As a consumer there are different entities protecting you, the consumer from reckless business dealers. Same goes for when you are buying a property.
The Real estate industry is governed by a Regulatory body called, The Estate Agency Affairs Board (EAAB). In order to legally earn commissions, every Real estate agency or Real estate agent, by Law should be registered with the EAAB.
The function of the EAAB is to protect the consumer against unscrupulous agents who are not qualified, nor hold a valid Fidelity Fund Certificate.
The Estate Agency Affairs Board (EAAB) was established in 1976 in terms of the Estate Agency Affairs Act, 112 of 1976 ("the Act"), with the mandate to regulate the estate agency profession by ensuring that all persons carrying out the activities of an estate agent, as a service to the public, are registered with the EAAB.
A fidelity fund certificate, which is renewable yearly, is issued upon receipt of the yearly renewal fee as well as the completion of the CPD learning points.
As Real Estate agents, we are obliged to constantly inform ourselves with the ever changing laws and regulations within the property sector. To do so an agent should earn yearly CPD (Continues Professional Development) points through the EAAB. This is done by means of various courses offered by the EEAB to the agent.
To operate a legal real estate company, the principal/Owner, should have a Level 5 qualification in real estate. This is the minimum requirement for a member running an agency. Without this qualification, No member is allowed to trade nor hold a trust account. All active agents must be registered under the company holding the FFC but also should hold their own individual FFC's.
How does this affect the client?
Should a client occur a financial loss due to misconduct by an estate agent, that client will be able to put in a claim for compensation at the EAAB. Unfortunately if an agent is not registered under the regulatory body, no claim can be made by any client.
Should a buyer and seller conclude a property transaction through an estate agent, ALWAYS ask the agent to present his/her fidelity fund certificate. If an agent is unable to or is not registered, the seller can withhold commission or choose not to deal with such an agent.
Property transactions should be handled professionally and hassle free. So make sure when choosing your agent that you choose a registered agent with the right credentials and the certificate to back it up.
At Seeff we ensure that our agents are upholding the values of the Seeff brand by having our agents attend regular courses offered via the Seeff training academy, as well as the EAAB. Our agents are all registered with the EAAB and hold valid fidelity fund certificates.
As lisencee and principal of Seeff Tzaneen, I strongly believe in constantly improving ourselves and empowering ourselves with knowledge. Due to continuous commitment and learning, I've managed to complete my National Qualifications in Real Estate Level 4, 5 and 7.
I also completed my National Qualification level 8 through the University of Stellenbosch business school in 2017 and qualified as a MPRE: MASTER PRACTITIONER IN REAL ESTATE.
I've been in the property industry since 2004 and have been holding a valid fidelity fund certificate for this period.
So for all your property needs call Nicola on 082 447 1512.
Happy house hunting!