20190315 What are the key differences between MEAS 2014 & 2018? Definitions.

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.

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