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;
The Financial Intelligence Centre (the FIC), established by the Financial Intelligence Centre Act, 38 of 2001 (the FIC Act), is the national point for the gathering, analysis and dissemination of financial intelligence. The FIC identifies the proceeds of crime and combats both money laundering and the financing of terrorism with its primary role...
The implementation of the FIC Amendment Act ‘Live” Webinar - POSTPONEMENT INTEGRATED REAL ESTATE DIALOGUE Estate agents and Agencies are to be advised that the intended Webinar Broadcast scheduled for 11 April - Durban, 16 May - Cape Town and 23 May - Pretoria, Gauteng have all been postponed due to unavoidable circumstances. ...
The Financial Intelligence Centre Act, 38 of 2001, established the Financial Intelligence Centre as the national centre for the gathering and analysis of financial data. The FIC is mandated to identify funds generated from criminal acts and to combat money laundering and terrorist financing. The FIC Act imposes certain obligations on sectors...
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 firstname.lastname@example.org, attention Mr Thomas Makupo
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.