In terms of the Real Estate Practice Act, Black economic empowerment (BEE) participation will soon be an obligation in the real estate industry.
Piet Le Roux, CEO of the business organization Sakeliga, is not in favor of the new legislation. He explains that those who previously met the necessary requirements could act as real estate professionals but with the new developments they will now have to have a BEE certificate as a prerequisite.
Le Roux believes that disguising participation in BEE processes as a professional requirement is blatantly harmful, unconstitutional and unfair. He points out that this is unacceptable political interference with the freedom of the industry and the prosperity of the industry for clients as well as the economy.
The new legislation provides that the Real Estate Practices Regulatory Authority may not issue a Fidelity Fund Certificate to any person who does not have a valid BEE certificate. No person may, therefore, act as a rea
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