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Call to estate agents to renew their registration.

Posted On Tuesday, 15 October 2002 02:00 Published by eProp Commercial Property News
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Estate agents who intend to continue in the industry next year must renew their registration with the Estate Agency Affairs Board by October 31.

Bill RawsonBill Rawson, national president of the Institute of Estate Agents (the industry's representative body), says there is good news because renewal fees have not been increased.
 
'The Estate Agency Affairs Board, which is our industry regulator, told us a few months ago that they proposed increasing the renewal fees by 20%,' said Rawson, 'but evidently the Department of Trade and Industry decided otherwise because the renewal fees for 2003 are the same as they were for 2002. This is the first time in several years that renewal fees have not been increased, and it is a welcome relief to us in the industry.'
 
The renewal fee is R212 for a principal and R122 for a non-principal or a candidate. If an estate agent misses the October 31 deadline, a penalty of R250 (principal) or R150 (non-principal or candidate) will be payable in addition to the renewal fee.
 
Rawson points out that, by law, every practising estate agent must be registered with the EAAB and must be able to produce, on demand by any member of the public, a fidelity fund certificate showing that he/she is registered for the current year. An estate agent who is not registered is not entitled to charge commission for any transaction which he or she concludes while unregistered.



Last modified on Tuesday, 10 June 2014 15:46

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