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New estate agency board to be named this week.

Posted On Wednesday, 02 July 2003 02:00 Published by eProp Commercial Property News
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The members of the new board of the Estate Agency Affairs Board (EAAB), the statutory body that regulates the estate agency industry, would be announced this week, the trade and industry department said yesterday.

Bryan ChaplogThe term of office of the previous board expired on March 17, which means the EAAB has been unable to perform some of its core functions.

In the absence of a board, the EAAB has been unable to consider claims from consumers against the fidelity fund, arising from the misappropriation of funds by estate agents; appeals against the verdicts of disciplinary hearings; and claims for fidelity fund certificates from disqualified people.

The certificates allow people to practise as estate agents and receive commission.

The EAAB, whose role is to protect consumers and investigate complaints of improper conduct against estate agents, was given a mandate by its old board to continue conducting disciplinary hearings.

Decisions taken since March 17 will have to be ratified by the new EAAB board.

Henriette van der Merwe, a spokesperson for the trade and industry department, said the letters of appointment of the members of the new EAAB board had to be signed and an announcement about the new board would be made this week.

Van der Merwe added that all the new members of the EAAB board had to be notified before an announcement could be made.

Recommendations on the members of the new EAAB board were approved by the cabinet on May 6.



Last modified on Tuesday, 10 June 2014 12:23

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