2017 AUDIT REPORT’S SUBMISSION REMINDER

The submission deadline of 30 June 2017 for estate agency firms with a financial year-end of 28 February 2017 is imminent and this notification serves as a reminder to principals of these estate agency firms.

In order to ensure compliance with section 29(b), 32(3)(b) and 32(4) of the Estate Agency Affairs Act (the Act), principals are reminded to take note of the following information and also bring it to the attention of their auditors: 

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HOW DO I, AS AN ESTATE AGENT, INTERACT WITH THE ESTATE AGENCY AFFAIRS BOARD?

An innovative mechanism to facilitate the interaction of estate agents with the Estate Agency Affairs Board (“EAAB”) will be introduced on 2 May 2017. As from that date the newly established online query management system must be used for all queries, questions and complaints relating to the issue of fidelity fund certificates, audit compliance, education compliance, legal matters and general enquiries.  

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IMPORTANT ANNOUNCEMENT: EXAMINATION CANDIDATES WHO UNDERTOOK THE PROFESSIONAL DESIGNATION EXAMINATION ON 2 MARCH 2017 MAY NOW OBTAIN EXAMINATION RESULTS

Candidates who wrote the Professional Designation Examination on 2 March 2017 are advised that:

  • the results of the examination may now be accessed by logging-on to the ‘MyEAAB’ portal of the EAAB website (www.eaab.org.za), clicking on the ‘Agents’ portal dropdown, completing the required information and then going to the right-hand menu and, under the ‘Education and Training’ tab, clicking on ‘Check your qualification status’ – if a green tick has been noted against the relevant PDE the candidate  will have passed the examination while if a red cross appears the candidate was unsuccessful;
  • appeals against examination results by unsuccessful candidates close on the 28 April 2017 after which date appeals cannot be entertained; and
  • certificates of Professional Recognition will be mailed to successful candidates by 2 June 2017.

 

Issued By: Estate Agency Affairs Board
Education and TrainingDept

Date of issue: 13 April 2017

REQUIRED DISCLOSURE BY INTERN ESTATE AGENTS

Intern estate agents are reminded that they are obliged, pursuant to the provisions of regulation 2(4)(a) of the Standard of Training of Estate Agents Regulations, 2008, to disclose the fact that they are intern estate agents on all printed material relating to their activities as estate agents. They are required, therefore, specifically to disclose the fact that they are intern estate agents on, for instance, all business cards, letterheads, pamphlets, brochures and any form of advertising, save only for advertisements appearing in the ‘smalls’ section of the press.

Intern estate agents may not, whether directly or indirectly, hold themselves out or advertise that they have complied with the prescribed educational requirements or that they are full status estate agents.

Intern estate agents may also not complete or draft any documentation relating to any transaction negotiated by them, in their capacity as intern estate agents, otherwise than in the presence of a principal estate agent or of a full status estate agent who has continuously held a valid fidelity fund certificate for a period of at least three years. That principal or full status estate agent must, in addition, certify on the documentation in question that such documentation was completed in his/her presence.

Issued by: Estate Agency Affairs Board

Date of issue: 12 April 2017

THE ESTATE AGENCY AFFAIRS BOARD IS DETERMINED TO EXTIRPATE RACISM FROM THE REAL ESTATE SECTOR

22 MARCH 2017

Despite the best endeavours of the Estate Agency Affairs Board to sensitise practicing estate agents to the evils of racism and notwithstanding the conduct of a concerted campaign focusing on the insidious consequences of such acts, a further incident of blatant and unacceptable racism, including the use of crude and grossly offensive language, has been brought to its attention.  

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PRIVYSEAL CONSUMER PROTECTION INITIATIVE

02 March 2017

ALL ESTATE AGENCY FIRMS ARE REQUIRED TO ENSURE COMPLIANCE BY THEIR EMPLOYEES IN SIGNING UP FOR THE PRIVYSEAL CONSUMER PROTECTION INITIATIVE
The deadline of 31 August 2016, which was subsequently extended to 30 September 2016 for estate agents to register for their EAAB Privyseal has duly expired.

It is most pleasing to report that some 65% of estate agents have already signed up and are using their Privyseal.  The EAAB wishes to extend their appreciation for their prompt co-operation in this regard.  For the estate agents that remain it is therefore pertinent to request that all Principal estate agents ensure that all their employees register for their Privyseals without delay.

To register for your Privyseal, it is imperative that the estate agent (regardless of status) has been issued with a valid Fidelity Fund Certificate (FFC) for 2017 and that all their contact details that reside on the EAAB’s database are correct.

ESTATE AGENCY AFFAIRS BOARD