sec.7Related entities

### sec.7 Related entities An entity ( exempt entity ) is exempt from this Act if the entity— carries on the business of a property agent or resident letting agent in relation to assets, other than residential property, of— another entity the majority of which is directly or indirectly owned by the exempt entity; or another entity, if the majority of both entities is directly or indirectly owned by the same persons; or another entity that directly or indirectly owns the majority of the exempt entity; and is a property agent or resident letting agent only because of the business carried on by it in relation to the assets; and when carrying on that business as a property agent or resident letting agent discloses in writing in any advertising or contract relating to the assets its relationship to the owner of the assets. - (a) carries on the business of a property agent or resident letting agent in relation to assets, other than residential property, of— (i) another entity the majority of which is directly or indirectly owned by the exempt entity; or (ii) another entity, if the majority of both entities is directly or indirectly owned by the same persons; or (iii) another entity that directly or indirectly owns the majority of the exempt entity; and - (i) another entity the majority of which is directly or indirectly owned by the exempt entity; or - (ii) another entity, if the majority of both entities is directly or indirectly owned by the same persons; or - (iii) another entity that directly or indirectly owns the majority of the exempt entity; and - (b) is a property agent or resident letting agent only because of the business carried on by it in relation to the assets; and - (c) when carrying on that business as a property agent or resident letting agent discloses in writing in any advertising or contract relating to the assets its relationship to the owner of the assets. - (i) another entity the majority of which is directly or indirectly owned by the exempt entity; or - (ii) another entity, if the majority of both entities is directly or indirectly owned by the same persons; or - (iii) another entity that directly or indirectly owns the majority of the exempt entity; and