In REBOSA Reports

REBOSA REPORT 16 FEBRUARY 2017

Dear Colleagues

There are a few EAAB and FIC deadlines looming and we urge you to please adhere to them.  We have covered each one in detail below.

We are also pleased to announce that our membership fees will remain unchanged for 2017.

I would again like to take this opportunity to thank you for your ongoing support and wish you a prosperous 2017.

Kind regards
Jan

Your Best Effort is Good Enough

The EAAB has recently approached a number of principals to submit a Self-Assessment of Compliance with the EAAA and FICA on the MyEAAB agent’s portal.  

The rational is positive.  Agents should be in compliance with both Acts and self-assessment is certainly not a bad thing.  Rebosa members are encouraged to comply although it is quite a task and there is overlap with the annual audit report.  We will address this with EAAB.  We will also object to yet more pressure being put on legally registered compliant agencies while many are trading illegally and suffering no consequences.

Unfortunately, as has happened in the past, this system was implemented without adequate testing and has led to a number of difficulties leading to unnecessary stress for all concerned.  Many agents have reported that having gathered all the information (and there is a lot of gathering to be done), submission has proven to be impossible.

We have contacted the CEO of the EAAB, Mr Bryan Chaplog, and requested that the deadline for submission be extended until the technical challenges have been overcome.  He has undertaken to do so but unfortunately nothing has been forthcoming yet.

Regardless Rebosa members are well advised to attempt to do the submission timeously and, if failing to do so save a “screenshot” to prove that the effort was made.

Do however not stress unduly if impossible as case can be made that this demand is not enforceable in terms of the Act and that no negative consequences should follow failure to submit timeously due to the technical difficulties experienced – especially with proof of the effort to do so.

Final Reminder to Register your Entity with the Financial Intelligence Centre

If you are still not registered on the FIC’s registration and reporting platform (goAML) this is your last chance to do so.  A fine of R5000 will be imposed on all Companies not registered by 28 February 2016.

See Final Reminder to Register your Entity with the Financial Intelligence Centre on how to register on the GoAML system.

Continuing Professional Development (CPD) 2017

Members are reminded that the final deadline to register for 2017 CPD as well as those who have not previously registered and need to register for the “catch-up programme”, is 28 February 2017.  No further extensions will be granted.

Important Dates

Submission of PDP for Catch-up 2015 & 2016         28 February 2017
Submission of PDP 2017                                               28 February 2017
Payment for CPD 2015, 2016, 2017                             31 March 2017

Please remember to register your Professional Development Plan (PDP) first, then pay using only your 7 digit EAAB Number as reference and then proceed. Any other sequence will present challenges.

See cpd_2017_communique (1) notice.

Rebosa Membership and Fees

We are pleased to announce that our membership fees will remain at R20 excl VAT per FFC per agency, monthly.

Please send us the number of FFCs in your office (Principals, Agents and Interns) by 28 February so that we can amend our database and adjust our billing for 2017

We thank you for your continued support.

Letter to Banks for opening a Trust Account

It recently came to our attention that certain banking institutions require a letter from the EAAB before they will open up a trust account for a new agency.

The EAAB have given us a standard letter which can be submitted to bankers and which is attached below for your convenience.

Letter for banks to open a trust account

Property Practitioners Bill

On 14 February 2017, the Director General of Human Settlements briefed the Chairperson of the Human Settlements Portfolio Committee on the progress of the draft Property Practioners Bill.

The Draft Property Practitioners Bill has now been completed and has been introduced to the cabinet process.  It has served before the economic cluster, social protection and human development clusters.  It is expected to be served within cabinet in the next month and will then be published for public comment.

We will keep you updated on the progress.

The Real Estate Industry and State of the Nation Address

Please find an article that was recently published in response to the President’s remarks about the property sector in his State of the Nation Address

 

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