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What is the Purpose of the Real Estate Agency Act, 2020 (Act 1047)? The Real Estate Agency Act, 2020 (Act 1047) (the “Act”) was enacted to regulate real estate agency practice, including the sale, purchase, rental and leasing of real estate.[1]. It also introduces licensing of real estate agents and brokers. Which real estate transactions does the Act regulate? The Act regulates real estate transactions including the sale, purchase, rental and leasing of real estate.[2] The Act applies only to transactions in which there is a principal-agent relationship for instance between a real estate agent or broker and a client. It does not apply to real estate transactions in which a person acts in their own capacity, as an employee, as a trustee pursuant to a court order or where there is no principal-agency relationship.[3] How does the Act affect real estate agents or brokers? Every real estate broker or agent seeking to operate in Ghana must obtain a license from the Real Estate Agency Council (the “Council”). [4]  Additionally, engaging in a real estate transaction in that capacity without a license is a criminal offence.[5] All real estate transactions must utilize the official real estate forms provided by the Council. ...