INSPECTIONS

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;

BEYERS REALTY GROUP CLAIM AGAINST THE FIDELITY FUND OF THE EAAB
November 1, 2016
Further to the below letter of information, the EAAB wishes to advise as follows: The curator as appointed by the court (see previous notice), is Mr Thomas Makupo, and any claims for trust monies which were held by Beyers Realty Group must be lodged with the curator at  curator@eaab.org.za, attention Mr Thomas Makupo

Communication - EAAB WEBSITE, MyCPD AND MyEAAB Online Portals
October 12, 2016
For the past few years the EAAB has implemented a number of online systems aimed at ensuring that estate agents are able to transact and interact with EAAB through these online services. These projects include online submission of Audit Reports, MYCPD, MyEAAB, Online registrations and renewals, PrivySeal, etc. Further, now estate agents are also...

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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