Cap. 644 Art. 2Interpretation.    Cap. 490.       S.L. 373.01.   Cap. 356.  Cap. 16.  Cap. 386.   Cap. 16.

In this Act, unless the context otherwise requires:

"Administrative Review Tribunal" means the

Administrative Review Tribunal established by article 5(1) of the Administrative Justice Act;

"Agency" means the Property Market Agency established by article 3;

"authorisation" means an authorisation granted by the

Agency in terms of article 20(5);

"beneficial owner" shall have the same meaning as assigned to it in the Prevention of Money Laundering and

Funding of Terrorism Regulations;

"Board" means the Board of the Agency; "branch manager" means any natural person who is a licence holder and who acts as an intermediary in the process of negotiating and carrying out transactions, involving the acquistion or transfer or lease of land in terms of this Act and who is also licenced and employed or engaged to supervise any property consultant;

"Executive Head" means the Executive Head of the Agency;

"developer" means the owner of the land on which development is executed in terms of the Development Planning

Act;

"land" means all immovable property as defined in the

Civil Code and which is not extra commercium;

"licence" means a licence issued by the Agency to exercise the activity of a property broker, real estate agent, or to act as a branch manager or property consultant or specific property consultant or other property market intermediary;

"licence holder" means any holder of a licence issued by the Agency for exercising the activity of a real estate agent or a property broker or to act as a branch manager or a property consultant or a specific property consultant, or other property market intermediary, depending on the type of licence issued by the Agency;

"Minister" means the Minister responsible for the property market;

"occasional broker" means an individual who acts as a broker in property transactions who:

(a) does not advertise his services in printed media, broadcasting media or on electronic media networks; and

(b) restricts his services to occasional transactions not being more than two (2) transactions involving the acquisition, transfer or lease of land during each calendar year; and where the total value of the land so acquired, transferred or leased in such transactions does not exceed one million euro (€1,000,000), or any other amount whether less or more than one million euro (€1,000,000) as may be established by the Minister by regulations issued under this Act; and

(c) does not employ or contract other persons in the conduct of his business; "partnership" includes a commercial partnership formed and registered under the Companies Act or a civil partnership as provided for in Title X of Part II of Book Second of the Civil

Code;

"property broker" or "immovable property broker" means any natural person who has a licence to act as an intermediary in the process of negotiating and carrying out transactions involving the acquisition, transfer or lease of land in terms of this Act and neither employs nor engages, whether under a contract of service or a contract for services, any branch manager and, or any property consultant and includes an occasional broker and a specific property consultant;

"property consultant" means any natural person who has a licence to act as an intermediary in the process of negotiating and carrying out transactions involving the acquisition, transfer or lease of land in terms of this Act and is employed or engaged,whether under a contract of service or a contract for services, by an estate agent and who acts under the directions of the same or those of a branch manager;

"property market intermediary" includes a branch manager, a property broker, a property consultant, a real estate agent and any other licensee and "property market intermediary " shall be construed accordingly;

"real estate agent" means any natural person who has a licence to act as an intermediary in the process of negotiating and carrying out transactions involving the acquisition, transfer or lease of land and employs and, or engages, whether under a contract of service or a contract for services, one (1) or more branch managers and, or one (1) or more property consultants;

"Register" means the Register of Licence Holders issued to exercise the activity of property brokers, real estate agents, branch managers, property consultants, specific property consultants and occasional brokers, active on the date of publication, held by the Agency;

"specific property consultant" means a person employed or engaged by a developer to act as a property consultant specifically in respect of property developed by that developer.