The Act establishes a Real Estate Agent Authority (the “Authority”), whose objectives include the regulation and control of the business activities of real estate agents, the promotion of transparency, accountability and integrity in the real estate sector, and the protection and assistance of any person engaged in real estate transactions with real estate agents.

There is a mandatory requirement for a “real estate agent” to be registered with the Authority. It is interesting to note that the definition of “real estate agent” in the Act is wider than the category of agents who typically introduce, advise and/or negotiate on behalf of parties. It includes a person who, or a partnership in which he is a member which, carries out a real estate transaction by: