20190315 (Fri)
What are key differences between MEAS 2014 and MEAS 2018? Definitions.
Go here to read the actual standard – Definitions.
The key changes in “DEFINITION” are:
– Act has changed name to include Property Managers.
– “Certified Person” added- Client’s account must be by principal/REA partner/REA Director or person authorized by the Board (no other person authorized by the firm).
– “Co-Agent” added despite earlier on “Co-agency” already in MEAS 2014.
– “Client’s Money” deleted
– “Estate Agency Agreement” to include tenancy administration agreement.
– “Estate Agency Practice” definition is clearer in subsections and including (e) tenancy administration.
– “Estate Agency Transaction” to include tenancy administration.
– Limited Liability Partnership (LLP) now allowed for registration as firm.
– New terms “Lead Agency” or “Lead Agent” as engagement with Developers.
– The legal position of “Negotiator” to assist a REA.
– “Negotiator” to include REN & Probationers.
– “Probationer” as the new term.
– Sub-Agent which also means “co-agent” for engagement with Developers.
We will see some details in the MEAS 2018 one by one.