Do managing agents have to comply with the regulated real estate agent education?

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In terms of the relevant Specification of Services notice, the activities of sectional title managing agents fall within the definition of ‘estate agent’ insofar as they collect or receive money payable by any person to or on behalf of a body corporate in terms of the Sectional Titles Act. In practice, therefore, all managing agents generally fall within the ambit of this requirement.

The Act prescribes that monies received from the public must go into the agent’s trust account and from there into the body corporate account to be disbursed on instruction from the body corporate.

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