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Property Practitioners Act, 2019 (Act No. 22 of 2019)

Regulations

Property Practitioners Regulations, 2022

Chapter 4 : Fees and the Fidelity Fund

15. Fees payable under the Act

 

15.1 Every property practitioner who is a natural person shall—
15.1.1 as of the calendar year 2020, pay to the Authority a levy of R 2 340 set for the period of 3 years; or
15.1.2 in the alternative, if so permitted by the Authority, pay R780 per annum.

 

15.2 A candidate property practitioner as defined in the Act shall
15.2.1 pay R380 in each year of his/her candidacy period; and
15.2.2 where the candidacy period has exceeded two years, the candidate property practitioner shall pay the same levy applicable to every property practitioner mentioned in 15.1.1 or 15.1.2.

 

15.3 Every property practitioner who is a natural person shall, upon first becoming registered as a property practitioner pay to the Property Practitioners Fidelity Fund (“the Fidelity Fund”) a contribution of R 400.

 

15.4 Every property practitioner to whom a fidelity fund certificate or registration certificate, as the case may be, has already been issued in respect of a specific calendar year, shall, unless he/she has ceased or will cease before the end of that year to operate as a property practitioner and has advised the Authority of such fact in writing, by not later than 31 October of that year, apply to the Authority for the issue to him/her of a fidelity fund certificate.

 

15.5 Any person who intends to commence operating as a property practitioner during the course of any calendar year shall apply to the Authority for the issue to him/her of a fidelity fund certificate or registration certificate, as the case may be, in respect of the remainder of that year.

 

15.6 The applications referred to in regulation 15.5 shall be accompanied by the levies referred to in regulation 15.3 and by the contribution referred to in regulation 15.4, if the contribution is applicable.

 

15.7 If the Authority is satisfied that the applicant concerned is not disqualified in terms of section 50 of the Act and that the requirements of regulations 15.5 and 15.6 have been complied with, the Authority shall issue to the applicant a fidelity fund certificate or a registration certificate, as the case may be, which certificate shall be expressed to be valid until 31 December of the last year to which the application relates.

 

15.8 The holder of a fidelity fund certificate or a registration certificate, as the case may be, shall inform the Authority within fourteen (14) days of any change in the information supplied to the Authority at the time of applying for the issue to him/her of such certificate.