Cap. 644 ст. 18Licensing requirement.

(1) The activity of a property broker or real estate agent consists of acting as an intermediary in the process of negotiating and carrying out transactions involving the acquistion or transfer or lease of land, including when the said activity is carried out through the engagement or the employment of a branch manager or a property consultant or specific property consultant.

(2) No person shall exercise the activity of a property broker or real estate agent or be employed or engaged as a branch manager or property consultant or specific property consultant unless such person is in possession of a valid licence issued under this Act:

Provided that specific property consultants shall be required to obtain a licence in terms of this Act, in cases where the Minister may so establish by regulations issued under this Act.

(3) Notwithstanding the other provisions of this Act, a person registered with the Agency as an occasional broker shall not require a licence in accordance with this Act to act as an occasional broker:

Provided that such person shall, prior to his involvement whatsoever in any transaction, still be required to request approval from the Agency prior to the commencement of any activity in the form prescribed by the Agency for the purpose of informing the Agency of the intention to carry out such occasional activity and to provide any other information which the Agency may require:

Provided further that the Agency shall ensure that an occasional broker provides the Agency with information on the number and value of transactions on an annual basis and, or on an ad hoc basis as the Agency may deem necessary:

Provided further that the registration of any such person as an occasional broker shall only be valid for a period of one (1) calendar year and may be renewed by the Agency, unless there exists a valid reason for the Agency to determine otherwise, and provided that it is shown to the satisfaction of the Agency that any such person has during the period of his registration conformed with the requirements set out in this Act, in the exercise of his trade as an occasional trader.

(4) Where a real estate agent or a property broker intends to carry out his activity with some other person, they shall form a partnership, having as its main object the activity envisaged under sub-article (1), and they shall seek the authorisation of the Agency prior to the commencement of activity.

(5) (a) Any person who fails to comply with the provisions of this article shall be liable to an administrative penalty not exceeding twenty thousand euro (€20,000) to be imposed by the Agency;

(b) Any real estate agent, or developer of real estate who employs or engages any property consultant, or specific property consultant or branch manager who acts in breach of this article shall also be personally liable for such breach and for the payment of an administrative penalty as is provided for in paragraph (a).