
66. Notice of registration, order, cancellation, suspension, etc.
67. Information to be notified to Registrar
68. Commission or remuneration not recoverable in certain casesNo commission or remuneration shall be recoverable in any court in respect of any act pertaining to the practice of an estate agent when performed by a person—
69. Certain terms and conditions in sales of immovable property to be voidNo term or condition in any contract for the sale of immovable property shall be of any effect to the extent that it purports to—
70. Regulations and rules
71. Alteration of ScheduleThe Minister, with the approval of the Council, may at any time, by statutory instrument, amend the Schedule.
72. ***[section repealed by section 4 of Act 22 of 2001]
73. Prosecution not to preclude other proceedingsThe prosecution or conviction of any person for an offence in terms of this Act shall not be a bar to any other proceedings that may be taken against him in respect of the act or omission which formed the subject of the charge.
74. Repeal and savings
History of this document
31 August 2007