EAAB 3 month fidelity certificate amnesty

Posted On Tuesday, 14 June 2011 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

The Estate Agency Affairs Board has recently announced that a three month amnesty period for illegal estate agents (i.e. those operating without a Fidelity Fund Certificate) is now going into operation

The Estate Agency Affairs BoardThis, the EAAB has said, will promote a climate of transparency and reconciliation between those agents who are in default and the Board, the aim being to eliminate the current backlog of agents operating without Fidelity Fund Certificates.

Tony Clarke, MD of Rawson Properties (which definitely forbids any agents operating under its banner to do so without a Fidelity Fund Certificate), said that this move by the EAAB is to be commended because the number of ‘illegal’ agents is now probably higher than ever before and the situation will grow worse when those who have failed to apply for the compulsory EAAB educational training have to accept that they will no longer be issued with certificates to operate as agents.  Registration is mandatory by no later than the end of 2011.

“Also serious,” said Clarke, “is the fact that if the client of an unregistered agent finds that he has been cheated financially, he has no recourse to the EAAB compensationary Fidelity Fund.  It is, therefore, essential that all who enter into dealings with an agent check first that he has a valid up-to-date certificate from the Board.”

The EAAB itself, said Clarke, must now ‘get its act together’ and bring the issuing of certificates up-to-date.

“Different statements are bandied about on the situation, but it is quite clear that the Board itself is still a long way behind catching up with the issuing of certificates.  We have come across cases where agents who applied in October last year are still without their certificates.  Fortunately the new Chairman has undertaken to remedy the situation as fast as possible - and we are confident that he will see to this.”


Last modified on Tuesday, 11 March 2014 15:48

Most Popular

Balwin Properties announces R9 billion Munyaka Crystal Lagoon development in Waterfall, Midrand

Feb 06, 2020
Munyaka Crystal Lagoon
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Atterbury develops new Cape Town showroom for WeBuyCars

Jan 30, 2020
Atterbury We Buy Cars exterior view
Leading property developer and investor Atterbury has handed over the innovative…

New fire safety global standard being developed for buildings and infrastructure

Jan 30, 2020
TC Chetty RICS SA Country Manager
The Royal Institution of Chartered Surveyors (RICS) is collaborating with a coalition of…

Green Building Council SA to reduce physical footprint

Jan 29, 2020
Dora Modise CEO GBCSA
Green Building Council South Africa (GBCSA) will be reducing their physical office…

382 Jan Smuts avenue gets caffein boost

Jan 28, 2020
382 Jan Smuts, which is situated in the heart of Craighall, one of the busiest and most…

Please publish modules in offcanvas position.