With just two months remaining till the end of the year, we have much to accomplish.
I urge you to review the pieces of legislation we have emailed over the past few days and send us your comments; so that our legal team can take everything into consideration before we submit our opinion and commentary.
The Multi-Stakeholder Group meets with the EAAB Board and Exco again on the 6th November and we hope to provide feedback on all the outstanding issues.
I take this opportunity again, to thank you for your unwavering support and for bringing the pertinent issues that need resolving to our attention.
Codes of Good Practice on Broad- Based Black Economic Empowerment
The Minister of the Department of Trade and Industry has now published the Property Sector Charter as a Sector Code on Black Economic Empowerment in terms of Section 9(1) of the Broad Based Black Economic Empowerment Act (Act No. 53 of 2003).
We emailed you a copy of the Draft Aligned Property Sector Code on Friday 23 October for your perusal.
We have 60 days to comment and have briefed our legal team to provide an opinion. Please can we have your individual comments before Friday 20 November in order to give the attorney’s enough time to consider all the inputs.
Please email me on email@example.com
Estate Agency Affairs Board to Issue New Regulations Introducing New Levies and Contributions: 2016 Fees
On 23 October, The EAAB emailed all agents a notice in respect of New Levies for public comment.
For some inexplicable reason this email was sent to you well after the window of opportunity for commenting had closed.
Any person wishing to comment on, or to make representation with regard to the draft Regulations, were invited to do so within 30 days of the date of publication of the notice of 11 September. The deadline to comment was 11 October 2015.
We have not yet been able to determine why this communication was sent to all at this point in time.
REBOSA, on behalf of our Members, has commented critically within the set timeframe on these fees. The increase is roughly in line with CPI when calculated from 2006 but additional categories have been added which we contest.
The main point is that the EAAB has spent more than R108 million in the last financial year to manage its affairs – an amount that should be more than adequate without a further increase.
Obviously higher fees also makes entry to the sector more challenging and has a negative effect on transformation. It is now up to the Minister of Human Settlements to take all comments into consideration and finalise the regulation.
We will keep you posted on the outcome.
Sectional Titles Schemes Management Regulations and Community Scheme Ombud Services Act, 2011 Regulations for Public Comment
On 6 October we emailed these for you to comment on and we thank all those members who took the time to provide us with valuable feedback.
Our attorneys have compiled all the responses and we will submit our commentary to the Minister.
Property Practitioners Bill
The Minister’s adviser has conveyed that the Property Practitioners Bill is still with the State Law Advisers and will most likely be tabled in February 2016 in Parliament.
EAAB PDE Training Manuals
We have noted all your emails regarding the newly released PDE Training Manuals that have no page numbers. We will be taking this up with the Board and Exco at our next Multi-Stakeholder Group meeting on 6 November and hope to provide you with feedback thereafter.
It recently came to our attention that one of our member’s auditors reports were rejected by the EAAB on the grounds that the Company’s auditor was not registered with the Independent Regulatory Board of Auditors (IRBA).
Please note that it clearly states in the EAAB Handbook that Bookkeepers or Accountants may not complete the audit report.
It is a legislative requirement for the audit report to be signed off by an auditor, registered as an accountant and auditor in terms of Section 23 of the Public Accountants’ and Auditors’ Act,1951 and engaged in public practice as such.
The EAAB requires that the appointed auditor is to be registered with the Independent Regulatory Board for Auditors (IRBA).
A copy of the EAAB Handbook can be found on the EAAB website.
Educational Requirements Deadline
We again remind you that the educational requirements deadline is 30 October 2015.
Please read the notice below carefully in order to ensure you remain compliant so as to have your 2016 FFC reissued.
The EAAB has resolved that currently practicing principal and non-principal estate agents who were registered as such on 15 July 2008 but who have not yet complied with the prescribed educational requirements may not be issued with a fidelity fund certificate for the 2016 calendar year unless they:
• provide written proof to the EAAB confirming that they are currently registered with a Services SETA-accredited real estate prior learning assessment centre or real estate training provider, as the case may be, for accreditation against the required NQF real estate qualification; and
• where such a document has been issued, also furnish a copy of the preliminary competency finding by that Services SETA-accredited real estate prior learning assessment centre or real estate training provider, as the case may be, pending the verification of that competency finding by the Services SETA.
The required proof of registration by the estate agent concerned with a Services SETA-accredited real estate prior learning assessment centre or real estate training provider, as the case may be, must be received by the EAAB by no later than 30 October 2015, being the last date for the renewal of fidelity fund certificates for the 2016 calendar year.
Receipt by the EAAB of such proof will enable the estate agent concerned to be issued with a fidelity fund certificate for the 2016 calendar year. Once the initial competency finding against the NQF real estate qualification has been duly verified by the Services SETA, the estate agent concerned will be required immediately to advise the EAAB accordingly and to enrol for, and pass, the next scheduled Professional Designation Examination.
Practicing principal and non-principal estate agents who were registered as such on 15 July 2008 and who have yet to comply with the peremptory educational requirements are, therefore, requested to e-mail the necessary written proof of registration with a Services SETA-accredited real estate prior learning assessment centre or real estate training provider, as the case may be, to the EAAB as soon as possible.
Such written proof should be e-mailed to firstname.lastname@example.org and must, in any event, be received by the EAAB by no later than 30 October 2015.
Failure to do so will result in the disqualification of that estate agent meaning that it will not be possible for the EAAB to issue a fidelity fund certificate to that person for the 2016 calendar year.
Issued by: Estate Agency Affairs Board Date: 21 August 2015
Given the many issues we are currently faced with as an industry and the new legislation that keeps coming thick and fast, we have created a blog where we will be posting some of your comments from emails you have sent us. We will be opening the blog for commentary where you will be free to publish your views. The Blog can be found on our website at www.rebosa.co.za Should you not wish your emails or comments to appear then please let us know
EAAB 2014/15 Annual Report
If you are interested in perusing the EAAB’s annual report, the please visit our website on www.rebosa.co.za where we have uploaded a copy under the EAAB Notifications tab.