As an estate agent in South Africa you must comply with your regulator, the Estate Agents Affairs Board. The Board regulates legislation in The Estate Agents Affairs Act and the subsequent Regulation 633 which was promulgated in 2008. The areas of compliance are estate agency audit report submissions, management of trust accounts, education and training regulations, misconduct and misrepresentation as contained in Section 27 of the Act. Non-compliance may result in the estate agent / agency becoming disqualified by the Board. The offending party will have their FFC withheld and will not be able to trade. This will add to the already high unemployment statistics in South Africa.
It is critical that all agents understand the implications of non-compliance. Should an agency become non-compliant this has a roller affect on all the estate agents working for that agency as they in turn will become disqualified and their FFC’s withheld. No FFC, no commission. If an estate agency is compliant but one of their agents are not compliant, then that agent will have to resign because if they don’t then the agency is non-compliant.
CPDIEAAB -M2: Training Material EAAAct
CPDIEAAB-M3: Training Material Assessment Regulation 633
The Interacting with EAAB CPD Course includes the following:
- A video produced by PropAcademy using EAAB material, its just under 20 minutes, very valuable in its content, once understood will remove all frustrations when dealing with the Board
- The training material is the EAAAct, which every self-effacing estate should know and Regulation 633, vital to understanding the education requirements of the Board
- A short quiz will earn you your CPD point and you will receive a PropAcademy CPD Certificate. A 70% pass is required.
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