The Real Estate Institute of Botswana Real Estate Institute of Botswana

Secretariat Office
Private Bag BO 0236
Gaborone
HANDBOOK
March 2014
Tel / Fax: +267 3930152
Email: reibinfo@gmail.com
Website: www.reibclickonline.co.bw
 Contents

. Constitution

. Real Estate Act

. Rules and Regulations of The Real Estate Institute of Botswana

. Code of Ethics and Conduct

. Valuation Standards Committee Operating Guidelines

. Application Process

. Examination Guidelines

. Application Checklist

. Application Forms
 Real Estate Institute of Botswana
Constitution
ARTICLE 1
NAME
The name of the Institute shall be The Real Estate Institute of Botswana
The Headquarters of the Institute shall be at Gaborone in the Republic of Botswana.

ARTICLE 2
INTERPRETATION
A. Institute shall mean The Real Estate Institute of Botswana.
B. Council shall mean the governing body of the Institute appointed in terms of this constitution.
C. Words signifying the singular number shall include plural and vice versa and words signifying the masculine shall include the feminine and vice versa unless they appear
specifically otherwise from the context.

ARTICLE 3
OBJECTS
A. To unite in one body all persons participating in the profession of an auctioneer, estate agent, valuer or property manager.
B. To promote and encourage high standards of professional practice in relation to property valuation, estate agency, property management, property auctioneering and related
activities by;
(i) Establishing and maintaining a code of professional conduct and practice for members and,
(ii) Preventing illegal, dishonorable, improper and objectionable practices by members and, (iii) Providing opportunities for the acquisition and diffusion of knowledge relating
to all activities in (A) above and related subjects and,
(iv) Promoting such legislation as may be necessary to achieve the proper control of all persons engaging to wish to engage in any of the activities in (A) above.
C. To promote proper conduct and good relations between members and provide for the amicable settlement of disputes among members.
D. To protect and promote the interests of members, the property professions, and the public in relation to any of the activities of members included in (A) above.
E. To promote legislation and amendments to the law in relation to any of the activities in (A) above.
F. To establish and maintain good relations with other professional bodies in Botswana, to establish links with similar societies in other countries and support any international
bodies with similar objectives.

ARTICLE 4
A. MEMBERSHIP
(i) HONORARY MEMBERS
Being persons not practising as valuers, estate agents or auctioneers appointed as such by the Council by reason of their special achievements, attainments or services rendered.
Persons elected as Honorary Members shall be classified as Honorary Members and may use the relevant designation and letters. Honorary Members may attend all general
meetings of the Institute, but shall not be entitled to vote at any such meeting. They shall not be liable for membership fees or be required to contribute towards the funds of the
Institute. An Honorary member shall cease to be an Honorary Member on resignation from Honorary Membership or on his removal in terms of this Constitution, or should he
commence practising as a valuer, auctioneer, estate agent or property manager.
(ii) FELLOWS being: -
b. FULL MEMBERS who have on their admission to membership been ranked as such by the Council of its own motion, the Council being satisfied that they have special
qualifications justifying this rank;
FULL MEMBERS who have been raised to the rank of fellowship by the Council in its
sole discretion having regard to their competence and experience; or
c. FULL MEMBER who has attained the age of at least 30 years, with not less than ten years membership who, on application by him, has been elevated to Fellow by the Council.
Such application shall be made in writing to the Secretary and recommended by at least 2 full members of the Institute.
(iii) FULL MEMBER being,
a. Valuers who have passed such examination as may from time to time be approved by the Council, being not less than Bachelors Degree in Estate Management, Land
Administration, Land Economy or equivalent plus a minimum of 2 years approved practice in Botswana, or any other combination of academic qualifications and practical
experience that may be acceptable to the Council or,
b. 1. Persons who have been engaged in Estate Agency in Botswana prior to 1st January,1993 and have continued to practice up to the date of application to membership
provided that the application is received by the Institute prior to 31st December, 1993 or,
2. Estate Agents who have obtained a certificate in property management/ estate agency or any other qualifications approved by the Council.
(iv) PROBATIONER MEMBER
Being any person who holds academic qualifications for full membership or who holds a cognate diploma in Property Valuation or equivalent but has not satisfied the Council
as to his relevant practical experience.
(v) STUDENT MEMBER
Being a person who has proof that he is registered with an educational Institution for a course leading to a diploma in property valuation or any other course considered by the
Council as equivalent or superior thereto, which proof shall be produced annually. Student members may attend all General Meetings of the Institute but shall not be entitled to
vote at any such meetings.
 Real Estate Institute of Botswana
Constitution

(vi) RETIRED MEMBER

a. Being a full member who has formally retired from practice as valuer/estate agent/auctioneer, but who wishes to continue his connection with the Institute, and
b. who shall attain such status on production to the Council of satisfactory proof that he has retired from practice as a valuer/estate agent/auctioneer, and
c. who shall pay one-half of the current annual subscription for the class of membership he held before retirement or such less amount as the Council may deem fi t in the
circumstances of each specific case.
(vii) USE OF LETTERS BY MEMBERS
A member who is a fellow shall be entitled to use the letters FREIB after his names. A full Member shall be entitled to use the lettersMREIB after his names.

B. APPLICATION FOR MEMBERSHIP

(i) Applications for membership of the Institute shall be submitted in the first instance, to the Secretary on the prescribed forms and shall be accompanied by the appropriate
entry fee referred to in Article 4.D.
(ii) The Secretary shall refer any application received to the Council for decision and its decision shall be final. In the event that the application is unsuccessful the fee referred
to in Article 4 D.(i) shall be forfeited to the Institute.
(iii)On receipt of any application, the Council may call for;
a. Further information from the participant.
b. authentication of any supporting documents submitted by the applicant;
c. The attendance of the applicant for an interview, before making its decision.
(iv)The Council shall not disclose its reasons for refusing to admit any applicant to any grade of membership or attached class of membership.
(v) On admission of a new member to the Institute by the Council, the Secretary shall
a. enter the new members name and address in the membership register; and
b. call for payment of the relevant annual subscription for the year in which the application is made; and
c. on receipt of the subscription referred to in Article 4 D (ii), issue the new member with the relevant certificate of membership endorsed in accordance with Article 6 A (i)
to (vi), which shall remain at all times the property of the Institute.

C. APPLICATION FOR ELEVATION IN STATUS

(i) Applications for elevation in status shall be submitted to the Secretary on the prescribed forms, and shall be accompanied by any additional fee which, his new status may
demand if his application is successful.
(ii) The Secretary shall refer any application received to the Council for decision and its decision shall be final.
(iii)In the event of an application being unsuccessful, any additional fee submitted with the application in terms of paragraph (ii) above shall be forfeited to the Institute.

D. FEES
(i) The entry fees and annual subscriptions shall be determined by the Council and ratified by a general meeting from time to time and notified in writing to members by the
Secretary.
(ii) In determining entry fees and annual subscriptions the Council may set different levels of fees and annual subscriptions for different classes of Institute membership.
(iii) Annual subscription shall be paid in advance by the 1st January in each calendar year, and any member whose annual subscription is unpaid by -
a. The 28th February in that year, shall lose his right to attend and vote at meetings;
b. The 31st March in that year may have his membership terminated by the Council.

E. REINSTATEMENT OF LOST MEMBERSHIP

The Council, may subject to such terms and conditions as it may in its discretion impose,
reinstate to full membership any person who for whatever reason, had lost his membership.
 Real Estate Institute of Botswana
Constitution
ARTICLE 5
TERMINATION OF MEMBERSHIP
Membership of the Institute shall terminate, irrespective of the class of such membership, in the event of any of the following:
A. i) Nonpayment of fees as provided for in Article 4D (iii) b
ii) BreachofanyprovisionofArticle15containedintheConstitutionorbeingfoundguilty by the Council of misconduct as determined by the Council.
iii) Resignation
any member may resign from the Institute by giving written notice of his intention to resign to the Council which shall stipulate an effective date of resignation
which date shall not be prior to the date of the notice of resignation itself.
a) any member who resigns or whose membership is terminated by the Council shall be liable for any arrears of subscriptions, fees or levies due from him, and such
arrears shall be paid on demand.
b) if any subscriptions, fees or levies are not received timorously or on demand, then the resignation or termination shall be recorded as being in bad standing.

ARTICLE 6 GOVERNING BODY

A. The affairs of the Institute shall be managed by a governing body to be known as the
Council. The Council shall comprise the following officers: The President of the Institute
Vice President
Secretary Treasurer
And four members
The Council shall be constituted of full members or fellow members of the Institute.
B. The Council shall have the power to and shall be obliged to administer, conduct and control the affairs of the Institute in accordance with this Constitution.
C. The Council shall ensure the expeditious conduct of the affairs of the Institute, and shall in particular -
(i) keep proper books and records and record full minutes of all Annual General Meetings and Council Meetings clearly reflecting the decisions taken;
(ii) keep proper books of accounts reflecting all the financial transactions of the Institute;
(iii)prepare a detailed income and expenditure account and balance sheet for the past financial year which shall be duly audited and presented to the Annual General Meeting;
(iv)Appoint executive officers and signing officers. The signing officers shall be the President, Vice-President and such other members of the Council as may be appointed by it,
any one of whom together with the Treasurer shall have the right to sign all cheques and documents on behalf of the Institute.
(v) Appoint when desirable a member of the Council to act as Secretary or Treasurer in order to carry out the necessary functions of the Secretary or Treasurer during brief
absences or pending new appointment in their place.
7 D. The council shall have the power to do such things required of it and exercise all such powers
conferred on it by the Constitution which are not reserved by the Constitution for the Institute in General Meetings, and in particular to do all things it may deem desirable and
necessary in respect of the following:
(i) To regulate applications for admission to membership and to decide upon application therefore.
(ii) To maintain and control a register of Members.
(iii)To determine the entry fee, annual subscriptions and any other fees payable by Members and the time, manner and place for the payment thereof and such fees/
subscriptions to be ratified by the General Meeting.
(iv)To make regulations concerning the conduct of members in relation to the services they provide as set out in Article 3A and concerning breaches of discipline.
(v) To frame a recommended tariff of fees and other allowances to be charged by Members for the provision of professional and other services as set in Article 3A.
(vi)To determine the field or fields of practice in which a member may engage in and to endorse the Certificate of Membership accordingly.
(vii) To remove from the register of members the names of persons no longer entitled to membership and to recover the Certificate of Membership.
(viii) To determine the location of the Head Office of the Institute provided the head office shall be at such place as the Council may by two-thirds majority decide the place or
places for the holding of General Meetings and meetings of the Council.
(ix)To utilize the funds of the Institute in any manner this may be necessary or expedient for the proper conduct of the functions of the Institute.
(x) To lend or invest any of its funds against suitable security.
(xi) To purchase, own, hire, let, sell, alienate or otherwise deal with immovable or movable property.
(xii)To recommend to a General Meeting the liquidation of the Institute if desirable and to recommend the manner in which any surplus funds shall be disposed of.

ARTICLE 7
COUNCIL MEETINGS
A. The Council shall meet at such times and at such places as may be decided by the Council. The President shall be entitled to call a meeting at any time but, at not less
than three monthly intervals, and shall also do so on written requisition of at least 4 of the members of the Council.
B. The quorum at such meetings shall not be less than 5 of the members of the Council.
C. A Council meeting shall be convened by the Secretary with not less than ten days written notice accompanied by an agenda posted/delivered to each member.
Non-receipt of a notice duly dispatched, shall not subject to Article 7.B invalidate the proceedings of the meeting or any resolutions passed thereat.
 Real Estate Institute of Botswana
Constitution
ARTICLE 8
ANNUAL GENERAL MEETINGS
A. The Annual General Meeting shall be held during the month of March at such place as the Council shall determine. In the event of the Annual General Meeting not being held
during March, it may be held during the month of April or May.
B. The Annual General Meeting shall be convened by notices addressed by the Secretary to all members not less than twenty one days prior to the date thereof, such notice shall
include an agenda for the meeting, and a copy of audited annual accounts. Non-receipt of a notice duly despatched shall not, subject to C below, invalidate the proceedings of
the meeting or any resolutions passed thereat.
C. The business of an Annual General Meeting shall be to receive and consider the audited income and expenditure account, the balance sheet and the annual report of the
President, to appoint an auditor for the ensuing year and determine his remuneration, to elect members of the Council as provided for in the constitution and to transact any
other business included on the agenda.
D. Any Member wishing to put down a motion for discussion at the Annual General meeting shall submit it in writing to the Secretary at least three weeks prior to the date of the
Annual General Meeting; provided however that nothing in this clause shall prevent a member from proposing during the course of the meeting an amendment to any motion
included in the agenda.
E. A quorum for an Annual General Meeting shall be 40% of the members personally present or represented by proxy or proxies: provided that not more than fifty one per cent
of the quorum may be represented by proxy.
F. If a quorum cannot be formed, then those members present may decided to postpone the meeting to another date, time and place and the date of such postponed meeting
shall be published [in the press/writing drums] not less than 7 days prior to the date thereof.
The meeting constituted after the postponement would form a quorum regardless of the members present and should carry on the business for which the meeting has been
called in terms of the agenda prepared for the Annual General Meeting at which no quorum was present.

ARTICLE 9
SPECIAL GENERAL MEETINGS
A. The Secretary shall convene a Special General Meeting on the instruction of the Council or on receipt of a requisition for such a meeting signed by at least 25% of the
members. Such a meeting shall be summoned by the Secretary within 24 days of receipt of such requisition.
B. No business shall be transacted at a Special General Meeting save that contained in the notice convening such a meeting.
C. Nolessthan14daysbutnomorethan21daysnoticeshallbeservedtoallmembers,attheir addresses recorded in the membership register, advising them of the holding of a Special
General Meeting and the business to be transacted thereat.
D. Non-receipt of the notice referred to in paragraph (C) shall not invalidate any decisions taken at a Special General Meeting.
E. A quorum for a Special General Meeting shall be 40% of the members represented personally or by proxy, and in the event that a quorum is not present within half-an hour
of the time appointed for the meeting, the meeting shall fall away.
F. At any Special General Meeting a resolution put to the vote of the meeting shall be decided on a show of hand unless a secret ballot is demanded by three or more members
present. Any resolution shall be carried by a simple majority of votes cast.
G. Where a secret ballot is successfully demanded it shall be taken in such manner and with such scrutinizers as the President may direct.

ARTICLE 10
DUTIES OF OFFICE BEARERS A. DUTIES OF A SECRETARY
(i) Shall attend all Council and General Meetings of the Institute and record the minutes;
(ii) Shall keep up to date a list of members.
(iii) Shall take custody of all the records of the Institute and carry out any duties as directed
by the Council or by the Institute or as contained in the Constitution or in any
regulations made there under;
(iv) Shall send out every notice of meeting and the agenda to members.

B. DUTIES OF A TREASURER
(i) keep the accounts of the Institute and all such accounts shall be open to inspection by any member having an interest in the funds of the Institute;
(ii) effect subject to (vii) below or accept any payment;
(iii)give a full and valid discharge for any debt and sign any receipt therefore;
(iv)immediately pay into the Institutes bank account as all monies received by him, but providing that he may keep in his possession for petty cash such sum as may be
prescribed by Regulation of the Council from time to time;
(v) prepare the Annual Accounts as at the 31 December each year and a statement of accounts at such other time as the President may require;
(vi)produce his books for examination whenever required to do so by the President or the Auditors;
(vii) in conjunction with any one other office bearer sign all cheques and any other instruments from any Institute bank account due upon authorization by the Council.
C. The President
When present he shall chair all the meetings of the Council and the Institute and shall have a casting vote.
D. Vice President
When the President is absent, he shall assume the duties of the president.
 Real Estate Institute of Botswana
Constitution
ARTICLE 11
ELECTIONS
A. The President shall be elected at the Annual General meeting for a period of two years and shall be eligible for re-election. He shall assume office at the end of the Annual
General meeting at which he is elected and shall retire at the end of the Annual General Meeting at which his successor is elected.
B. The Vice-President shall be elected at the Annual General Meeting for a period of one year and shall be eligible for re-election. He shall assume office at the end of the
Annual General Meeting at which he is elected and shall retire at the end of the Annual General Meeting at which his successor is elected.
C. The Secretary shall be elected for a period of two years at the Annual General Meeting and shall be eligible for re-election.
D. The Treasurer shall be elected for a period of one year at the Annual General Meeting and
shall be eligible for re-election.
E. The four members shall be elected at the Annual General Meeting for a period of one year and each member shall be eligible for re-election.
F. Nominations are to be sent to the Secretary of the Institute 7 days prior to the date of the Annual General Meeting and are to be on the prescribed form which will bear the
name of proposer and seconder and endorsed by the nominee. A proposal from the floor during the meeting shall/may be considered alongside other nominations received by
the Secretary provided the proposal is seconded.
G. Elections from those nominated for any office of the Institutes Council will be by show of hands or secret ballot as determined by the General meeting/council for each
particular nominee.
H. The members shall be elected to office by majority vote and the Chairman shall have a casting vote.
I. A member of the Institute who is elected to any particular office will assume responsibility of such an office immediately after election and the outgoing member will be
required to handover any documents relating to that office to the incoming member within 7 days after the election of the new office bearer.
Any member entitled to vote who is unable to attend any Annual General Meeting, shall be entitled to appoint a member to vote thereat on his behalf provided that the proxy
shall be in writing delivered to the Secretary, before the commencement of the meeting and may indicate the preference for or against any proposed motion to be voted on.

ARTICLE 12
SUB COMMITTEES
A. The Council may, subject to such conditions as it may impose, delegate any of its powers to any person, committee, and/or committees, and may in like manner amend or
withdraw any such power:
Provided that the amendment or withdrawal of any delegated. power shall not automatically invalidate anything done in pursuance of a decision taken within the authority of
the delegated power prior to the amendment or withdrawal of that power.
Unless the Council has nominated a chairman for a committee appointed by it, the members present at the committees first meeting shall elect a chairman, and in the
subsequent absence of that elected chairman, the members present may choose one of themselves to be chairman of the meeting.
B. A committee may meet and adjourn as it deems fi t.
C. Questions arising at any committee meeting shall be determined by a simple majority of votes of the committee members present, and in the case of an equality of votes the
chairman, unless otherwise directed by the Council, shall have a casting vote in addition to a deliberative vote.
D. With the approval of the Council, a committee may co-opt any person as a committee member:
Provided that at no time, except in the case of an investigating committee, shall the number of persons co-opted exceed the number of Council members appointed to such a
committee.
The Council shall appoint a sub-committee to be known as the Disciplinary Committee which shall comprise of no less than four Members, two of whom shall be Council
members. The council shall appoint the chairman of the committee.
The members of the Council sitting on the Disciplinary Committee shall not sit on the appeal committee when the matter under appeal is the matter for which they sat on the
Disciplinary Committee.
The Disciplinary Committee shall carry out the functions and have the powers described in Article 15 F.

ARTICLE 13
ADJOURNMENT
The Council may resolve to meet and adjourn as and when it deems fit:
Provided that at any meeting re-convened after an adjournment no business shall be transacted other than business left unfinished at the meeting from which the adjournment
took place.

ARTICLE 14
NO CONFIDENCE
When no less than 25% of the full members submit a proposal to the Council Secretary in writing and signed by each of them, to the effect that a motion of No Confidence
be put to the membership in respect of any member or members, including office bearers, of the Council, then the Council Secretary shall convene a Special General Meeting
of the Institute in accordance with the provision of Article 9 of the Constitution.
 Real Estate Institute of Botswana
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ARTICLE 15
DISCIPLINE AND CODE OF CONDUCT
Every Member shall adhere to the provisions of the Constitution and the regulations passed by the Council and shall at all times conduct himself in a professional manner in
the carrying out of his functions as a valuer/estate agent/auctioneer and in the fulfillment of his duties as a Member.
A. Any applicant knowingly making a false statement in his application for membership and this having been brought to the attention of the Council after his admission to
membership, the Council shall investigate and deal with the matter in terms of the provision of the Constitution.
B. A Member who has resigned his membership or has had his Membership terminated shall be liable for all costs incurred by the Institute in recovering his membership
certificate.
C. (i) A member practising in partnership or who is a shareholder or director of a company or who carries on business under a trade name or who is employed
by a partnership, company or business shall not permit his partnership, company or business to hold itself out as a Member of the Institute: notwithstanding that the member
shall be entitled to indicate his membership by the letterheads or advertisements of the partnership, company or business.
(ii) Each Member shall display his certificate of membership at his place of business and shall return same to the Institute on demand when he ceases to be a member for any
reason, whereafter he shall not be entitled to use any designation or letters referred to in Article 4 A (vii).
(iii)Each member shall notify the Secretary of his address and any-changes-thereto. Letters to a Member at the address notified by him shall be deemed to have been received
by him and no meeting or any resolution passed thereat shall be invalidated by reason of non- receipt of any notice properly addressed and posted.
(iv)A Member shall not provide any service falling outside the field or fields specified by the Council in terms of any endorsement on his Certificate of Membership. In
the event of any dispute as to whether any such service falls within the field or fields so specified the decision of the Council shall be final and binding.
D. A Member who contravenes or fails to comply with any of the provisions contained in this Article shall be guilty of misconduct and without derogation from the generality
thereof, misconduct shall also include -
(i) action or conduct involving dishonesty, deceit, fraud or falsitas;.
(ii) criminal conduct which may reflect adversely upon the Institute or its Members;
(iii)Action or conduct which is negligent, grossly incompetent, or mala fide improper in the performance of professional duties.
(iv)conduct involving moral turpitude which is unbefi tting or unbecoming to a Member of the Institute; and
(v) action or conduct which is in wilful contempt of the Council or a Disciplinary Committee, or which is in wilful breach of the provisions of the Constitution.
(vi)Sequestration, or being a Director of a Company which is compulsorily liquidated or entering into any composition with his creditors or assigning his estate for the benefit
of his creditors.
E. In providing a service, a member shall-
(i) discharge his professional duties honourably and in a manner which will reflect credit on himself and the Institute;
(iv)
7. Nature of title.
e. take cognisance of the recommended tariff of fees as amended from time to time in terms of this constitution.
a. at all times act in every professional matter strictly in a fiduciary manner and with the utmost good faith;
b. when he is engaged in any way whatsoever to perform a service, disclose to his Client any direct or indirect financial interest he has in such property, prior to acceptance of
the instruction; c. d. where he furnishes a valuation made on the basis of specific instructions, recite such instructions in that valuation; include the following minimum information
in any valuation report; 1. the full instructions of the Client;
2. the purpose of the valuation;
3. the basis of valuation;
4. the correct description of the property;
5. the extent of the property; and
6. the date the valuation was made and the effective date of the valuation; and
f. 1. to hold all Clients monies in a trust which shall be established and maintained in accordance with any regulations set down by the Council.
2. every member providing service to the public shall, in accordance with this Constitution and any Regulations made thereunder, be insured against claims for breach of duty as
a valuer, estate agent, auctioneer or property manager.
(ii) In carrying on the valuers profession a member shall not -
a. advertise his professional services in a self laudatory manner or in any other manner derogatory to the dignity of the Institute or the profession;
b. accept any secret commission, allowance, undue consideration or indirect profit in connection with any valuation entrusted to him by a Client;
F. supplant or seek to supplant another Member without his written consent after the latter member has been engaged or retained by any Client;
maliciously criticise or disparage the work of another Member, or discuss with a non-member any allegation of professional misconduct against another member provided that
such criticism, disparagement or discussion shall be permissible in the course of disciplinary proceedings, arbitration proceedings or litigation;
pay any introductory fee or reward or enter into any agreement for the sharing of his fees in relation to a valuation or to the performance of any professional service with any
person other than a Member; accept a valuation assignment of a type with which he has had no previous experience unless, in making such valuation, he associates with a
person who has had experience with that type of assignment, or makes full disclosure of the degree of his experience, background and training to the Client;
act or offer to act in any capacity in relation to a matter which is the subject of judicial or quasi judicial proceedings, either on the basis that no charge will be made unless the
proceedings are successful or that the amount of the charge raised by him will be related to the degree of success attained. person or body, (the complainant) having an interest
in any performance c. d. e. f. g.
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(i) Any by a
(ii) If the Disciplinary Committee is of the opinion that a prima facie case has not been made out it shall dismiss the complaint and advise the complainant and respondent
accordingly.
18. Member carrying out his functions as a valuer, estate agent or auctioneer or in the carrying out of his duties as a Member of the Institute and who considers that such
Member (the respondent) has been guilty of misconduct or has in any way whatever conducted himself contrary to the provisions of this constitution or of the regulations
passed by the Council shall be entitled to lodge a written complaint with the Chairman of the Disciplinary Committee.
(iii) If the Disciplinary Committee is of the opinion that a prima facie case has been made out, it shall request the respondent in writing to furnish within a specified period
(being not less than 28 days) a written explanation, whether generally or on any specific matter arising out of the complaint.
(iv) Should the respondent fail to furnish a written and relevant explanation to the Disciplinary Committee within the period stated then unless he can show good cause such
failure shall be regarded as misconduct. The Disciplinary Committee shall then deal summarily with the complaint and the said act of misconduct without further notice to the
respondent and may impose any penalty within its powers and issue a written report to the Council.
(v) Should the respondent furnish the Disciplinary Committee with an explanation as requested, the Disciplinary Committee shall either dismiss the complaint forthwith or require
the respondent to attend an enquiry at which -
a. The respondent and the complainant shall be entitled to legal representation [legal representation should be an attorney duly admitted to appear before the High Court of
Botswana] and they or their legal representatives shall present their respective cases, lead evidence, cross-examine witnesses and address the Disciplinary Committee.
Irrespective of whether or not the respondent and/or the complainant are legally represented as aforesaid, the Disciplinary Committee shall itself be entitled at its discretion to
call witnesses and to appoint a legal representative to prosecute the enquiry, lead evidence, cross-examine the witnesses and address the Disciplinary Committee;
b. the Disciplinary Committee and its legal representative, if any, may, if the respondent has elected to give evidence, put questions to him which he shall be obliged to answer,
subject only to his right to refuse to answer any question which relates to any issue which is the subject of pending or current litigation or arbitration proceedings or which may
be incriminating.
(vi) If after the conclusion of the enquiry the Disciplinary Committee finds that -
a. the complaint has not been proved, it shall dismiss the complaint;
b. the complaint has been proved, but the offence does not warrant the expulsion of the respondent from the Institute, it may caution or reprimand him, and/ or impose a penalty
not exceeding P5,000 payable to the Institute and/or suspend him from membership for a period not exceeding six months.
(v) c.
1. the complaint has been proved, and that the offence is of such a nature as to warrant expulsion, it shall refer the case with all relevant records and papers of the enquiry
and its recommendation report to the council Secretary.
2. the Council may accept, amend or reject the recommendations of the Disciplinary Committee without the necessity for further hearing, or it may take such steps as it thinks fit
to resolve the case and to make a final judgement.
3. the Council Secretary shall communicate the decision of the Council to the complainant, to the respondent and the Disciplinary Committee.
d. Either the complainant or the respondent, as the case may be, shall have a right to appeal to the Council against the decision of the Disciplinary Committee in terms of F. (ii),
F (iv) , F (v) , F (vi.a) and F (vi.b). Notice of appeal and the grounds thereof shall be lodged with the Council Secretary within a period of fourteen days after the notification to
the parties by registered letter of the decision of the Disciplinary Committee. The procedure to be adopted in the hearing of an appeal shall be determined by the Council.
The parties or their legal representatives shall not be entitled to be heard or to be present when the appeal is considered, unless the Council otherwise directs.
e. The decision of the Council shall be final and binding on all concerned.
(vii) The Disciplinary Committee may at any time and shall on being so directed by the Council, enquire into the conduct of any member if it considers that such a member may
have been guilty of misconduct in the rendering of his services, or be in breach of any of the provisions of this Constitution or in breach of any regulations passed by the Council.
In such circumstances, the Disciplinary Committee shall require the Member (the respondent) to furnish a written explanation of any matter being enquired into, including
valuations and evidence given in any case, provided that the Disciplinary Committee shall clearly state in writing to the respondent the reasons giving rise to such enquiry.
The respondent shall be obliged to furnish a written explanation to the Disciplinary Committee, within 28 days, subject only to his right to refuse to furnish an explanation
concerning such matters as are the subject of pending or current litigation or arbitration proceedings.
The failure without good cause to furnish a written and relevant explanation shall be deemed to be misconduct for the purposes of this Constitution.
Thereafter the provisions of 15.F (iv) and (v) shall mutatis mutandis apply.
(vii) The Disciplinary Committee shall furnish reasons for arriving at any decision judgment made in accordance with the above clause and such determination to be made in
writing to concerned party (ties)

ARTICLE 16
SETTLEMENT OF DISPUTES AND APPEALS
The procedure in dealing with disputes and appeals between members will be as laid down in Article 15F above.

ARTICLE 17
DISSOLUTIONS AND DISPOSAL OF ASSETS AND LIABILITIES
A. The institute shall only be dissolved at an Extraordinary General Meeting called for that purpose at which three quarters of the votes cast are in favour of a resolution to this
effect. If no quorum is obtained, the proposal to dissolve the Institute shall be submitted to a further Extraordinary Meeting which shall he held one month later. Notice in writing
of this meeting shall be given to all members of the Institute at least 14 days before the date of the meeting.
B. The dissolution shall be subject to the laws of Botswana existing at that time.
C. When the dissolution of the Institute has been effected in accordance with the law and this Constitution no further action shall be taken by the Council or any Officer of the
Institute in connection with the aims of the Institute other than to notify the trustee of known existing assets and liabilities of the Institute. Any cash in hand shall be paid to the
trustee.
D. In the event of dissolution, the bank in which the Institutes monies are deposited shall act as trustee and liquidator and shall wind up the affairs of the Institute in accordance
with the law.
If, upon winding up or dissolution of the Institute there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid or
distributed among the members of the Institute, but shall be given or transferred to some other institution or institutions having similar objects to this Institute, or to a charitable
organization or organizations, to be determined by the members of the Institute at or before the time of dissolution, or in default thereof, by such court of Botswana as may have
or acquire jurisdiction on matter.

ARTICLE 18
AMENDMENT OF THE CONSTITUTION
A. The Council shall have the power to recommend the alteration of or any addition to this constitution to any General Meeting. No alteration shall be effective unless approved by
at least two-thirds of the Members present or represented by proxy at a meeting called for the purpose of dealing with such an amendment and such amendment shall not take
effect until approved by the Registrar of Societies. At least twenty-one days written notice of such meeting shall be given to all Members and the proposed alteration shall be fully
set out in the notice convening the meeting.
B. Where any member wishes to recommend the alteration of or any addition to this constitution, procedure in article 9 of this constitution shall apply.
Real Estate Act
 Real Estate Institute of Botswana
Real Estate Act

Chapter 61:07
REAL ESTATE PROFESSIONALS
ARRANGEMENT OF SECTIONS

SECTION

PART 1
Preliminary
1. Short title
2. Interpretation

PART II
Establishment of Council
3. Establishment of Council
4. Membership to the Council
5. Powers and functions of the Council
6. Seal of Council
7. Tenure of office of members
8. Disqualification
9. Removal and resignation
10. Filling of vacancy
11. Disclosure of interest
12. Proceedings of the Council
13. Committees of the Council
14. Remuneration and allowances

PART III
Registrar, Register and Registration
15. Registrar
16. Register
17. Duties of the Registrar
18. Offences in connection with the register
19. Register to be prima facie evidence
20. Registration
21. Non operation of the Institute
22. Application by a non resident
23. Removal from the register
24. Restoration etc. to the register
25. Penalty for offence or improper conduct

PART IV
Disciplinary and Other Inquiry

26. Inquiry by the Council

27. Disobedience of summons etc
28. Power of Council at inquiry
29. Disciplinary powers of the Council
30. Appeals

PART V
Financial Provisions

31. Funds of the Council

32. Financial year
33. Accounts and audit
34. Annual report

PART VI
General

35. Indemnity
36. Offences and penalty
37. Transitional provisions
38. Regulations

Act 18, 2003.

An Act to provide for the regulation of the practice of real estate in Botswana and for matters incidental thereto.
[Date of Commencement: 17th October, 2003]
 Real Estate Institute of Botswana
Real Estate Act

PART I
Preliminary (ss 1-2)
1. Short title
This Act may be cited as the Real Estate Professionals Act.
2. Interpretation
In this Act, unless the context otherwise requires-
"Council" means the Real Estate Advisory Council established under section 3;
"estate agent" means a person engaged in the purchase, sale, letting or hiring of real estate as agent or broker for another person;
"property auctioneer" means a person engaged in the auctioning of real estate; "property manager" means a person engaged in rent collection, management or
administration of real estate;
"property valuer" means a person engaged in the valuation and appraisal of real estate or any development potential thereon;
"real estate" means immovable property together with any improvements thereon; "Real Estate Institute of Botswana" means the Real Estate Institute of Botswana
registered under the Societies Act;
"Register" means the register of real estate professionals as provided for under section 16; "registered professional" means a person registered by the Council as-

PART II
Establishment of Council (ss 3-14)
3. Establishment of Council
(i) an estate agent;
(ii) a property auctioneer;
(iii) a property manager; or
(iv) a property valuer; and
"Registrar" means the Registrar of real estate professionals appointed under section 15.

(1) There is hereby established a Council to be known as the Real Estate Advisory Council.
(2) The Council shall be a body corporate with perpetual succession and a common seal, capable of suing and being sued in its own name and, subject to the provisions
of this Act, of performing such acts as bodies corporate may by law perform.

4. Membership to the Council

(1) The Council shall consist of the following members who shall have been resident in Botswana for not less than 3 years-
(a) the Chairman;
(b) four persons appointed by the Minister of whom at least two shall be civil servants representing the Attorney General's Chambers and the Minister respectively, and one
an employee of a local authority;
(c) three members of the Real Estate Institute of Botswana who shall be elected by the Institute and appointed by the Minister; and
(d) two persons from the private sector who shall be nominated by the Real Estate Institute of Botswana and appointed by the Minister.
(2) Notwithstanding subsection (1), the Minister may, where he is satisfied that it is in the public interest to do so, waive the number of years that a member shall have been
resident in Botswana to qualify for appointment to the Council.
(3) The Chairman and the Vice Chairman shall be elected by the members from among their number and appointed by the Minister.
(4) The appointments to the Council shall be published by notice in the Gazette.

5. Powers and functions of the Council

(1) The Council shall be responsible for regulating the activities and conduct of registered real estate professionals in accordance with the functions and powers conferred
under this Act.

(2) Without prejudice to the generality of subsection (1), the Council shall-
(a) receive applications for admission to practice as registered professionals and decide upon those applications;
(b) maintain a register of registered professionals;
(c) determine the application fee, annual subscription and any other fees payable by registered professionals;
(d) recommend to the Minister, a tariff of fees and other allowances to be charged by registered real estate professionals, for professional and other services;
(e) endorse the field of practice in which a registered professional may engage, and endorse the certificate of practice accordingly;
(f) remove from the register the name of a person no longer entitled to practice;
(g) utilize the funds of the Council in any manner which may be necessary or expedient for the proper conduct of the functions of the Council;
(h) lend or invest any of its funds against suitable security;
(i) make rules for professional conduct and ethics to be binding on all registered professionals; and
(j) carry out decisions on any matter relating to the control or management of the affairs of the Council.

6. Seal of Council
(1) The seal of the Council shall be such device as may be determined by the Council and shall be kept by the Chairman.
(2) The affixing of the seal shall be authenticated by the Chairman and Vice Chairman or any other person authorised by a resolution of the Council.

7. Tenure of office of members

(1) The Chairman shall hold office for a period not exceeding three years and at the end thereof, he shall be eligible for reappointment.
(2) A member, other than the Chairman, shall hold office for a period not exceeding two years as may be specified in the notice appointing him.
(3) In appointing members to the Council, the Minister shall specify their periods of appointment such that at any given time, two thirds of the old membership is retained.
(4) A member shall be eligible for reappointment.

8. Disqualification
A person shall not be appointed as a member or be qualified to continue to hold office who has-
(a) in terms of a law in force in any country-
(i) been adjudged or otherwise declared bankrupt and has not been discharged; or
(ii) made an assignment, arrangement or composition with his creditors, which has not been rescinded or set aside;

(b) within a period of ten years immediately preceding the date of his appointment, been convicted-
(i) of a criminal offence in any country; or
(ii) of any criminal offence for which he has not received a free pardon and notwithstanding that the sentence has been suspended, which, if committed in Botswana, would
have resulted in a criminal offence having been committed, the penalty for which would be at least six months imprisonment without the option of a fine.
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Real Estate Act

9. Removal and resignation

(1) The Minister may remove a member from office where that member-
(a) is absent without reasonable cause from three consecutive meetings of the Council of which he has had notice;
(b) is inefficient;
(c) has been found to be physically or mentally incapable of performing his duties efficiently, and the member's medical doctor has issued a certificate to
that effect;
(d) contravenes the provisions of this Act or otherwise misconducts himself to the detriment of the objectives of the Council; or
(e) has failed to comply with the provisions of section 11.

(2) A member may resign from office by giving 30 days notice in writing to the Minister.

(3) The office of a member shall become vacant after-

(a) where the member appeals, a period of 30 days from the date a ruling against the member is made on an appeal made in respect of a conviction
against the member under section 8(b);
(b) where the member does not appeal, 30 days from the date the member was convicted of an offence referred to under section 8(b);
(c) the member communicates his resignation, in writing, to the Minister, in accordance with subsection (2);
(d) a period of 30 days has elapsed from the date the member is given notice in writing by the Minister to vacate office; or
(e) a member is removed by the Minister on the grounds of misconduct in accordance with subsection (1)(d).

10. Filling of vacancy

Where the office of a member becomes vacant before the expiry of the member's term of office, the Minister may, in accordance with section 4,
appoint another person to be a member in place of the member who vacates office.

11. Disclosure of interest

(1) Where a member is present at a meeting of the Council or any committee of the Council at which any matter which is the subject of consideration
and in which matter the member is directly or indirectly interested in a private capacity, he shall forthwith after the commencement of the meeting,
disclose such interest and shall not, unless the Council otherwise directs, take part in any consideration or discussion of, or vote on, any question
touching such matter.

(2) A disclosure of interest made under subsection (1) shall be recorded in the minutes of the meeting at which it is made.

(3) A person who contravenes the provisions of subsection (1) commits an offence and is liable to a fine of P7 000 or to imprisonment for 1 year,
or to both.

12. Proceedings of the Council

(1) Subject to the provisions of this Act, the Council shall regulate its own proceedings.

(2) The Council shall meet at least three times a year, for the transaction of its business.

(3) Upon giving notice in writing of not less than 14 days, a meeting of the Council may be called by the Chairman and shall be called if not less than
one half of the members so request in writing:

Provided that if the urgency of any particular matter does not permit the giving of such notice, a special meeting may be called upon giving a
shorter notice.

(4) The quorum at any meeting shall be one half of the members.

(5) There shall preside at any meeting of the Council-

(a) the Chairman;

(b) in the absence of the Chairman, the Vice Chairman; or
(c) in the absence of the Chairman and Vice Chairman, such member as the members present may elect from amongst themselves for the purpose of
that meeting.

(6) A decision of the Council on any question shall be by the majority of the members present and voting at the meeting and, in the event of an equality
of votes, the person presiding shall have a casting vote in addition to that person's deliberate vote.

(7) The Council may invite any person whose presence it considers necessary, to attend and participate in the deliberations of a meeting of the Council,
but such person shall have no vote.

13. Committees of the Council

(1) The Council may from time to time appoint committees either of a general or special nature consisting of such number of members, with such
qualifications, as the Council may determine.

(2) The Council may delegate any of its powers, functions or duties under this Act to a committee appointed under subsection (1).

14. Remuneration and allowances

A member shall be paid out of the funds of the Council such allowances as the Minister may from time to time determine.
 Real Estate Institute of Botswana
Real Estate Act

PART III
Registrar, Register and Registration (ss 15-25)

15. Registrar
(1) There shall be a Registrar of real estate professionals, who shall be a public officer, and who shall perform such functions and exercise such
powers as may be conferred on him by this Act or any other enactment.
(2) The Registrar shall be appointed in accordance with the provisions of the Public Service Act.
(3) The Registrar of real estate professionals shall also be the Secretary to the Council.

16. Register
(1) Subject to the provisions of this Act, the Registrar, with the approval of the Council, shall establish and maintain a register of real estate
professionals.
(2) A register kept in accordance with subsection (1) shall be kept at the Department of Lands offices and shall be open for inspection during office
hours to any member of the public upon payment of a fee to be prescribed.

17. Duties of the Registrar

(1) The Registrar shall-
(a) enter in the register, in relation to a registered professional his-
(i) name and address;
(ii) qualifications;
(iii) the real estate discipline in which he is to be registered;
(iv) date of first registration; and
(v) such other particulars as the Council may from time to time require to be included in the register;
(b) make in the register, upon the professional's application for alterations, alterations to the particulars referred to in paragraph (a);
(c) remove from the register, the name of a registered professional who dies or who ceases to operate as a registered professional in Botswana; and
(d) when required to do so under this Act or in pursuance of a court order-
(i) enter in the register the registration of an applicant or the suspension from practice of a registered professional;
(ii) remove from the register the name of a registered professional; or
(iii) generally in connection with the register, comply with the provisions of this Act and any order of the courts.
(2) The Registrar shall, where he removes from the register the name of a registered professional, enter in the register a record of the reason
therefor.
(3) The Registrar shall, where he-
(a) registers an applicant or restores a person's name to the register, issue that person with a certificate of registration;
(b) removes from the register, the name of a registered professional, or suspends a registered professional, publish such removal or suspension, as
the case may be, by notice in the Gazette.
(4) The Registrar shall cause to be published by notice in the Gazette as soon as may be practicable after registration, the name, and address of each
registered professional.
(5) The Registrar shall cause to be published by notice in the Gazette, at the beginning of each year, a list containing the names, and addresses of all
registered professionals remaining on the register at the close of the previous year.
(6) The Registrar may, on application by a registered professional, issue to the professional, a certificate of registration on production by the applicant
of an affidavit certifying that the certificate of registration has been lost or destroyed-
(a) if he is satisfied as to the identity of the applicant; and
(b) on payment by the applicant of a fee to be prescribed by the Council. 18. Offences in connection with the register
A person who-
(a) makes or causes to be made an unauthorised entry, alteration or deletion from the register;
(b) procures or attempts to procure for himself or another person registration or a certificate of registration by means of fraud, false pretence or
concealment of a material fact;
(c) makes or causes to be made in connection with an application for registration a false declaration in a document used for the purpose of establishing
his identity;
(d) wilfully destroys or renders illegible an entry in the register;
(e) without the permission of the holder, wilfully destroys or renders illegible a certificate
of registration; or
(f) forges or utters, knowing the same to be forged, a document purporting to be a certificate of registration, commits an offence and is liable to a fine
not exceeding P7 000 or to imprisonment for a term not exceeding 1 year, or to both.

19. Register to be prima facie evidence

A certificate purporting to be signed by the Registrar to the effect that-
(a) the name of a person appears in the register shall be prima facie evidence that the person is a registered professional;
(b) the name of a person does not appear in the register shall be prima facie evidence that the person is not a registered professional; or
(c) a registered professional has been suspended from practice as such for a period specified in his certificate, shall be prima facie evidence that the
professional has been suspended from practice for that period.
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20. Registration
(1) A person who is a member of the Real Estate Institute of Botswana in accordance with the provisions of the constitution of the Institute, may apply
to the Council to be admitted as a registered professional.

(2) A person who makes an application in terms of subsection (1) shall apply in a form to be prescribed and shall pay such application fee as may be
prescribed:

Provided that-
(i) a person whose application for membership to the Real Estate Institute of Botswana has been refused may appeal in such manner and form to be
prescribed; and
(ii) where the Council after hearing the appeal is satisfied that the appellant should be admitted as a member of the Institute, the Council shall order
that the appellant be so admitted.

(3) The Council shall not register a person as-

(a) a property auctioneer, a property manager or a property valuer, unless the person-
(i) has obtained by examination, a Bachelors Degree in Estate Management, Land Administration, or Land Economy from any university or institution
specified in the Schedule; or
(ii) is a member of either the Royal Institute of Chartered Surveyors, or the Institute of Valuation Surveyors and Auctioneers or such other professional
institution as may be approved by the Real Estate Institute of Botswana; or
(b) an estate agent, unless the person has obtained by examination, a Certificate in Property Management or Estate Agency, or a Certificate in Real
Estate Auctioneering.

(4) The Council may require an applicant to satisfy the Council that his general conduct has been such as to make him a fit and proper person to be
registered under this Act.

(5) The Council may direct the Registrar to postpone a registration until the Council has been satisfied in accordance with subsection (4).

21. Non operation of the Institute

In the event that the Real Estate Institute of Botswana ceases to operate, whether temporarily or permanently, the Council shall make regulations
necessary to provide for the ongoing registration of real estate professionals under this Act.

22. Application by a non resident

(1) Where a person satisfies the Council that-
(a) he is not ordinarily resident in Botswana;
(b) he intends to be present in Botswana in the capacity of a real estate professional for the purpose of carrying out specific work for which he has
been engaged; and
(c) immediately before entering Botswana was in practice as a registered professional at such a level as to satisfy the Council of his fitness to serve
the public as a registered professional,
the Council may, if it considers it appropriate, direct that such person be registered for a period not exceeding one year or for the duration of the
specified work.

(2) An application in accordance with subsection (1) shall be in a form to be prescribed and accompanied by a fee to be prescribed and the Council
may require an applicant to appear before the Council for the purpose of facilitating the consideration of the application, including furnishing the
Council with documentary evidence of his work or employment immediately prior to his entering Botswana.

(3) Registration of a professional under this section shall be for the duration of the specified work and shall be subject to such conditions as the
Council may determine.

(4) A person registered under this section shall be treated as registered under this Act only in relation to the period of specified work and to things
done or omitted in respect thereof.

23. Removal from the register

(1) The Council may order that the name of a person be removed from the register where the person has-
(a) been expelled from the membership of the Real Estate Institute of Botswana;
(b) failed within a period of six months from the date of an inquiry sent by the Registrar by prepaid registered letter to the address appearing in the
register against his name, to notify the registrar of his current address; or
(c) been found by the Council to be guilty of misconduct under this Act.

(2) A registered professional may request that his name be removed from the register, and the professional shall satisfy the Council by affidavit that
no criminal proceedings or an inquiry under Part IV of this Act has been instituted against him.
 Real Estate Institute of Botswana
Real Estate Act

(3) An interested person may apply to the Council to remove the name of a registered professional from the register and the Registrar shall, if he is
satisfied that there is merit in the allegations made, remove the professional's name.

(4) The Registrar shall notify a registered professional of the removal of the professional's name from the register, by prepaid registered letter
addressed to the address appearing in the register against his name immediately before his name is removed.

(5) A registered professional whose name has been removed from the register shall cease from the date of such removal to be registered for the
purpose of this Act.

(6) The Registrar shall cause to be published by notice in the Gazette, the name of a professional whose name has been removed from the register.

24. Restoration etc, to the register

(1) Where the name of a registered professional has been removed from the register in accordance with section 23, the professional shall not be
registered again except by order of the Council.

(2) Where the name of a registered professional has been removed from the register or the registration of a professional has been suspended, the
Council may on its own motion or on the application of the professional concerned and after holding such inquiry as the Council deems fit, direct that-
(a) the removal from the register be confirmed;
(b) the name of the professional be restored to the register; or
(c) the suspension from the register be terminated.

(3) The Registrar shall cause to be published in the Gazette, notice of the restoration of a registered professional to the register.

(4) A direction given by the Council in accordance with subsection (2) may provide for-
(a) the date upon which a restoration to the register or the termination of a suspension shall take effect; or
(b) the payment by the professional concerned of a penalty fee which fee shall not exceed the fee payable on an application for registration.

25. Penalty for offence or improper conduct

Where a registered professional has been convicted of an offence under this Act or, after an inquiry held by the Council, he is found to be guilty of
an act or omission amounting to improper or disgraceful conduct as determined by the code of conduct of the Real Estate Institute of Botswana,
the Council may-
(a) caution, censure or fine such professional;
(b) suspend the registration of the professional for such period as the Council may specify; or
(c) direct that his name be removed from the register.
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Real Estate Act

PART IV
Disciplinary And Other Inquiries (ss 26-30)

26. Inquiry by the Council

(1) Subject to the provisions of this Act, the Council may hold an inquiry into allegations by a member of the public that a registered
professional-
(i) is guilty of improper or disgraceful conduct; or
(ii)is grossly incompetent or has performed an act pertaining to his profession in a grossly incompetent manner.

(2) The Council shall cause to be sent to the professional concern, a registered letter to his address as shown in the register,
containing a notice setting out the allegations against him and the Council shall afford the professional an opportunity of being
heard personally or through a legal representative.

(3) The Council shall invite and have present, during its deliberations under this section, a legal practitioner employed either in the
Attorney General's Chambers or in private practice, to render legal advice to the Council, during the course of the inquiry.

(4) For the purposes of an inquiry under this section, the Council may-
(a) administer oaths;
(b) summon persons to attend and give evidence; and
(c) order the production of documents.

(5) All summonses and orders issued under the hand of the Chairman or Vice Chairman of the Council shall be deemed to be issued
by the Council.

(6) The Chairman, or in his absence the Vice Chairman, shall record or cause to be recorded a summary of any oral evidence given
at an inquiry under this section.

(7) Subject to the provisions of this Act, the Council shall regulate its own procedure at an inquiry held under this Part provided that
all parties having an interest in the inquiry shall have been advised by the Council of the form of the procedure.

27. Disobedience of summons, etc

(1) A person to whom a summons or order is issued in accordance with section 26 and upon whom such summons or order is served,
who-
(a) refuses or omits without sufficient cause to attend at the time and place mentioned in the summons;
(b) refuses without sufficient cause to answer fully and satisfactorily questions put to him by or with the concurrence of the Council;
or
(c) refuses or omits without sufficient cause to produce any documents in his possession or under his control,
commits an offence and is liable to a fine not exceeding P10 000 or to imprisonment for a term not exceeding six months, or to
both.

(2) A person giving evidence before an inquiry by the Council shall, in respect of evidence given by him or documents produced by
him, be entitled to all the privileges to which he would be entitled as a witness before the High Court.

28. Power of Council at inquiry

(1) The Council may, where it finds a registered professional liable for allegations made under section 26-
(a) order the Registrar to cancel the registration of the registered professional;
(b) order the suspension of the registered professional for a specified period, from performing work as a real estate professional;
(c) order the registered professional to pay such penalty as the Council may determine;
(d) order the registered professional to pay costs or expenses of and incidental to the inquiry;
(e) caution the registered professional; or
(f) impose such other conditions as it deems fit.

(2) The Council may after giving 30 days notice in writing to the registered professional, take further action against the professional
where he has not complied with the penalty imposed under subsection 1(d) or (e).
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Real Estate Act

(3) A registered professional whose registration has been suspended in terms of subsection
1(b) shall be disqualified from performing the work of a registered professional and his registration shall be deemed to be cancelled until the period
of suspension has expired.

29. Disciplinary powers of the Council

Where a registered professional has been convicted of an offence by a court of law within or outside Botswana, whether before or after the date of
registration, the Council may institute an inquiry into his conduct in accordance with this Part if the Council is of the opinion that such offence
constitutes improper or disgraceful conduct.

30. Appeals
Any person who is aggrieved by a decision of the Council under this Act may, within 30 days of the date of the decision, appeal to the High Court.

PART V
Financial Provisions (ss 31-34)

31.Fund of the Council

for its
(1) The funds of the Council shall consist of-
(a) grants and donations that the Council may receive;
(b) annual fees;
(c) application fees and other fees as shall be charged by the Council; and
(d) income that the Council may receive from investments, rentals, sale of land or buildings.

(2) The Council shall use the funds acquired under subsection (1) to meet the costs incurred operations and shall use any surplus accrued for such
purposes as it may determine.

32. Financial year

The financial year of the Council shall be a period of twelve months ending on the 31st of March.

33. Accounts and audit

(1) The Council shall keep and maintain proper accounts and records in respect of every financial year relating to the assets, liabilities, income and
expenditure of the Council, and shall prepare in each financial year, a statement of such accounts.

(2) The accounts of the Council in respect of each financial year shall within three months of the end thereof, be audited by an auditor appointed by
the Council.

(3) The auditor shall report in respect of the accounts for each financial year, in addition to any other matter on which the auditor deems it pertinent
to comment, whether or not-
(a) the auditor has received all the information and explanation which, to the best of the auditor's knowledge and belief, were necessary for the
performance of the auditor's duties;
(b) the accounts and related records of the Council have been properly kept;
(c) the Council has complied with all the financial provisions of this Act with which it is the duty of the Council to comply;
(d) the statement of accounts prepared by the Council was prepared on a basis consistent with that of the preceding year and represents a true
and fair view of the transactions and financial affairs of the Council.

(4) The report of the auditors and a copy of the audited accounts shall, within 14 days of completion thereof, be forwarded to the Council by
the auditor.

34. Annual report

(1) The Council shall within a period of six months of the financial year or within such longer period as the Minister may approve, submit to the
Minister a comprehensive report on the operations of the Council during that year, together with the auditor's report and the audited accounts
as provided for under section 33, and the Council shall cause such report to be published in such manner as the Minister may require.

(2) A report compiled in accordance with sub section (1) shall be laid before Parliament by the Minister within three months of receipt thereof.
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Real Estate Act

PART VI
General (ss 35-38)

35. Indemnity
No matter or thing done or omitted by a member of the Council or a member of staff of the Council shall, if the matter or thing is done or omitted to
be done bona fide in the course of the operations of the Council, render a member or staff of the Council personally liable to an action, claim or
demand.

36. Offences and penalty

(1) A person who is not a registered professional under this Act, shall not-
(a) perform the work of a real estate professional for gain;
(b) practice, carry on business or take up employment as a real estate professional;
(c) use or display any signboard, card or other device representing or implying that he is a registered professional;
(d) undertake for any fee, commission, reward or any other consideration, the work or duties of a registered professional;
(e) be entitled to recover in court, any fee, charge or remuneration for any professional advice or services rendered as a real estate professional; or
(f) practice or carry on business using the style or title "real estate professional", "property valuer", "estate agent", "property manager"
or "property auctioneer" or such other style or title as the Council may determine to be understood as representing a registered professional.

(2) A person who contravenes sub section (1) commits an offence and is liable to a fine not exceeding P50,000 or to imprisonment for a term not
exceeding three years, or to both.

37. Transitional provisions

The Minister may, by Order, make such transitional arrangements as shall be necessary for the establishment of the Council.

38. Regulations
(1) The Minister, in consultation with the Council, may make regulations prescribing anything which, under this Act, is to be prescribed or which,
in the opinion of the Council, is necessary or convenient to be prescribed for the better carrying out of the objects and purposes of this Act, or to
give force and effect to its provisions.

(2) Without prejudice to the generality of sub section (1), regulations may provide for-
(a) the conduct of the business of the Council and the procedure to be followed at an inquiry under this Act;
(b) the appointment of committees of the Council;
(c) the issuing of certificates of registration;
(d) fees and fines to be paid under the Act;
(e) forms to be used under the Act;
(f) the establishment of minimum standards of education, qualifications and experience for registration for each of the disciplines of persons
registered;
(g) the holding of examinations of persons wishing to apply for registration;
(h) the determination and regulation of the professional conduct and ethics of persons registered;
(i) the establishment of disciplinary procedures of registered professionals;
(j) the establishment and administration of a fidelity fund;
(k) the education and training of persons registered or intending to be registered;
(l) the establishment of tariff of fees for the provision of services; and
(m) the regulation of real estate societies.
 Rules and Regulations
of the Real Estate Institute
of Botswana
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

Section 1, Code of Conduct

1.1 General

Every member shall adhere to the provisions of the Constitution and the Regulations passed by the Council and shall at all times conduct himself
in a professional manner in the carrying out of his functions as a valuer, estate agent, property manager or auctioneer and in the fulfilment of his
duties as a Member.

1.2 Misrepresentation

Any applicant knowingly making a false statement in the application for membership and this having been brought to the attention of the Council after
his admission to membership, the Council shall investigate and deal with the manner in terms of the provisions of the Constitution.

1.3 Costs

A member who has resigned his membership or has had their membership terminated shall be liable for all costs incurred by the institute in recovering
his membership certificate.

1.4 Practising Members

1.4.1 A member practising in partnership or who is a shareholder or director of a company or who carries on business under a trade name or who is
employed by a partnership, company or business shall not permit their partnership, company or business to hold itself out as a Member of the
Institute other than as permitted in terms of Regulation 1.15.2; notwithstanding that the member shall be entitled to indicate their membership
by the use of the appropriate letters after their name on the letterheads or advertisements of the partnership company or business.

1.4.2 Each member shall display their certificate of membership at their place of business and shall return same to the Institute on demand when he
ceases to be a member for any reason, whenafter he shall not be entitled to use any designation or letters referred to in Article 4 A (vii) of the
constitution.

1.4.3 Each member shall notify the Secretary of their address and any changes thereto. Letters to a Member at the address notified by him shall be
deemed to have been received by him and no meeting or any resolution passed thereafter shall be invalidated by reason of non-receipt of any
notice properly addressed and posted.

1.4.4 A Member shall not provide any service falling outside the field or fields specified by the Council in terms of any endorsement on their
Certificate of Membership. In the event of any dispute as to whether any such service falls within the field or fields so specified the decision of the
Council shall be final and binding.

1.5 Professional Conduct

In providing a service, a Member shall discharge their professional duties honourably and in a manner which will reflect credit on themselves and the
Institute and shall at all times act in every professional manner strictly in a fiduciary manner and with the utmost good faith.

1.6 Misconduct

A member who contravenes or fails to comply with any of the provisions contained in the Constitution or these Regulations shall be guilty of
misconduct and without derogation from the generality thereof, misconduct shall also include:

1.6.1. action or conduct involving dishonesty, deceit, fraud or falsities

1.6.2. criminal conduct which may reflect adversely upon the Institute or its Members;
1.6.3. action or conduct which is negligent, grossly incompetent, or mala fide improper in the performance or professional duties;
1.6.4. conduct involving moral turpitude which is unbeffitting or unbecoming to a Member of the Institute;
1.6.5. action or conduct which is in wilful contempt of the Council or a Disciplinary Committee, or which is in wilful breach of the provisions of
the Constitution and
1.6.6. sequestration, or being a Director of a Company which is compulsorily liquidated or entering into any composition with their creditors or
assigning his estate for the benefit of his creditors and in relation to their business and or profession.
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Rules and Regulations Of the Real Estate Institute Of Botswana

1.7 Conflict of Interest

1.7.1 when a Member is engaged in any way whatsoever to perform a service, they shall disclose to their client any direct or indirect financial or other
interest they have in such property, prior to acceptance of the instructions.
1.7.2 Without prejudice to the generality of Rule 1.5. and 1.7.1., where a Member is instructed to sell or let a property and it is intended that the
property be aquired by the Member itself or any associate of theirs, or to negotiate the purchase or lease of a property owned by the Member
itself or an associate of theirs they must:
1.7.2.1 make prompt and full disclosure to their client of all the relevant facts;
1.7.2.2 make a declaration of their interest to the vendors or lessors or purchasers or lessees legal representatives, as the case may be;
1.7.2.3 inform the client that he will be unable to act or continue to act unless the client requests them so to do after having been advised by the
Member to obtain independent professional advice; and
1.7.2.4 confirm the requirements of 1.7.2.1, 1.7.2.2 and 1.7.2.3 above in writing promptly.
1.7.3. where a Member acts as agent for the sale or letting of property owned by the Member itself or an associate of theirs, or in which they or an
associate of theirs has an interest, they must disclose the relevant facts promptly and in writing to the prospective purchaser or lessee or
their legal representative.
1.7.4. In this Regulation associate may include the Members firm or company or a partner of theirs in the case of a firm or co-director in the case
of a company, their spouse, a near relative or her by blood, adoption or marriage, his nominee or employee, or any other person; firm or
company so associated with the Member that their or its interest may conflict with that of the client.
1.7.5. A Member shall not be permitted, when offering property to a prospective purchaser or lessee on behalf of a client, to stipulate that they shall
be retained by the purchaser in any capacity:

1.8 Valuations

1.8.1 Where a Member furnishes a valuation made on the basis pf specific instructions, they shall recite such instructions in that valuation and include
the following minimum information in any valuation report:
1.8.1.1. the full instructions of the client;
1.8.1.2. the purpose of the valuation;
1.8.1.3. the basis of the valuation;
1.8.1.4. the appropriate description of the property;
1.8.1.5 the extent of the property;
1.8.1.6 the date the valuation was made and the effective date of valuation;
1.8.1.7. nature of title; and
1.8.1.8. name and signature of the valuer and qualification

1.8.2. No Member shall accept a valuation assignment of a type with which they have had no previous experience unless, in making such
valuation, they associate with a person who has had experience with that type of assignment, or makes full disclosure of the degree
of their experience, background and training to the client;

1.9 Fees

Every Member shall take cognisance of the Manditory tariff of fees as amended from time to time in terms of the Constitution.

1.10 Advertising and Publicity

1.10.1. Every member shall ensure that any publicity for which they may be held responsible is neither inaccurate nor misleading nor likely
to cause public offence.
1.10.2. No member shall advertise their professional services in a self laudatory manner or in any other manner derogatory to the dignity of
the Institute or the profession.

1.11 Conduct towards other Members

In carrying on their profession a member shall not -

1.11.1. accept any secret commission, allowance, undue consideration or indirect profit in connection with any valuation entrusted to them by
a client;
1.11.2 maliciously criticise or disparage the work of another Member, or discuss with a non - member any allegation of professional misconduct
against another member provided that such critism, disparagement or discussion shall be permissible in the course of disciplinary
proceedings, arbitration proceedings or litigation.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

1.12 Contingency Fees

No member shall act or offer to act in any capacity in relation to a matter which is the subject of judicial or quasi judicial proceedings, either on the
basis that no charge will be made unless the proceedings are successful or that the amount of the charge raised by them will be related to the
degree of success attained.

1.13 Third Party Fees and Commissions

Without prejudice to the generality of Regulation 1.7 a Member shall not be permitted to pay a fee or commission, or provide a gift or favour, to a
third party in recognition of introduction of a client, unless:-

1.13.1. they have disclosed in writing to the prospective client before accepting instructions the amount or nature, as the case may be, of the fee,
commission, gift or favour, and the identity of the third party, (except that such disclosure will not be required where the introduction has
been effected in the ordinary course of business with a third party Member); and

1.13.2. they have no reason to believe, and does not believe, that undue pressure or influence was exerted on the prospective client by the third
party.

1.14 Notification of Charges

A Member acting for a vendor or lessor in the sale or letting of property shall, when accepting instructions, notify their client in writing of the
terms and conditions, including conditions relating to their charges and the payment of expenses, on which they are to act; provided that this
Regulation shall not apply in a case where the client is already aware of such terms and conditions as aforesaid.

1.15 Partnerships and Companies

1.15.1 A Member may carry on practice through a medium of a company provided that they comply with these Regulations and further provided
that every member who is a sole proprietor of a business or a partner in a partnership or a director of a company engaged in such activity as
contemplated in Article 3 of the Constitution shall be held accountable for any contravention of a failure to comply with these Rules and
Regulations by any other partner, director or by any person in the service of such sole proprietorship, partnership or company whether as an
employee or independent contractor unless they have prior to such contravention or failure to comply taken all reasonable steps to prevent
same and could not in the circumstances have prevented such contravention or failure to comply.

1.15.2 Any partnership or company conducting the business of valuers, estate agents, actioneers or property managers in which a majority of the
partners or directors is a member of the Institute shall be entitled to display the logo of the Institute and the words. Member of the Real
Estate Institute Of Botswana on its stationery and documentation.

1.16 Confidentiality

No Member shall, without their clients consent, disclose personal information concerning that client. For the purposes of this Regulation personal
information shall include any information relating to the personal, financial or business circumstances of any person or body, or any other
information of a sensitive nature which, having been disclosed to the Member in their professional capacity, is not known to have been otherwise
generally published.

1.17 Duty to Disclose

Subject to Regulation 1.16., a Member given the mandate to sell or let a particular property is obliged to disclose all material facts of which they are
aware (or ought to be aware) relating to such property to any person interested in buying or renting the property.

1.18 Discounts and Commissions

No member shall in their professional capacity accept otherwise than for the benefit of his client any trade or other commercial discount or commission
from any trader in respect of any item or from any trader whose business consists in the provision of goods or services excepting that a Member may
accept a discount in respect of goods or services ordered by him on behalf of a client provided full disclosure to the client.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

1.19 Notification of Practice

1.19.1 Every Member shall within 28 days of being required to do so furnish to the Institue such particulars in such form as the Council may
reasonably require:

1.19.1.1 of their practice, they are carrying on professional practice as a sole principal, partner or director, and

1.19.1.2 of their employment if, they are employed under a contract of service or a contract of services:

1.19.2 Where a Member has furnished particulars in accordance with paragraph 1.18.1 of this regulation, and where any change occurs in the
curcumstances notified in those particulars, they shall furnish full particulars thereof to the Institute no later than 14 days after such change
has come into effect.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

Section 2, Professional Indemnity Insurance

2.1 General

Every practising Member shall, in accordance with the Constitution and these Regulations made thereunder, the insured against claims for
breach of professional duty as a valuer, estate agent or auctioneer.

2.2 Definitions

2.2.1 Members for the purpose of these Regulations shall mean a member who is or who is held out to the public to be practicing as a valuer,
estate agent or auctioner.

2.2.1.1 a sole proprietor or a partner or a director of, as the case may be a practice, firm or company carry on practice as valuers, estate agents
or auctioneers;

2.2.1.3 a member who has ceased after 1 January 1993 to carry on practice in any capacities listed in sub paragraphs 2.2.1.1 and 2.2.1.2 above
and is not otherwise covered by insurance in accordance with these Regulations for work carried out during the period when they were in
practice in any of these capacities.

2.2.2. Sole proprietor shall include a Member who carried on practice as a principal in addition to other employment.

2.2.3 Company shall mean a company incorporated with unlimited or limited liability.

2.2.4. Firm shall include a partnership.

2.2.5. Consultant shall include any Member wheather or note expressly described as a consultant whose name and/or designatory letter
or designation appears on the notepaper or in the advertisments or any practice, firm or company carrying on practice as valuers,
estate agents, property managers or auctioneers in which no director or partner is a member.

2.3 Scope of Cover Required

2.3.1 Every member shall procure that any practice, firm or company carrying on practice as valuers, estate agents property managers or
auctioneers of which they are principal, partner or director, as the case may, shall be insured so that such practice, firm, or company and its
principal , partners or directors, as the case may be, are covered against claims arising out of work undertaken or performed within the
Republic of Botswana for breach pf professional duty as property professional. Provided always that if a Member practising solely in the
capacity of a consultant to a practice, firm, or a company carrying on practice as valuers, estate agents, property managers and auctioneers,
can show:

2.3.1.1. that the practice, firm or company to which they are consultant is insured; and

2.3.1.2. that such policy of insurance names the Member as the insured or one of the insured; and

2.3.1.3. that such policy of insurance gives the same cover to the Member as required by this Regulation then that Member shall not be under an
obligation to carry any separate insurance cover over and above that carried by the practice, firm or company concerned.

2.3.2 Member shall insure with a company and by means of a policy approved by the Council of the Institute from time to time.

2.3.3. The minimum amount of cover required shall be:-

2.3.3.1. P200,000 for each and every claim where the gross income of the practice, firm or company in the preceding year did not exceed that
amount; or

2.3.3.2. P500,000 for each and every claim where the gross income of the practice, firm or company in the preceding year exceeded P200.000.

For the purposes of this Regulation the expression gross income shall include all professional fees; remuneration commission and income of any
sort whatsoever in so far as these have been derived from work undertaken or performed in the Republic of Botswana but excluding any sums
received for the reimbursement of disbursements, any amount charged by way of value added or sales tax and any income from judicial or other
such offices, as the Council may from time to time determine.

For the purposes of this Regulation preceeding year shall mean the Members accounting year which ended during the twelve months before the
date on which any insurance policy under this Regulation is taken out.

2.3.4 where a practice, firm or company merges with or takes over or succeeds to the whole or any part of any other practice, firm or company
then the gross income for the purposes of these Regulations of the new or merged or successor practice, firm or company shall be the total
of the gross fees of the practices, firms or companies, which were merged or taken over during the preceding year.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

2.4 Minimum Amounts

The minimum amounts of cover specified in this Article shall apply:-

2.4.1 to a practice, firm or company irrespective of the number of partners in the firm or directors of the company;

2.4.2 to each individual firm, where there is more than one, with which Member may be involved in any of the capacities listed in sub paragraphs
2.2.1.1. and 2.2.1.2. of these Regulations.

2.4.3. In case of a member who carries on practice as a principal in addition to other employment the gross income for the purposes of paragraph 2.4.
of these Regulations shall be the gross, income as defined above derived by the Member from practice as a principal.

2.4.4. In the case of a Member described in Regulation 2.2.1.3. the gross income for the purposes of these Regulations shall be the gross income derived
from the last full year of practice in any of the capacities listed in sub-paragraph 2.2.1.1 and 2.2.1.2 of the Regulations

2.5 Uninsured Excess

The amount of any claim which a Member or the relevant practice, firm of company may be required to pay before any indemnity is granted under the
terms of any policy of insurance required under this Regulation (the uninsured excess) shall not exceed an amount equal to 2.5 per cent of the
minimum cover required for such Member, practice, firm or company under this regulation; provided always that if a Member, practice firm or company
is insured for an amount of cover greater that the minimum amount required under this Regulation the uninsured excess under such insurance may be
for any amount up to a maximum of 2.5 per cent of the full limit of indemnity of such insurance.

2.6 Monitoring

Members shall provide to the Institution within 28 days of being required to do so such evidence and is such form as the Council may from time to time
prescribe either that the Member is not subject to this Regulation or that the Member has complied herewith.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

Section 3, Trust Account Regulations

3.1 General

Every member practising as a sole proprietor or in a partnership or for and on behalf of a company shall open and keep a separate trust account at a bank
or building society lawfully established in Botswana, in which they shall, deposit all moneys held or received by them in connection with their practice in
Botswana on account of any other person.

3.2 Interest Bearing Accounts

A member may invest in a separate savings or other interest-bearing call account opened by them with any financial institution established under the
Financial Institution Act or a building society registered under the Building Societies Act money deposited in their trust banking account that is not
immediately required for any particular purpose.

3.3 Payment of Interest

3.3.1. The interest, if any, on money deposited in terms of Regulation 3.1 and the interest on money invested in terms of Regulation 3.2 shall accure to
the account of the Member unless instructed in writing by the other party to the contrary, save that where such instruction is given the Member
shall be entitled to reserve for their own bank charges on the actual cost incurred in the investment.

3.4 Payments from a trust account

3.4.1 A member shall not withdraw money for or on behalf of any person from a trust account which exceeds the total amount of money held on behalf
of that person in that trust account.

3.4.2 A Member may withdraw money from a trust account only provided that;

3.4.2.1. it is properly required for or towards payment to or on behalf of the person for whom the funds are beneficially held.

3.4.2.2 it is properly required for or towards reimbursement of money expended by the Member on behalf of the person for whom the funds are
beneficially held

3.4.2.3 it is properly required for or towards payment of a Members fee and/or disbursements.

3.4.2.4 it is transferred directly to a trust account as envisaged in Regulation 3.2.

3.5 Bank Statements

A member shall at the end of every 12 month period, or more frequently as the Institute may direct, furnish the Institute with a certified copy of the
bank statement of their trust account.

3.6 Book of Account

A member operating a trust account in accordance with the provisions of Regulations 3.1 and 3.2 shall keep proper books of account containing
particulars and information as to moneys received, held or paid by them for or on account of any person. Without limiting the generality of the
aforegoing such books of account shall show the Members dealings with;

3.6.1 all monies received, held or paid by them on behalf of any other person and any other monies dealt with by them through a trust account.

3.6.2 to show seperately in respect of each person all of that persons money which is received, held or paid by them on account of such person; and

3.6.3 to enable the current balance of all trust monies held on behalf of each person to be shown.

3.7 Audit

On the written request of the Institute a Member shall allow their trust account to be audited by an accountant who is a member of the Botswana
Institute of Accountants and the accountant shall submit to the Council a report containing such information as the Council may from time to time
prescribe.

3.8 Inspection by Council

The Council or a person nominated by it may inspect the accounting records of the trust account of any member in order to satisfy itself that there
has been compliance with the provisions of Regulations 3.1, 3.4 and 3.6, and if it is found upon such inspection that the records of the trust account
of the member to be written up and recover the costs of the inspection or such writing up, as the case may be, from the member.
 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

3.8 Trust account not an asset of the Member

No amount standing to the credit of any trust account in the bank held by a memner shall form part of the assets of the member and no such amount
shall be liable to attachment at the instance of any creditor of the member provided that any excess remaining after payment of the claims of all persons
whose moneys have, or should have in the trust account shall be deemed to form part of the assets of the member.

3.9 Signatories

Every signatory to a trust account must be one or more of the following:-

3.9.1. a member

3.9.2. a partner or co-director of a Member

3.9.3. or such other person the Council may approve

 Real Estate Institute of Botswana
Rules and Regulations Of the Real Estate Institute Of Botswana

Section 4, Discipline
4.1 Complaints

4.1.1 Any person or body (the complainant) having an interest in any performance by a Member carrying out their functions as a valuer, estate agent,
property manager or auctioneer or in the carrying out of duties as a Member of the Institute and who considers that such Member. (the respondent)
has been guilty of misconduct or has in anyway whatever conducted themselves contrary to the provisions of the Constitution or of these
Regulations shall be entitled to lodge a written complaint with the Chairman of the Disciplinary Committee.

4.1.2. If the Disciplinary Committee is of the opinion that a prima facie case has not been made out it shall dismiss the complaint and advise the
complainant and respondent accordingly.

4.1.3. If the Disciplinary Committee is of the opinion that a prima facie case has been made out it shall request the respondent in writing to furnish within
a specified period (being not less than 28 days) a written explanation, whether generally or on any specific matter arising out og the complaint.

4.14. Should the respondent fail to furnish a written and relevant explaination to the Disciplinary Committee within the period stated then unless they can
show good cause such failure shall be regarded as misconduct. The Disciplinary Committee shall then deal summarily with the complaint and the
said act of misconduct without further notice to the respondent and may impose any penalty within its powers and issue a written report to the
Council.

4.15. Should the respondent furnish the Disciplinary Committee with an explanation as requested, the Disciplinary Committee shall either dismiss the
complaint forthwith or require the respondent to attend an enquiry at which:

4.1.5.1. the respondent and the complainant shall be entitled to engage on their own behalf legal representation (legal representation may only be
provided by an attorney duly admitted to appear before the High Court of Botswana) and they or their legal representatives shall present their
respective cases, lead evidence, cross-examine witnesses and address the Disciplinary Committee. Irrespective of wheather or not the
respondent and/or the complainant are legally represented as aforesaid, the Disciplinary Committee shall itself be entitled at its discretionto call
witnesses and to appoint a legal representative to prosecute the enquiry, lead evidence, cross-examine the witness and address the Disciplinary
Committee;

4.1.5.2. the Disciplinary Committe and its legal representative, if any, may if the respondent has elected to give evidence, put questions to them which
they shall be obliged to answer, subject only to their right to refuse to answer any question which relates to an issue which is the subject of
pending or current litigation or arbitration proceedings or which may be incriminating.

4.1.6 If after the conclusion of the enquiry the Disciplinary Committee finds that:-

4.1.6.1. the complainant has not been proved, it shall dismiss the complaint

4.1.6.2. the complaint has been proved, but the offence does not warrant the expulsion of the respondent from the Institute, it may caution or
reprimand them, and/or impose a penalty not exceeding P5,000 payable to the Institute and/or suspend them from membership for a period
not exceeding six months.

4.1.6.3. the complaint has been proved, and that the offence is of such a nature as to warrant expulsion, it shall refer the case with all relevant
records and papers of the enquiry and its recommendation report to the Council Secretary.

4.1.7. The Council may accept, amend or reject the recommendations of the Disciplinary Committee without the necessity for further hearings, or
it may take such steps as it thinks fit to resolve the case and to make a final judgement.

4.1.8. The Council Secretary shall communicate the decision of the Council to the complainant; to the respondent and the Disciplinary Committee.

4.1.9. Either the complainant or the respondent, as the case may be, shall have a right to appeal to the Council against the decision of the Disciplinary
Committee in terms of 4.1.2., 4.1.4., 4.1.5., 4.1.6.1. and 4.1.6.2. Notice of appeal and the grounds thereof shall be lodged with the Council Secretary
within a period of fourteen days after the notification to the parties by registered letter of the decision of the Disciplinary Committee. The procedure
to be adopted in the hearing of an appeal shall be determined by the Council. The parties or their legal representatives shall not be entitled to be
heard or to be present when the appeal is considered, unless the Council otherwise directs.

4.1.10. The decision of the Council shall be final and binding on all concerned.

4.1.11. The Disciplinary Committee may at any time and shall on being so directed by the Council, enquire into the conduct of any member if it considers
that such a member may have been guilty of misconduct in the rendering of their services, or be in breach of any regulations passed by the
Council.

4.1.12. In such circumstances, the Disciplinary Committee shall require the Member (the respondent) to furnish a written explanantion of any matter
being enquired into including valuationand evidence given in any case, provided that the Disciplinary Committee shall clearly state in writing to
the respondent the reasons giving rise to such enquiry.
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Rules and Regulations Of the Real Estate Institute Of Botswana

4.1.13. The respondent shall be obliged to furnish a written explaination to the Disciplinary Committee within 28 days, subject only to their right to refuse
to furnish an explaination concerning such matters as a subject of pending or current litigation or arbitration proceedings.

4.1.14. The failure without good cause to furnish a written and relevant explanation shall be deemed to be misconduct for the purposes of the
Constitution.

4.1.15. Thereafter the provisions of 4.1.4. and 4.1.5. shall mutatis apply.

4.1.16. The Disciplinary Committee shall furnis reasons for arriving at any decision/ judgement made in accordance with Regulations 4.1.11. to 4.1.15.
and such determination to be made in writing to concerned party(ies).

4.2 Publication of findings

The Council may at its discretion publish in any form or manner whatsoever its findings at the conclusion of any matter, where the provisions of
Regulations 4.1.6.2. or 4.1.6.3. have been imposed.

4.3 Settlement of disputes and appleals

The procedure in dealing with disputes and appeals between members will be as laid down in Regulation 4.1
 Code of
Ethics & Conduct
 Real Estate Institute of Botswana
Code of Ethics & Conduct

This Code represents the Real Estate Institute of Botswana (REIB) principles, values and behavior expected of Members of the Institute the purpose of which it to ensure high
standards of personal and corporate responsibility by all Members.
In an effort to cultivate and maintain public confidence (which encompasses Boikanyego) every Member must abide by this Code as Non-compliance or breach
of this Code may constitute Professional Misconduct. Members must exhibit and be seen to exhibit professional standards in carrying their duties.

This Code has been determined by the REIB Council and aims to provide a basic framework for professional conduct but does not attempt to provide an exhaustive list of what
to do, or not, in every situation.

1. Rules on Relations with Clients

1.1 Members must carry out their professional duties ethically, with honesty, competence, and in good faith, without personal bias and in a manner which upholds the values
and reputation of the property and valuation profession.
1.2 Members must comply with the professional rules as amended from time to time.
1.3 A Member must act promptly and efficiently in servicing the clients instructions.
1.4 A Member must, in the case of unavoidable delay, communicate with the client the progress being made in respect of the instructions issued to the Member.
1.5 Members must not misrepresent or falsify their professional qualifications, grades of membership, experience or prior responsibilities.
1.6 A Member must operate within the limits of his or her qualifications and experience and must not accept instructions in a field of practice in which he or she possesses
insufficient knowledge and skill to provide competent services to the client, unless the Member obtains fully informed consent from the client to undertake the services in
conjunction with a person having the required competence.
1.7 A Member must obtain or confirm in writing all instructions and variations of instructions of the client or the clients representatives.
1.8 A Member should properly supervise all services carried out for and on the Members behalf.
1.9 A Member must take steps as are reasonably necessary to maintain and improve his or her knowledge and skill in the fields he or she practices.
1.10 A Member must not provide any advice or make any statement without reasonable foundation unless it is appropriately qualified or limited.
1.11 A Member must complete the work or services required by the Members retainer, unless;
(a) The Member and the Members employees have otherwise agreed;
(b) The Member is discharged from the retainer by the client; or
(c) The Member terminates the retainer for just course, and or reasonable notice to client.
1.12 A Member must not, during, or after termination of a retainer, disclose to any other person who is not an employee or partner/director of the Members firm, any
confidential information provided directly or indirectly by a client or to a client, unless;
(a) The client authorizes disclosure,
(b) The Member is permitted or compelled by law to disclose,
(c) The Member discloses information for the sole purpose of avoiding probable commission or concealment of a felony; or
(d) Necessary for replying to a defending any charge as to conduct or professional behavior brought against the Member or his or her partners, associates or employees.
1.13 Fees must be charged according to the prescribed schedule as may be amended from time to time by regulations under the appropriate Act provided however that the
fees payable to a Member do not depend upon a client nominated outcome of any valuation.
1.14 Where information critical to an assignment being undertaken is relied upon by a Member, the source of that information must either be disclosed in the relevant report or
contained in the working papers supporting the relevant report and be appropriately attributed in either case, unless the information is protected by confidentiality, or the
Member is prevented by privacy or other like laws from disclosing or referring to the source.
1.15 A Member must not include false or misleading claims in any advertisement for his or her services.
1.16 A Member must not indirectly or directly exert undue pressure or influence or inducement on any persons, whether by the offer or provision of any payment gift or favour
or otherwise, for the purpose of securing instructions for work, or accept instructions from any person where there is reason to believe that undue pressure or influence
may have been exerted by a third party in expectation of receiving a reward for the introduction.
1.17 In carrying on the Valuers profession a Member shall not, among others-
(a) Advertise his professional services in a self-laudatory manner or in any other manner derogatory to the dignity of the Institute or the profession;
(b) Accept any secret commission, allowance, undue consideration or indirect profit in connection with any valuation entrusted to the Member by a Client;
(c) Supplant or seek to supplant another Member without his/her written consent after the latter Member has been engaged or retained by any Client;
(d) Maliciously criticise or disparage work of another Member, or discuss with a non-member any allegation of professional misconduct against another Member provided
that such criticism, disparagement or discussion shall be permissible in the course of disciplinary proceedings, arbitration proceedings or litigation;
(e) Pay any introductory fee or reward or enter into any agreement for the sharing of his/her fees in relation to a valuation or to the performance of any professional
service with any person other than a Member.

2. Rules on Conflict of Interest

2.1 A Member must take reasonable steps to identify situation that may be construed as Conflict of Interest.
2.2 A Member must not, in any dealings, allow the interests of the Member or an associate of the Member to conflict with those of the client.
2.3 Subject to Rule 2.4 a Member must not accept instruction from a client or continue to accept instructions from a client where accepting the instruction or continuing to
provide the services is likely to create a real or perceived conflict of interest.
2.4 Where a conflict of interest arises the Member must;
(a) Inform the client, and any other interested party, of real or potential conflict of interest;
(b) Encourage the client to obtain independent professional advice;
(c) Inform the client that neither the Member or the Members firm can act or continue to act for the client unless the instructions are confirmed in writing with an
acknowledgement of the real or potential conflict of interest; AND a Member must only accept the instruction or continue to provide the services if:
(d) The client provides a written confirmation of their instructions with an acknowledgement of the real or potential conflict of interest;
 Real Estate Institute of Botswana
Code of Ethics & Conduct

(e) Any other interested party providers confirmation that the Member and the Members firm may accept the instructions or continue to provide the services to the client;
and
(f) The Member discloses the conflict of interest in any relevant document or report prepared for the client relating to that matter.
2.5 A Member must not accept payment or favour from another party which may affect their relationship with a client, unless the circumstances are fully disclosed to, and
agreed by all interested parties.

3. Rules on Impartiality
(a) A Member must maintain the strictest independence and impartiality when making a valuation and/or where an exercise of objective judgement is required. In such
circumstances a Member must not;
i. Adopt the role of advocate in a case where their duty is to exercise independence and impartiality,
ii. Act as an advocate and an expert in the same matter,
iii. Act as an advocate in a matter where another member of the same firm as the Member has acted as an expert in that matter,
iv. Act as an advocate in a matter where another member of the same firm as the Member has acted as an advocate in that matter,
v. Allow the performance of their professional duties to be improperly influenced by the needs or preferences of a client or another party,
vi. Rely upon critical information supplied by the client with appropriate qualification or confirmation from other sources; or
vii.Or act in anyway inconsistent with the duties of independence and impartiality.

4. Rules on Members of The Institute

4.1 Any applicant knowingly making a false statement in his application for membership and having been brought to the attention of the Council after his/her admission to
membership, the Council shall investigate and deal with the matter in terms of the provisions of the Constitution.
4.2 A Member who has resigned his/her membership or has had it terminated shall be liable for all costs incurred by the Institute in recovering his/her membership certificate.
4.3 A Member must not;
(a) purport to represent the views of the Institute unless expressly authorized to do so;
(b) reflect adversely on the professional Integrity of the Institute or its Members.
4.4 A Member must;
(a) be frank and honest when dealing with the Institute;
(b) notify the Secretary General of the Members address and any changes there to;
(c) be subject to any express requirement set out in the regulations or any laws and
(d) Fully corporate with any request for information from the Institute where a Complaint has been lodged or where the Institute there is a case to answer for breach of
rules.
4.5 A Member must no maliciously or carelessly do anything to injure, directly or indirectly, the reputation, prospects or business of other Members.
4.6 A Member must notify the Institute of any complaint against the Member.
4.7 A Student Member must not undertake Valuations.
4.8 A Probationer Member must not sign a Valuation Report but may assist in undertaking the Valuation and preparation of the Valuation Report.
4.9 A Practicing Member or Full Member must maintain adequate Professional Indemnity cover and must be admitted for practice in Botswana under the Real Estate
Professionals Act 2003 or any respective amended legislation as a Registered Professional.
4.10 A Practicing Member shall display his/her certificate of Membership at his/her place of business.
4.11 A Supervising Valuer must not sign a Valuation undertaken by a Probationer Member, who holds a designation of Valuer, unless the Supervising Valuer; REIB Code of
Ethics & Conduct 2014
(a) Holds Full Membership (REIB) under Valuation Category and is appropriately recognized Real Estate Professional under the Real Estate Professionals Act 2003 and
(b) Has reviewed the valuation and working papers prepared by the Probationer Member holding the designation of Property Valuer.
4.12 A Member should avoid the use of a Members name, or by personal association with, any enterprise or activity which may bring the Member, the Institute or the
profession into disrepute.
4.13 Where applicable
(a) The initials PM (denoting Probationer Member), FM (denoting Full or Fellow Member) and statutory designation Registered Valuer/Estate Agent/Property Manager/
Auctioneer as appropriate are personal to individual Members and shall be used only following or immediately in connection with a Members name.
(b) A Members name and signature must appear on every valuation or report undertaken, together with approved initials indicating their status and where appropriate
the designation Registered Valuer or such other designation as the Institute may approve from time to time.
(c) A Member whose membership of the Institute has ceased, for any reason, shall return the certificate of membership to the Institute and shall not be entitled to use
any designation or letters referred to in 4.13 (a).
4.14 A Member in employment shall not accept work on the Members own account unless with the knowledge and consent of the Members employer or unless the Members
employment contract expressly provides such authority.
4.15 A Member practising in partnership or who is a shareholder or director of a company or who carries on business under a trade name or who is employed
by a partnership, company or business shall not permit his/her partnership, company or business to hold itself out as a Member of the Institute:
notwithstanding that the Member shall be entitled to indicate his/her membership by the letterheads or advertisements of the partnership, company or
business.
4.16 A Member who contravenes or fails to comply with any of the provisions contained in this Code shall be guilty of misconduct and without derogation
from the generality thereof, misconduct shall include-
(a) Action or conduct involving dishonesty, deceit, money laundering, fraud or falsitas;
(b) Criminal conduct which may reflect adversely upon the Institute or its Members;
(c) Action or conduct which is negligent, grossly incompetent, or mala fide improper in the performance of professional duties;
 Real Estate Institute of Botswana
Code of Ethics & Conduct

(d) Conduct involving moral turpitude which is unbefitting or unbecoming to a Members of the Institute;
(e) Action or conduct which is wilful contempt of the Council, a Disciplinary Committee or which iis in full breach of the provisions of the REIB Constitution or the Real
Estate Professionals Act 2003 and subsequent amendments, and
(f) Sequestration, or being a Director of a Company which is compulsorily liquidated or entering into any composition with his/her creditors or assigning his/her estate
for the benefit of his/her creditors.

5. Rules on Copyright
A Member must not reproduce, paraphrase or summarise any words, work, ideas or intellectual property of another person which creates an impression that it is Members
own without appropriate and adequate acknowledgement.

6. Rules on Property Valuations

6.1 When undertaking a Valuation, except with written agreement from client or clients representative;
(a) A member must inspect any property to be valued;
(b) An inspection of the property must be sufficiently comprehensive to enable the
Member to complete the valuation in accordance with accepted valuation practice;
6.2 If the property is not inspected or is only partially inspected, in accordance with the written agreement from the client or the clients representative, the Member must
disclose this in the valuation report and state that the failure to conduct an inspection or a complete inspection has on the valuation provided.
6.3 When undertaking a valuation a Member must take reasonable steps to;
(a) Gather sufficient information and relevant data in forming an opinion of value, or in the absence or deficiency of such data, explain in the valuation report the basis
on which the opinion of value was formed; and
(b) Ascertain and verify such relevant facts and information as a prudent valuer would have ascertained or verified in order to provide a professional valuation of a
property.
6.4 A Member must include in the valuation report:
(a) Confirmation that they have inspected the property;
(b) A statement of all assumptions made in arriving at an opinion of value and all conditions, requirements or limitations arising from the clients instructions or arising
due to any other circumstances;
(c) Where all facts or information have not been verified or ascertained, written disclosure of this, together with the statement of the extent, if any, to which the which
the failure to verify or ascertain the facts or information in question qualifies or affects the valuation provided;
(d) Include the following minimum information in any valuation report as per the Constitution and take cognisance of the fee structure as amended from time to time
under the provisions of the Real Estate Professionals Act 2003 or its subsequent amendments; and
(e) Degree of reliance (if any) on professional opinion of outside experts.
6.5A Member must retain in a place of safe keeping, all adequate records of all valuation reports, all instructions from the client or clients representatives, and all other records
and information upon which the valuation was based for a minimum period of seven (7) years.

7. Rules on Property Management

7.1 A Member must manage a clients property in accordance with the law, the relevant lease agreement and the Terms of Business with the client;
7.2 A Member must respond promptly and appropriately in the circumstances to reasonable communications from clients and tenants or any other authorized or appropriate
third party, particularly where these relate to statutory repairing and maintenance obligations or safety regulations;
7.3 A Member must be prudent in the selection and appointment of use contractors engaged to carry out work on behalf of, or to provide advice to clients. A Member must
take reasonable steps to ensure such contractors have Professional Indemnity cover and are properly registered or accredited.
7.4 A Member must keep suitable records of repairs and maintenance carried out on behalf of the client and should ensure that instructions to contractors or supplies indicate
both any urgency required to carry out jobs and, within reason, the scope or scale of the works needed.
7.5 A Member must use legally acceptable methods to obtain prompt rental payments from tenants in line with their lease agreement.
7.6 A Member must co-operate fully and promptly with legal advisers acting for, or appointed on behalf of, client landlords and tenants.
7.7 A Member must ensure timeous disbursement of collected rent to client account.

8. Rules on Estate Agency Affairs

8.1 A Member must ensure that the Member and all Members firm staff must comply with this Code as may be amended from time to time by REIB as well as with all
relevant legislation and respective amendments in Botswana.
8.2 A Member shall not discriminate or deny equal professional services to any person for reason of race, creed, gender, marital status, disability or country of origin.
8.3 A Member shall keep their knowledge of relevant legislation up to date and shall not bring disrepute to themselves and the profession.
8.4 A Member shall make honesty and integrity the standard in all their dealings with clients and customers and give scrupulous attention to detail when gaining necessary
information and preparing property information.
8.5 A Member, when giving advice to a client selling their property, must ensure that any figure given either as recommended asking price or selling price must be given in
good faith and must reflect available information about the property and current market conditions and must be supported by comparable evidence.
(a) A Member must never deliberately misrepresent the marketing value of the property.
(b) A Member must keep evidence of Comparables of similar properties in the same location on file for future reference.
(c) A Member must keep his or her general marketing strategy under regular review with his or her client.
8.6 A Member shall ensure that all advertising meets the standard of fairness, decency, accuracy and honesty at all times.
8.7 A Member shall ensure that all clients and customers funds are kept in a separate clients account and must be properly accounted for.
8.8 A Member should be clear in representing the business relationship between themselves and other parties.
 Real Estate Institute of Botswana
Code of Ethics & Conduct

8.9 A Member must ensure that no property shall be offered for rent or sale without having written confirmation of the terms and fees and shall not be offered though a
sub-agent without the clients permission.
8.10 A Member shall make reasonable measures for ascertaining the ability of a prospective purchaser or tenant to proceed with the transaction.
8.11 A Member must communicate to the owner or its representatives accurate details of all offers received for owners properties as soon as practically possible.
8.12 A Member must recommend to a seller or prospective purchaser to seek independent legal advice in order to effect the purchase. Such recommendation will be given
before any legally binding contract is entered into. If the prospective purchaser asks a Member for the name of a person to provide independent legal advice, a Member,
where possible, should provide a choice of names.
8.13 A key-holding Member must show responsibility and utmost respect for the security of the property.
8.14 Estate Agency Boards:
(a) A Member must not erect any form estate agency board at a property unless the Member has been instructed to market that property.
(b) A Member may only erect an estate agency board with express or specific permission from the client.
(c) Any board erected must be appropriate for the occasion and must conform to Local council by-laws. A Member must take responsibility for and liability arising under the
relevant legislation in connection with the board.
(d) A board relating to part in multiple occupation should indicate the part of the building to which it relates.
(e) A Member must not replace anther Members board with a Members own,hide it, or remove it from a property without clients permission or without notifying the other
Member.
8.15 In-house Complaining Procedure:
(a) A Member must maintain, in writing, and operate a readily available in-house complaints procedure. Such procedures must explain how to complain to a Members
business and to the Real Estate Institute of Botswana.
(b) All written complaints must be acknowledged in writing within 5 working days and a proper investigation promptly undertaken.
(c) A Member must not imply that payment of outstanding commission or additional costs is a pre-condition for review by REIB.
8.16 Terms of Business, Fee Entitlement, Client Liability & Offers:
(a) A Members Terms of Business must state clearly the duration of the clients instruction and how it can be terminated by either party.
(b) It must be clear if a Member intends to charge the client a fee or recover costs for terminating the instruction. The fee must be specified as well as any additional fee and
their purpose.
(c) On receipt of clients instruction to terminate, or on a Members own decision, client must be promptly given written confirmation that the Member is no longer acting for
client, confirm the actual date of termination and give details of any fees and additional costs client owes the Member.
(d) At the time of accepting instructions, a Member must point out and explain clearly to that client in your written terms of Business that;
i. A Member may be entitled to a commission fee if the client terminates the instruction and a buyer that a Member has introduced goes on to exchange contracts on the
property through another agent within six months of the termination of the contract.
ii. The client may be liable to pay more than one fee if
. That client had previously instructed another Member to sell the same property on a sole agency, joint agency or a sole selling rights basis; or
. That client instructs another Member during or after the period of your sole agency, joint sole agency or sole selling rights basis.
(e) A Member must explain clearly in writing, at the time of termination of the instruction, any continuing liability the client may have to pay the Member a commission and
any circumstances in which client may otherwise have to pay more than one commission fee.
(f) A Members contract must allow for the required notice of termination to be given before the end of the term, such that termination by the client can occur at the expiry
of the minimum term.
(g) It is not advisable for a Member to accept, or recommend a client to accept an offer, on a property that has not been viewed by the applicants themselves or by a
suitably authorized representative of the applicants.

9. General
(a) A Member shall at all times faithfully observe and perform all the Members obligations under the Real Estate Professionals Act 2003 with its amendments and Regulations
thereunder, and the Rules of the Institute.
(b) A Member must at all times abide by any lawful decision of the REIB Committee or any General Meeting of the Institute.

10. Rule on Departure from Code

A Member must include a statement outlining the reasons for departure from this Code where a Members considers that circumstances exist that warrant such departure.
Valuation Standards
Committee Operating
Guidelines
 Real Estate Institute of Botswana
Valuation Standards Committee Operating Guidelines

REIB Vision

To be the premier property professional body in Botswana.

REIB Goals

1. To unite in one body all persons participating in the profession of an auctioneer, estate agent, valuer or property manager.
2. To encourage all property professionals to join the Institute.
3. To promote and encourage high standards of professional practice in relation to property valuation, estate agency, property management and
auctioneering.
4. To promote proper conduct and good relations between members for amicable settlements of disputes among members.
5. To earn and maintain the respect of the community as to the professional credibility of membership of the Institute by striking a balance between
promoting and protecting interests of members, the property professions and the public in relation to any of the activities of members.
6. To improve the profile and influence of the Institute.
7. To promote legislation and amendments to the laws in relation to any of the activities of valuation, property management, estate agency and
auctioneering.
8. To establish and maintain good relations with other professional bodies in Botswana and to establish links with similar bodies in other countries and
support and international bodies with similar objectives.

1. Background

1.1 Article 12 A of the Real Estate Institute of Botswana Constitution enables the Council to delegate its powers.
1.2 The Council therefore seeks to establish a committee to meet the Institute's requirements for Professional and Technical matters.

2. Objectives

2.1 The REIB Valuation Standards Committee (REIB VSC) is responsible for the development and implementation of valuation technical and professional
policy matters on behalf of Members of the Institute on a National basis.

3. Role of the REIB Valuation Standards Board

3.1 The REIBVSC will develop and provide technical and professional policy advice on matters relating to valuation property disciplines represented within
the Institute membership and any other business of the Institute falling within the scope of the Committee's professional expertise as directed by
REIB Council, including the following matters:
. Provide vision and leadership to industry in the area of valuation professional Standards:
. Promote the highest levels of professionalism amongst members;
. Anticipate and respond to future trends that may impact the valuation profession;
. Participate with other relevant organisations on technical and professional valuation issues;
. Provide clarity to members on technical and professional valuation issues;
. Development of valuation related Practice Standards, Guidance Notes and Information Papers;
. Professional and Technical valuation matters impacted by Botswana and Commonwealth legislation;
. Professional conduct.

3.2 The REIBVSC is responsible to and reports directly to the REIB Council.

4. Responsibility of REIBVSC Members

4.1 Typically, duties of Committee will include the following:

. Attendance and participation in debate at Committee meetings (approx 6 times a year);
. Act as a conduit for information flow to and from the REIBVSC to any other Professional Committees;
. Bring to the notice of the Council any particular technical or professional valuation issue that may impact, or have the potential to impact, on the
Institute and for its Members.
. The active participation in Committee activities and to undertake tasks within the time frame required by the Committee.
. To undertake any inter-meeting activity in a professional and timely manner as requested.
 Real Estate Institute of Botswana
Valuation Standards Committee Operating Guidelines

4.2 Members seeking membership of the REIBVSC must be prepared and able to commit to, and contribute time to achieving the objectives and
tasks of the REIBVSC.

4.3 Members must be willing to actively participate in and contribute to the work of any REIBVSC subcommittee (where required) between
REIBVSC meetings

4.4 Where a Committee Member has either volunteered for or been assigned a task by the Committee, and has been unable to complete the task within
the required timeframe the Committee Member must provide just cause as to why the task has not been completed.

4.5 Committee Members are expected to present and discuss a range of views on a matter before the Committee.

4.6 Committee Members are also expected to contribute their professional views on any given matter before the Board as part of the discussion process.

4.7 Committee Members must discuss any given matter before the Committee with a view to arriving at an outcome, which is in the interest of the
Institute.

4.8 Committee Members are not to disseminate material relevant to that Committee without the express authorisation of the Committee or Committee
Chairman.

4.9 REIBVSC Members are expected to be fully informed on technical and professional valuation policy matters, to contribute to debate on issues, and to
participate in REIBVSC deliberations.

4.9.1 Committee Members failing to abide by the principles established in this Operating Guideline may be subject to dismissal from the Committee by the
Institute's Council.

4.10 Nominations for REIBVSC Membership are to be made on the attached application form.

4.11 Applicants for REIBVSC Membership will be required to sign the attached declaration that they will abide by the Operating Guidelines of the Committee
at time of making application to the Committee.

5. Composition of the Real Estate Institute of Botswana Valuation Standards Committee

5.1 The REIBVSC will comprise up to 4 Members in the class of Fellow, Full Member or Retired Member who hold the certification of Practising Valuer
appointed by the REIB Council plus a representative from a Botswana Accounting Standards Professional Body, and those Members so appointed shall
be known as Members of the Real Estate Institute of Botswana Valuation Standards Committee.

5.2 The REIB Valuation Standards Committee may co-opt, from time to time, up to two specialists to assist in addressing specialised valuation issues.

5.3 The REIB Council in appointing REIBVSC members shall be cognisant of achieving a representation of the various valuation disciplines within the
industry. These disciplines include (but are not limited to):
. Residential Valuations,
. Commercial Property Valuations
. Industrial Property Valuations
. Retail Property Valuations
. Government Valuations
. Plant, Equipment & Machinery Valuations
. Rural Valuation
. Business Valuations
. Fine Arts & Antiques Valuations
. Financial Reporting Valuations
. Insurance Valuations
. Portfolio Valuations
. Property Law

In prioritising the requirement for covering the required skill sets, it is desirable to retain a fair gender distribution.
 Real Estate Institute of Botswana
Valuation Standards Committee Operating Guidelines

6. Tenure of REIB VSC Members

6.1 Committee members appointed shall hold office for a term of two years and may serve a maximum of four continuous terms.

6.2 In making the initial appointments to the REIB Valuation Standards Committee, REIB Council shall appoint half the members for a term of one
year and half for a term of two years.

6.3 Tenure of Committee Members will commence from the 1st of January in any given year.

6.4 REIB Council can, by resolution, terminate a Member's appointment to the REIB Valuation Standards Committee.

7. Chairman

7.1 The Chairman shall be a Council Member appointed by the REIB Council on an annual basis at the meeting held immediately after the Annual General
Meeting of the Institute and will take office immediately.

7.2 The Chairman may be appointed annually, subject to that person being re-nominated to the REIB Council.

7.3 The Chairman will preside over all meetings of the REIB Valuation Standards Board. If the Chairman is absent, a Chairman for the meeting will be
elected from amongst the Members of the Committee present at the meeting.

8. Authority

8.1 The REIBVSC is established by REIB Council under the Article 12 of the Constitution and operates with the authority of the Council.

9. Confidentiality

9.1 As a member of the REIB Valuation Standards Committee you may be provided with or have access to (from time to time) personal information of
REIB Members. Committee Members shall at all times observe and comply with the privacy requirements and when they deal with personal information
Committee Members will;
a) collect personal information only when authorised to do so,
b) only use personal information for the purposes that the information was provided to them in relation to fulfilling your responsibilities to the REIB
Valuation Standards Committee;
c) not disclose the personal information you see about any member of the Real Estate Institute of Botswana to any other persons or organisations;
d) take all reasonable measures to ensure that any personal information about members of the Institute that comes into your possession is protected
against loss or unauthorised access, use, modification or disclosure.

In this clause, 'Personal Information' means personal, sensitive and/or health information.

10. Relationship with REIBPSC

10.1 The REIB Valuation Standards Committee will work in conjunction with the REIB Property Standards Council on matters of mutual interest.

10.2 The Institute's Disciplinary & Appeals Committee will be responsible (on behalf of the Institute) for administering the REIBVSC and the REIBPSC
ensuring that the two Committees do not develop conflicting standards or professional conduct rules.

11. Communications

11.1 The Institute Secretariat Office is responsible for ensuring that REIBVSC members are kept advised and informed on all matters relating to their
functions and duties as members of the Committee. E-mail is the preferred means of communication between Committee Members, the Disciplinary
& Appeals Committee and the Real Estate Institute of Botswana.

11.2 The Disciplinary & Appeals Committee is responsible for ensuring that all relevant information and decisions of the REIBVSC are relayed to any
REIB Branches.
 Real Estate Institute of Botswana
Valuation Standards Committee Operating Guidelines

12. Meetings

12.1 REIBVSC meetings are conducted in accordance with convention. The common rules of discussion apply, with all comment being directed through
the Chair, and with the Chairperson having full authority for the conduct of proceedings.

12.2 All REIBVSC meetings are convened with proper prior notice, and are subject to the confines of an agenda that is circulated in advance. If you have
an item you wish to be included on the agenda, please contact the Disciplinary & Appeals Committee at the Institute Office.

12.3 All meetings are recorded in minute format.

12.4 Meetings may be held on Institute premises, Business Lounges or other venues as required.

13. Administration

13.1 Institute Office

. The REIBVSC is administered by the;
Disciplinary & Appeals Committee
The Real Estate Institute of Botswana
Private Bag BO 236
Ph: (00267) 3930152
Fax: (00267) 3930152
Email: reibinfo@gmail.com

13.2 Expenses
. Any personal expenses incurred by a Committee Member undertaking Institute Business on behalf of the Committee will be met by the Institute
subject to the expenditure being pre- approved by the Disciplinary & Appeals Committee or the Committee Chairman. A copy of the standard claims
form is appended to this document as Attachment A to the required to travel to attend Committee and/or subcommittee meetings.
Travel and Subsistence Policy. Copies of relevant receipts, in addition to credit card statements, must accompany a claim for re-imbursement.
. Cab Charge Dockets will be issued by the Institute Office to Committee Members required to travel to attend Committee and/or subcommittee meetings.

13.3 Insurance
. The Institute carries insurance cover to protect Committee members in the event of injury, loss or death whilst on Institute business. Similarly, Committee
members are subject to 'Directors and Officers' indemnity cover in respect of advice, information or opinions given in good faith in the course of their
duties.
. All notifications and claims lodged against Council Members must be referred to the Institute's Disciplinary & Appeals Committee.

13.4 Agenda Papers

. Agenda Papers are usually mailed and/or e-mailed to Committee members approximately one week before a meeting. Any items for inclusion in an
Agenda are to approved by the Chairman of the Board and be with the Institute's Disciplinary & Appeals Committee a minimum of three weeks prior to
the relevant meeting.

13.5 Travel & Accommodation

. Committee Members are advised that all Travel, Accommodation and Subsistence shall be in accordance with the Institute's policy on Travel &
Subsistence, as approved by REIB Council, appended to these operating guidelines.
. The REIB Disciplinary & Appeals Committee books all travel and accommodation relating to Committee meetings and will contact Committee members
approximately five weeks prior to meeting dates to ascertain their travel and accommodation requirements in accordance with Institute Policy.

Members travelling long distances may be accommodated the evening before for all meetings.
Application
Process
 Application Process
Non Member: one is eligible to apply for membership to the institute once they have
either enrolled on a real estate course / have already completed a relevant real estate
course for their selected category stream

Student Membership: Once one has enrolled on a real estate

course they are eligible for Student membership and may
complete the STUDENT MEMBERSHIP APPLICATION FORM.
Submitting of proof of said enrollment. On conrmation of
enrollment and course relevance.

Probationer Membership: Once one has completed a real estate course they are eligible for Probationer membership
and may complete the FULL MEMBERSHIP OR ANY OTHER CLASS OF MEMBERSHIP APPLICATION FORM, submitting
proof of course completion.

At this stage one is requested to write an exam related to their selected category stream. That is one who wishes to
eventually practice as: Estate Agent will be required to sit the relevant exam.

A candidate who wishes to be admitted in all categories will be required to write an exam for all four categories.

To be admitted as Probationer, one has to attain a minimum of 50% Pass Mark.

FULL MEMBERSHIP: to be eligible for full membership, one should have practiced as a probationer
having passed the relevant probationer exam under the supervision of a full member for a minimum of 2
years, in the relevant categories of application.

A FULL MEMBERSHIP OR ANY OTHER CLASS OF MEMBERSHIP APPLICATION FORM is completed and
submitted, with all relevant required documentation.

A candidate is required to sit the Full Members examination and attain a minimum 65% Pass Mark for
admission.

A candidate upon passing of examination may be required to attend an oral interview with the Council,
the interview is channeled at determining and exploring talent within the institute that may be used to
advance the causes of the profession.
Examination
Guidelines
 Real Estate Institute of Botswana
2014 Guidelines For Full Member Examinations
Full Member Examination

Candidates eligible for this examination are probationer members who wish to upgrade to Full membership and full members who wish to upgrade
membership to inclusion of another category of membership.

The Structure

This paper is a 40 question exam consisting of multiple choice, short answer and Essay type questions, in the ratios of 20: 30: 50 respectively. Each
category of membership has a separate Exam. Each category exam consists of ethical and best practice questions which are not section specific as
well as questions relating to the Tribal/ State Land Act, Town and Country Planning Act 2013, Land Tribunal Act 2013, Real Estate Professional
Act 2009.

The papers will each take 2 hours exam time

The Content

Estate Agency Exam

Candidates are expected to have an understanding of the below:

- To be able to illustrate knowledge of the essential elements of different property- related information systems and to conduct and supervise others
to conduct prescribed property searches.
- To have an in depth knowledge of the background of the real estate agency trade and the various factors affecting it
- To have a basic knowledge of the laws governing real estate agency work and how they relate to practice
- To be aware of the basic principles of property valuation to the extent that they can comprehend the essential elements of a valuation report
- To understand tenancy laws and how they relate to practice
- To illustrate an understanding of a Sale Agreement and the key components of a Sale
- An understanding of economic factors and how they impact the property market. Valuation Examination

1. VALUE - GENERAL

Different kinds of value, subjective, objective, cost vs value, use value, investment vs insurance approach.

2. PURPOSES FOR WHICH VALUATIONS ARE REQUIRED

Expropriation, purchase/sale, rating, deceased estates, balance sheets, mortgage bonds.

3. MARKET VALUE

The concept, definition, willing buyer, willing seller, open market, date of valuation, only one possible purchaser, value to neighbour.

4. DIFFERENT KINDS OF PROPERTIES

Privately owned: Unimproved land, agricultural, residential, commercial, industrial.

Publicly owned: Government offices, schools, hospitals, power stations, parks, railways, roads, sports and recreation.

5. METHODS OF VALUATION

Direct and indirect comparison methods, income capitalization, discounted cash flow, residual land value, cost approach.

6. VALUATION OF SINGLE RESIDENTIAL PROPERTIES

Unimproved land, differences in shape and size, factors influencing value, nature of improvements, locality factors such as schools, churches,
shops, transport, view and geographic aspects.

7. VALUATION OF GENERAL RESIDENTIAL PROPERTIES

Single dwelling houses, group housing, medium density developments, high rise apartments, sectional title, cluster housing.
 Real Estate Institute of Botswana
2014 Guidelines For Full Member Examinations
8. VALUATION OF COMMERCIAL AND INDUSTRIAL PROPERTIES

Shops, offices, service stations, shopping centres, office parks, different kinds of factories, warehouses, industrial parks, industrial townships, hotels and
lodges.

9. VALUATION OF SPECIAL PROPERTIES

Properties of government, sports and recreation, power stations, roads and transport, hospitals, churches, schools.

10. VALUATION OF AGRICULTURAL PROPERTIES

Different kinds of farms, factors influencing value, eg rainfall, income, nature of soil, improvements, locality, irrigation, product popularity/stability.

11. TOWN PLANNING ASPECTS

Guide plans, urban and rural land and local authority planning, zonings, floor area ratios and coverage, height restrictions, sub-division procedure,
rezonings, need and desirability.

12. ECONOMICS

Basic principles of supply and demand, urban economics, population influence, labour, infra structure, sociologic factors, urbanisation.

13. DEPRECIATION

Depreciation, physical deterioration, functional obsolescence, economical obsolescence, replacement cost, reproduction cost.

14. POTENTIAL

Highest and best use, demand for the potential, quantification of risk, market behaviour, legal aspects, feasibility.

15. GOVERNMENT (RATING) VALUATION

Local Government Act 2011***

16. EXPROPRIATION

Expropriation Act, 1975 (Act No. 63 of 1975), compensation, financial loss, solatium,** special provisions, eg property taken without the
consent of the owner.

17. EXPROPRIATION CASE LAW***

18. RATING VALUATION CASE LAW***

19. THE TIME VALUE OF MONEY

Compound interest theory, present value, future value, fixed and escalating annuities, ordinary annuities and annuities due, balance of a loan
after instalments, sinking fund, deferred amounts, simple interest, internal rate of return, net present value.

20. DISCOUNTED CASH FLOW STUDIES

Principles of cash flow analysis, township valuations, sectional title developments.

21. INCOME CAPITALIZATION

The concept, capitalization rate, factors influencing rate, capitalization in perpetuity, partly developed income producing properties, net income,
gross income, operating expenses.
 Real Estate Institute of Botswana
2014 Guidelines For Full Member Examinations
22. BASIC BUILDING CONSTRUCTION

Basic components of a building, eg foundations, walls, roof, ceiling, electric wiring, plumbing, cup-boards, finishes. Different sub-contractors, building
contracts, basic design principles. Construction of factories, offices and shops.

23. VALUATION REPORTS

Contents: Instruction, description of property, method of valuation, motivation, conclusion, Annexures, accuracy, presentation, date of valuation.

Property Management Exam

-To have a comprehensive knowledge of the background of the real estate market of Botswana and the various factors affecting it
-To have a comprehensive knowledge of the laws governing real estate work and how they relate to practice
-To be able to illustrate knowledge of the essential elements of different property management systems
-To be aware of the basic classification and terminology of buildings, and the laws and technical concepts related to buildings
-To have a comprehensive understanding of the principles of property valuation to the extent that they can comprehend and interrogate the essential
elements of a valuation report
-To understand tenancy laws and how they relate to practice
-To be able to integrate real estate market knowledge and understanding to devise an effective management system and develop standard work
procedures to ensure and achieve performance efficiency to property portfolios.
-To be able to illustrate basic knowledge and understanding of Contract Law, Business Law and Building Contracts.
-Extensive Knowledge of property management best practice and essential instruments to manager, client and tenant relationship management.

Section 4 Auctioneering

- In depth Knowledge of Auctioneering practice and process in Botswana.

- In depth knowledge of land ownership legislation applicable in Botswana
- In depth knowledge of record keeping
- In depth knowledge of the property market
- In depth Knowledge of ethical practice standards

Grading
Pass Mark 70%
 Real Estate Institute of Botswana
2014 Guidelines For Probationer Examinations
Probationer Examination
Candidates eligible for this examination are either Student Members who wish to upgrade to Probationer membership upon completion of their studies
or New member applicants who have completed the required studies for membership to the institute.

The Structure
This paper is a 40 question multiple choice exam. It covers all four categories of membership, that is Estate Agency, Property Management, Valuation
and Auctioneering. Each candidate is expected to have a fair understanding of the workings of the industry, therefore all candidates eligible for this
category, will be write this exam.
Each Section is dedicated to a specific category, consisting of 10 questions.

The Content
Section 1 Estate Agency

Candidates are expected to have an understanding of the below:

- To have a basic knowledge of the background of the real estate agency trade and the various factors affecting it
- To have a basic knowledge of the laws governing real estate agency work and how they relate to practice
- To be aware of the basic principles of property valuation to the extent that they can comprehend the essential elements of a valuation report
- To understand tenancy laws and how they relate to practice

Section 2 Valuation
1. VALUE - GENERAL

Different kinds of value, subjective, objective, cost vs value, use value, investment vs insurance approach.

2. PURPOSES FOR WHICH VALUATIONS ARE REQUIRED

Expropriation, purchase/sale, rating, deceased estates, balance sheets, mortgage bonds.

3. MARKET VALUE

The concept, definition, willing buyer, willing seller, open market, date of valuation, only one possible purchaser, value to neighbour.

4. DIFFERENT KINDS OF PROPERTIES

Privately owned: Unimproved land, agricultural, residential, commercial, industrial.

Publicly owned: Government offices, schools, hospitals, power stations, parks, railways, roads, sports and recreation.

5. METHODS OF VALUATION

Direct and indirect comparison methods, income capitalization, discounted cash flow, residual land value, cost approach.

6. VALUATION OF SINGLE RESIDENTIAL PROPERTIES

Unimproved land, differences in shape and size, factors influencing value, nature of improvements, locality factors such as schools, churches,
shops, transport, view and geographic aspects.

7. VALUATION OF GENERAL RESIDENTIAL PROPERTIES

Single dwelling houses, group housing, medium density developments, high rise apartments, sectional title, cluster housing.

8. VALUATION OF COMMERCIAL AND INDUSTRIAL PROPERTIES

Shops, offices, service stations, shopping centres, office parks, different kinds of factories, warehouses, industrial parks,
industrial townships, hotels and lodges.

9. VALUATION OF SPECIAL PROPERTIES

Properties of government, sports and recreation, power stations, roads and transport, hospitals, churches, schools.

10. VALUATION OF AGRICULTURAL PROPERTIES

Different kinds of farms, factors influencing value, eg rainfall, income, nature of soil, improvements, locality, irrigation, product
popularity/stability.

11. TOWN PLANNING ASPECTS

Guide plans, urban and rural land and local authority planning, zonings, floor area ratios and coverage, height restrictions, sub-division
procedure, rezonings, need and desirability.
 Real Estate Institute of Botswana
2014 Guidelines For Probationer Examinations
12. ECONOMICS

Basic principles of supply and demand, urban economics, population influence, labour, infra structure, sociologic factors, urbanisation.

13. DEPRECIATION

Depreciation, physical deterioration, functional obsolescence, economical obsolescence, replacement cost, reproduction cost.

14. POTENTIAL

Highest and best use, demand for the potential, quantification of risk, market behaviour, legal aspects, feasibility.

Section 3 Property Management

- To be able to understand the essential elements of different property-related information systems and to conduct and supervise others
to conduct prescribed property searches
- To be aware of the basic classification and terminology of buildings, and the laws and technical concepts related to buildings
- To be able to integrate such knowledge and understanding to devise an effective management system and develop standard work procedures to
ensure compliance with various regulatory requirements.
- To be able to understand the components of a lease
- To be able to understand and follow the process and elements of successful property management practice

Section 4 Auctioneering

- To have a basic understanding of the auctioneering process

- To have a basic understanding of Ownership types
- To have an understanding of governing legislature
- To be able to illustrate knowledge and understanding of ethics and best practice

Grading

The Grading will differentiate between the path of candidacy for the probationer; Should a candidate wish to explore all paths of membership,
their pass level should meet all the criteria for all sections.

Auctioneer: 75% pass mark on the whole paper

Estate Agency: 80% of section 1 and 50% of sections 2, 3 and 4
Valuation: 75% of each section
Property Manager: 75% of each section
Application
Checklist
Application Form Checklist

1. Application form Completed

2. Proof of payment of Application fee

3. A letter of admission and course outline for students.

4. Certified true copies of certificates, Transcripts for Probationer or Full membership

5. Reference letter (Applicants from probationer to Full membership)

6. Latest Curriculum Vitae

7. Certified Copy of Identity documents

8. Certified Copy of residence and work permit for non-citizens.

Application
Forms
 APPLICATION FOR FULL
MEMBERSHIP OR ANY
OTHER CLASS OF
MEMBERSHIP
Admission Advancement

If you are a member of REIB and wish to apply
for admission as a probationer/ full member
use this form. Please refer to the application
process rules and explanatory notes for
eligibility prerequisites.
If you wish to advance to a dierent category
of membership, please ll in your details
below attaching appropriate documentation.

Personal Details

Title: DR Mr Mrs Ms Miss Other

i
Surname Full Names

Date of Birth Gender

Male Female

Contacts

Preferred: Business Private

Business Address Private Address

Position Postal Address

Organization

Address

Email

Phone Fax
Email

Phone

Fax Mobile
Current membership status
Category tick Date of Admission
Student Member
Probationer Estate Agency
Probationer Auctioneering
Probationer Valuation
Full Member Estate Agency
Full Member Auctioneering
Full Member Valuation

Current membership Category you wish to apply for

(tick)
Estate Agency
Auctioneering
Property Management
Valuation

Please show when you wish to sit for Exams

May November

Academic Qualications ( please attached all transcripts and certicates applicable)

Have you completed a prior degree Yes No

Details of prior non Real Estate Qualication

Tertiary Institution Course Title Year of Completion

Real Estate course details

Tertiary Institution Course Title Year of Completion

Employment History

Please complete the section below:

Position Organisation

Type of Work Period of employment __________

Position Organisation

Type of Work Period of employment __________

Position Organisation

Type of Work Period of employment __________

Principal Areas of Work

Property Management
Sales, Leasing and Negotiation
Auctioneering
Facilities Management
Property and Land Development
Property Administration
Property Research
Property Consultancy
Valuation Residential
Valuation Commercial
Valuation Retail
Valuation Hotel
Property Finance
Referees

Name Surname

Company/ Organisation Position

Postal Address Email Address

Telephone

Referees

Name Surname

Company/ Organisation Position

Postal Address Email Address

Telephone
Referees

Name Surname

Company/ Organisation Position

Postal Address Email Address

Telephone

Applicants Declaration

I agree, if admitted as a member of The Real Estate Institute Of Botswana, to be bound by the
Constitution and Regulations including all the Code of Conduct and Ethics, Practice Standards and
any other requirements adopted by the institute from time to time.

Signature __________________________ Date _________________________

 APPLICATION FOR
STUDENT MEMBERSHIP
Applicants are required to be undertaking a course in Real
Estate

Application Applicants must supply

Completed form
Proof of enrollment to a Real Estate Course
Proof of payment of Membership Application Fee

Personal Details

Title: DR Mr Mrs Ms Miss Other

i
Surname Full Names

Date of Birth Gender

Male Female

Contacts

Preferred: Business Private

Business Address Private Address

Position Postal Address

Organization

Address

Email

Phone Fax
Email

Phone

Fax Mobile
Academic Qualications ( please attached all transcripts and certicates applicable)

Have you completed a prior degree Yes No

Details of prior Qualication ( name, year of completion, academic institution)

Real Estate course details

Tertiary Institution Course Title

_____________________________________ ____________________________________

Date of Enrolment Course Duration Full Time

_____________________ ____________________________ Part Time

Date of Commencement Expected date of Completion

_______________________ _______________________

Property Profession
Could you please advise why you have chosen a course of study which enable you to become a
property professional
Applicants Declaration

I agree, if admitted as a student member of The Real Estate Institute Of Botswana, to be bound by
the Constitution and Regulations including all the Code of Conduct and Ethics, Practice Standards
and any other requirements adopted by the institute from time to time.

Signature __________________________ Date _________________________