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THE BOARD REGULATES THE ESTATE AGENCY INDUSTRY BY LICENSING PRACTITIONERS. THE LAW UNDER WHICH THE BOARD OPERATES:

The board achieves regulation through:

  • Preventing unsuitable persons from entering the industry.
  • Adminstering a qualifying examination for new applicants.
  • Investigating complaints concerning improper estate agency conduct and activity.
  • Imposing disciplinary on estate agents found to have violated the licensing Act or Code of Conduct, and
  • Reimbursing consumers who have suffered financial loss through the theft by estate agents of trust monies, from its Fidelity Fund.

The role of the Board is neither to protect the regulated industry nor to protect consumers at all cost. Instead, the role of the Board is to protect the public interest. Protecting the public interest means assuring every individual's right to justice and equal treatment whether that individual is a consumer or estate agent practitioner. The Board must, therefore, use its best efforts to achieve fair and impartial enforcement of the law.

IMPORTANT NOTICE

Be advised that your Agency's Audit Report is due for submission to the EAAB Four (4) months after your financial year end. Failure to submit will result in the disqualification of your Agency and all the agents. You will become liable to be charged and a fine of R500 will be levied.

Please find a blank audit report form on this website under Estate Agents Services then Registrations or contact the Board on (011) 731 5600

IMPORTANT 2009 RENEWAL NOTICE

In accordance with the requirements of Regulation 4(1) of Government Notice R1798 of 29 August 1986, as amended: every estate agent to whom a Fidelity Fund Certificate has been issued by the EAAB for the current year, is obliged to apply for the renewal of that Fidelity Fund Certificate for the following year by no later than 31 October of that year.

Estate Agencies are reminded to submit their Auditors Report within four months after their financial year-end failing which Fidelity Fund Certificates for 2009 will not be issued.

The EAAB has decided to grant an extension of the renewal of the Fidelity Fund Certificate until 30 November 2008.  All Estate Agents that have not as yet applied for their renewal are advised to apply on or by 30 November 2008.  Estate Agents are requested, if they have not already done so, to kindly give this matter their urgent attention with a view to ensuring compliance with the relevant regulations.

Payment for the renewals can be made into the following bank account, namely:

Name of Bank          : ABSA Bank Limited

Branch                     : Protea Park, Sandown

Account Name         : Estate Agency Affairs Board

Account No              : 405 203 3310  

Should Estate Agents not apply for the renewal of their Fidelity Fund Certificate’s by 30 November 2008, a penalty to an amount of R150.00 for Non-Principal Estate Agents and R250.00 for Principal Estate Agents will be imposed. 

Kindly contact us on Tel: 011 731 5600 should you have any enquiries in this regard.

 

 
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