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- November
Large number of illegal agents still operating in the real estate industry says APKF MD | Anne Porter
Posted: 30th November -0001
The news from Thami Bolani, the new Chairman of the Estate Agency Affairs Board, that the EAAB has given an amnesty period to allow the estimated 10 000 estate agents currently operating illegally ( without FCC certificates) - and that some 4 000 such agencies have already responded - is, says Lanice Steward, Managing Director of Anne Porter Knight Frank, very welcome.
“At the same time”, said Steward, “the fact that such a large number of agents have been operating illegally reinforces the message that we have put out time and again that home sellers and buyers must make absolutely certain that the agent they are entrusting their property to is legal and approved by the EAAB.”
Steward said there are cases where agents have paid for their certificates but have not yet received them. She warned that where a Seller employs an agency with no FFC, the seller or buyer has no compensatory fund to fall back on if the agent cheats him financially - and this could result in heavy losses.
Steward also said that the news quoted in certain media that the National Qualification Framework(NQF) level 5 qualification has been extended to 2013 still requires the agent to have registered by the end of 2011.
Furthermore, any agents who missed out on registration for any one year between July 2003 and July 2008, as well as any new agents enrolled since July 2008, will have to write a Professional Designation Exam (PDE) to achieve a Professional Practice Real Estate qualification.
Steward also welcomed the statement that regulations governing trust funds will be tightened by the EAAB.
“The rule here in our opinion should be that each deposit should be put into it’s own trust fund, not into a general trust fund as this will prevent agents or attorneys from using the funds for other purposes which is illegal, even when they do repay the money.”
Contact Lanice Steward on lanice@anneporter.co.zafor further information.
“At the same time”, said Steward, “the fact that such a large number of agents have been operating illegally reinforces the message that we have put out time and again that home sellers and buyers must make absolutely certain that the agent they are entrusting their property to is legal and approved by the EAAB.”
Steward said there are cases where agents have paid for their certificates but have not yet received them. She warned that where a Seller employs an agency with no FFC, the seller or buyer has no compensatory fund to fall back on if the agent cheats him financially - and this could result in heavy losses.
Steward also said that the news quoted in certain media that the National Qualification Framework(NQF) level 5 qualification has been extended to 2013 still requires the agent to have registered by the end of 2011.
Furthermore, any agents who missed out on registration for any one year between July 2003 and July 2008, as well as any new agents enrolled since July 2008, will have to write a Professional Designation Exam (PDE) to achieve a Professional Practice Real Estate qualification.
Steward also welcomed the statement that regulations governing trust funds will be tightened by the EAAB.
“The rule here in our opinion should be that each deposit should be put into it’s own trust fund, not into a general trust fund as this will prevent agents or attorneys from using the funds for other purposes which is illegal, even when they do repay the money.”
Contact Lanice Steward on lanice@anneporter.co.zafor further information.
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