Inspections and Investigations

Main Focus of the Inspectors

The inspections will concentrate mainly on the following sections of the Act and the Code of Conduct:

Section 26 – which prohibits any person from performing any act as an estate agent unless a valid fidelity fund certificate has been issued  to him/her.

 

Auditing of the Trust Account

Section 29 read with Section 32 – which prescribe that an estate agent shall in respect of his activities as such keep accounting records   which fairly reflect and explain the state-of-affairs of the trust account.

The accounting records must be audited by an auditor within four months after the date of the financial year-end.

 

Submission of an Auditor’s Report

  • Section 32 (4) – an auditor shall transmit a report to the EAAB and submit a copy to the   relevant estate agent.
  • Section 32 (5) – the EAAB may, on good cause, order an estate agent to submit an audited statement fully setting out the state of affairs of the trust account

 

General Findings from Inspections

  • Trust accounts not properly designated;
  • The audit reports submitted did not reflect the correct position of the business;
  • Estate agent/ agent/branch operating illegally;
  • Improper conduct where practices which obviously contravene the Code of Conduct;

Inspections and Investigations Policy
July 12, 2011
The purpose of this Inspections and Investigations Policy is to clarify and enhance the inspection and supervision functions of the EAAB and to ensure transparency in the administration of inspections and investigations.

The EAAB intensifies its inspectorate mandate efforts
June 13, 2011
One of the primary mandates of the Estate Agency Affairs Board (EAAB) is to regulate, maintain and promote the standard of conduct of estate agents, having due regard for the public interest.



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