Faced with a grim financial outlook following the declaration of the National Lockdown, the Estate Agency Affairs Board (EAAB) was approached by the property sector seeking exemption from paying a myriad of fees, including fees in relation to the mandatory Continuing Professional Development (CPD). The EAAB then brought this request to the attention of the Minister of Human Settlements, Water and Sanitation (the Minister).
In response thereto, in her 2020 Budget Note Speech of 21 July 2020, the Minister made some announcements which have the effect of giving the property sector some reprieve in so far as the payment of some mandatory fees. One such announcement was that fees payable for mandatory training will be waived for the current financial year, i.e. 2020. The Minister further mentioned that the EAAB will publish the relevant details.
Subsequently, the EAAB published a communique citing that CPD fees for 2020 will be waived and that those estate agents who have already made payment towards their CPD fees will have their accounts credited for the 2021 financial year and will not be required to pay the CPD fees in the corresponding year.
It has been brought to the attention of the EAAB that there is some confusion with respect to the effect of the CPD waiver. Below, we seek to explain the effect of the waiver in detail.
- Estate agents who have not paid the CPD fees: Estate agents who have failed to pay CPD fees for the 2020 financial year will not be penalised. However, they will still be required to participate in the CPD training once it is available online. Furthermore, they will be required to pay their CPD fees for the 2021 financial year.
- Estate agents who had already paid the CPD fees when the waiver was announced: Estate who had already made payment towards the CPD fees when the waiver was announced shall have their accounts for the 2021 financial year credited with the funds already paid and will not be required to pay CPD fees for the 2021 financial year. However, they will also be required to participate in the CPD training once it is available online.
Issued by: Estate Agency Affairs Board
Education and Training Dept
Date of issue: 29 September 2020