Section 48 of the new Property Practitioners Act came into effect in 2022, but has recently raised red flags amongst smaller property agents over its Broad-Based Black Economic Empowerment requirements, which is a major problem for 65% of the industry, Section 48 states that 'no entity may act in the capacity of a property practitioner without a valid Fidelity Fund Certificate ', but according to the BEE rules, no FFC can be issued without a BEE certificate - which for small businesses...
According to Le Roux, only a valid BEE certificate is currently required. This means the certificate is valid if it has been issued by a proper verification registered with SANAS and that no minimum score is required. However, Nkambule explained that "the PPRA’s position is that it will not issue an FFC unless a compliant BEE certificate accompanies the application".
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTechSA - 🏆 24. / 61 Read more »