The real estate sector in Zimbabwe, a vital component of the nation's economy, operates under the regulatory oversight of the Estate Agents Council of Zimbabwe (EACZ). Established as a statutory body through an Act of Parliament, the EACZ plays a crucial role in ensuring professional conduct, protecting the public, and maintaining the integrity of the estate agency industry. Operating primarily under the Estate Agents Act [Chapter 27:17], the Council is the cornerstone of real estate regulation in the country.

The primary mandate of the EACZ is multifaceted, encompassing the registration and regulation of estate agents and their practice in Zimbabwe. This involves setting standards for entry into the profession, including educational and ethical requirements, and maintaining a register of all accredited estate agents. By ensuring that only registered individuals and firms can operate, the EACZ aims to professionalize the industry and provide a level of assurance to the public.

A key function of the EACZ is the administration of the Estate Agents Compensation Fund. This fund serves as a crucial protective mechanism for the public, offering a degree of financial recourse in instances where a registered estate agent's fraudulent or dishonest actions result in financial loss to a client. This builds confidence in using the services of registered agents, knowing there is a safety net in place.

Furthermore, the EACZ is responsible for regulating how estate agents handle client funds. This includes strict rules regarding the operation of trust accounts, ensuring that monies held on behalf of clients are kept separate from the agent's operational funds and are disbursed appropriately. This measure is critical in preventing the misuse or misappropriation of client funds, a significant concern in real estate transactions.

The Council also plays a proactive role in combating the prevalence of unregistered or "bogus" estate agents who operate outside the legal framework. These unregistered individuals or entities pose a significant risk to the public, often engaging in fraudulent activities. The EACZ actively works to identify and expose such illegal operators, often in conjunction with law enforcement agencies, and educates the public on the importance of dealing only with registered estate agents.

In addition to its regulatory and protective functions, the EACZ contributes to the ongoing professional development of estate agents. While the Real Estate Institute of Zimbabwe (REIZ) is a key provider of real estate education and qualifications, the EACZ's requirements and standards influence the training curriculum and the competencies expected of registered practitioners.

In essence, the Estate Agents Council of Zimbabwe is integral to the sound functioning of the real estate market. Through its registration, regulation, and enforcement activities, coupled with the safeguard of the Compensation Fund, the EACZ strives to foster a professional, ethical, and trustworthy environment for estate agents and the transacting public in Zimbabwe. Adherence to the regulations set forth by the EACZ is not only a legal requirement for practitioners but also a vital step for individuals and entities engaging in property transactions to protect their interests.