THE GRANT OF AN EDUCATIONAL EXEMPTION IN RESPECT OF THE NON EXECUTIVE DIRECTORS OF AN ESTATE AGENCY COMPANY DOES NOT APPLY TO THE MEMBERS OF AN ESTATE AGENCY CLOSE CORPORATION

Members of an estate agency close corporation who are both competent and entitled to take part in the running of the estate agency business of the close corporation must be registered with the EAAB.

For the purposes of compliance with the requirements of the Estate Agency Affairs Act all members of an estate agency close corporation who are both competent and entitled to take part in the running of the estate agency business of the close corporation as well as the management of the close corporation are regarded as estate agents and, as such, must apply for, and be issued with, a valid fidelity fund certificate by the EAAB.  

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URGENT NOTICE: RENEWAL OF FIDELITY FUND CERTIFICATES FOR 2018

Estate agents and estate agency firms holding 2017 Fidelity Fund Certificates (FFC’s) are reminded that such FFC’s must be renewed for the 2018 calendar year by no later 31 October 2017. Estate agents are urged to ensure that applicable renewal payments are made on or before 31 October 2017 since, even if the renewal process … Read moreURGENT NOTICE: RENEWAL OF FIDELITY FUND CERTIFICATES FOR 2018

RENEWAL OF FIDELITY FUND CERTIFICATES AND REGISTRATION CERTIFICATES

All renewals shall be performed on the MyEAAB Agents Portal accessible through the EAAB website through the link https://www.eaab.org.za/myffc.

Every estate agent must apply for a fidelity fund certificate or registration certificate for the succeeding year not later than 31 October of every year. Renewal payment received after 31 October will attract monthly penalties of R450 per month and per person for firms, branches, principals and non-executive principals and R240 per month and per person for interns, full status agents and attorney employees.  

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CONTINUING PROFESSIONAL DEVELOPMENT (CPD) PROGRAMME 2017

Estate agents are reminded that, in terms of the Standard of Training of Estate Agents Regulations, 2008, they must comply with prescribed Continuing Professional Development (CPD) obligations to continue to practice as such.

All estate agents, excluding only intern estate agents, must participate in the EAAB’s CPD programme and accrue the required number of annual verifiable and non-verifiable CPD points if they wish to retain a fidelity fund certificate entitling them to render estate agency services.  Estate agents falling within the rolling three-year CPD cycle which commenced in 2015, that is to say, persons who were registered as full status estate agents in 2015, but who either failed to register for CPD in 2015, 2016 and/or 2017 or who have not yet accumulated the requisite verifiable and non-verifiable CPD points for those CPD years, are advised that 2017 is the last year in which they may still register for, and complete, the entire CPD programme for the cycle.  

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PROFESSIONAL INDEMNITY INSURANCE FOR ESTATE AGENTS

The sale, lease or management of immovable property is clearly not simply about the estate agent concerned closing the deal and obtaining payment of the agreed commission.

More intrinsic detail is required to ensure that the property transaction is completed in a transparent and compliant manner as required by the Estate Agency Affairs Act, 112 of 1976 (“the Act”).

It must be borne in mind that Estate Agency Affairs Board (EAAB) was created to protect members of the public in their dealings with estate agents. Consumer protection, indeed, lies at the heart of regulating the real estate sector.  

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