Property practitioners have a wide range of duties designed to ensure professional conduct, consumer protection, and regulatory compliance. Their core responsibilities include facilitating property transactions, maintaining transparency, and upholding ethical standards.
- Regulatory Compliance: Property practitioners must be registered and hold a valid certificate from the Fidelity Fund, renewed annually. They may not render services or receive fees without this certificate. Practitioners must maintain indemnity insurance if required and comply with a prescribed code of conduct.[4]
- Recordkeeping and Disclosure: Practitioners are obligated to keep detailed records for five years and maintain proper accounting of trust monies. They must ensure that a mandatory disclosure form, signed by the seller or landlord, is completed before accepting a mandate to sell or lease a property. Failing to obtain a disclosure form shifts the burden of proof to the practitioner in the event of a dispute.[2]
- Integrity in Transactions: It is a criminal offence to offer, request, or receive financial or other incentives to influence compliance certificate service providers. Practitioners may not make material misrepresentations or withhold facts about a property that could be material to a buyer or lessee.[2] [6]
- Property Management Responsibilities: Duties include conducting routine inspections, handling tenant inquiries, supervising maintenance, coordinating construction or improvements, and ensuring compliance with service agreements and insurance requirements.[1]
- Client Service and Communication: Practitioners must respond promptly to client queries, schedule viewings, draft documents, coordinate transactions, and guide clients through the closing process. They serve both buyers and sellers while managing potential conflicts of interest ethically.[5] [7]
- Professional Conduct: They must avoid conflicts of interest, not exceed their area of expertise without disclosure, and always communicate their full name and trade details on documents. Any mandate should be executed honestly, with accurate property valuations and representations.[6]
- Consumer Protection: The Act and code of conduct are designed to protect buyers, sellers, lessors, and lessees. Practitioners who contravene statutory duties may be ordered to repay any fees received, face fines, and even criminal penalties, including imprisonment.[4]
References
- [1] Job Description Property Manager
- [2] Attention Property Practitioners Are You Actually Compliant Or Just Registered?
- [4] The Property Practitioners Act: What is it all about?
- [5] Duties & Responsibilities of a Real Estate Agent
- [6] PROPERTY PRACTITIONERS ACT CODE OF CONDUCT – Rebosa
- [7] Real Estate Agent Roles and Duties – Indeed
Leave a Reply