Every accountable institution, which performs the functions of an accountable institution referred to in item 3 of the Schedule to the Act and which renders the services referred to in paragraphs 2 (a) and (b) of the regulations made under section 33 of the Estate Agency Affairs Act, 1976 (Act No. 112 of 1976) in Government Notice R 1485 of 17 July 1981, is exempted from compliance with the provisions of Parts 1, 2 and 4 of Chapter 3 of the Act in respect of that part of its business to which those services relates.