When may a principal estate agent not perform any act as an Estate Agent?
A principal estate agent may not perform any act as an estate agent unless a valid fidelity fund certificate has been issued to him and to every person employed by him as an estate agent, including independent contractors rendering estate agency services to him, as well as in the case of a company and close corporation, which are estate agents, to every director of the company and every member of the close corporation. He may also not perform any act as an estate agent unless he has taken out fidelity fund insurance in respect of every person employed by him, to an amount which in the opinion of the Board is sufficient (currently 10 000.00 Namibian dollars per person). All moneys received by the firm in it capacity as an estate agent must forthwith be deposited into the trust account. Accounting records and auditing Every principal estate agent must keep accounting records of his activities as an estate agent, which fairly reflect and explain the state of affairs of: 1. all money recei
