Welcome to our March report. We hope you have successfully completed your Professional Development Plan and made payment for today’s CPD deadline.
REBOSA will be holding its 3rd AGM on 22 June 2016 and we hope you will be able to join us. Seats are limited so please read the notice below and email us should you wish to reserve your place.
Thank you for your ongoing support.
Attorney’s Trading as Estate Agencies
We have had a number of queries in this regard and include herewith excerpts from communications from the EAAB on any misperceptions in this regard.
As far as individuals employed by such an attorney, the following applies:
“Any person employed by an attorney, except as an attorney or as a candidate attorney, and who wholly or primarily carries out estate agency activities, other than the collecting or receiving of money in respect of leases, is regarded as being an estate agent and is, therefore, obliged to comply with all the relevant requirements of the Estate Agency Affairs Act. Such a person is, however, not issued with a fidelity fund certificate by the EAAB but with a ‘Registration Certificate’, the purpose of which is to indicate that the person has duly registered with the EAAB. The attorney’s employee is not required to contribute the Estate Agents Fidelity Fund and is not covered by the Fidelity Fund in the event of the theft of trust moneys by that person. The person concerned is, furthermore, not subject to the disciplinary jurisdiction of the EAAB.”
Such individuals must therefore complete their internship, NQF 4 etc.
As far as practicing attorneys are concerned, the following applies:-
“In terms of section 1(vi)(d) of the Estate Agency Affairs Act, 112 of 1976, practicing attorneys are not deemed to be estate agents if they perform any estate agency functions and activities:
• in the course of; and
• in the name of; and
• from the premises of;
the attorney’s practice. Such practicing attorneys are neither required to register with the EAAB nor to be issued with valid fidelity fund certificates by the EAAB. It will not be necessary, in addition, for the attorneys concerned either to acquire the real estate qualifications or to pass the relevant Professional Designation Examinations. Any persons employed by such attorney whose duties consist wholly or primarily of the rendering of estate agency functions will, however, be obliged to register with the EAAB and to be issued with a Registration Certificate. Disciplinary jurisdiction nevertheless continues to vest in the appropriate Law Society while any misappropriation of trust moneys is covered by the Attorneys Fidelity Fund and not by the Estate Agents Fidelity Fund.”
Should such an individual want to trade other than stipulated in the three points above, the normal rules apply, i.e. registration with EAAB, internship, NQF 4 & 5 etc.
Mr Clive Ashpol: HonsBA, MBL, LLB, LLM
Education and Training Department
ESTATE AGENCY AFFAIRS BOARD
Should you be aware of any instances where the above has not been applied, please communicate with us at your earliest convenience.
Intern Log Books
Please be advised that:-
Even where an intern estate agent has been granted an equivalency exemption against the NQF Level 4 and 5 real estate qualifications, that person is still required to maintain and keep the prescribed intern logbook and, on the completion of the mandatory internship period, submit that logbook to the EAAB for assessment.
The intern will not be able to enrol for the Professional Designation Examination for non-principal estate agents (PDE 4) until the intern logbook has been approved by the EAAB.
EAAB Over 60’s Exemption Process
Following is a notice from the EAAB outlining the over 60’s age based exemption process for your perusal.
Procedure when Applying for an Equivalency Exemption against the NQF Level 4 and/or 5 Real Estate Qualifications
Following is a notice from the EAAB outlining the procedure when applying for NQF 4 /5 exemption for your perusal.
The Use of the 7 Digit Reference No. when Transacting with the Eaab
Please take note of the following notice in respect of using your personal 7 Digit Reference number when transacting with the EAAB, in order that your payments are correctly allocated and referenced.
Directive 04/2016: Accountable and reporting institutions required to update registration related information to access the Financial Intelligence Centre’s new registration and reporting platform
Please peruse the following notification in respect of the FIC’s new registration and reporting platform – goAML.
REBOSA Annual General Meeting
REBOSA’s third AGM will be held on Friday 24, 2016 at the Southern Sun Hotel, OR Tambo International Airport, Kempton Park, Johannesburg at 10h00. The AGM is free to all paid up REBOSA members. Seats are limited so booking is essential. Should you wish to attend, please email Adrianne – firstname.lastname@example.org Further details will be made available in the weeks to follow.