What are the 4 main provisions of the Estate Agency Affairs Act?

The Estate Agency Affairs Act: To provide for the establishment of an Estate Agency Affairs Board and an Estate Agents Fidelity Fund; for the control of certain activities of estate agents in the public interest; and for incidental matters.

What is the purpose of the EAAB code of conduct?

The EAAB is empowered by law (Act 112 of 1976) to protect consumers against unscrupulous estate agents and those agents who generally do not follow the code of conduct.

Who needs to register with EAAB?

Only persons that intend to perform the activities of an estate agent as indicated in the definition of an estate agent in section 1(vi) of the Estate Agency Affairs Act 112 of 1976 should register on this Portal and proceed with the application for registration as an estate agent.

What is the estate agents Act 1980?

The Act features provisions which prohibit false or misleading representations concerning the price given by estate agents whether in writing, orally or through advertising material.

What is a FFC certificate?

In terms of the Estate Agency Affairs Act, an estate agent must have a valid Fidelity Fund Certificate (FFC) in order to receive any payment or commission arising from his or her duties as an estate agent. The purpose of the requirement for an estate agent to have an FFC is to ensure that the public is not misled.

What are the 4 main provisions of the Estate Agency Affairs Act 112 of 1976?

The Estate Agency Affairs Act (previously Estate Agents Act) 112 of 1976 intends: to provide for the establishment of an Estate Agents Board and an Estate Agents Fidelity Fund; for the control of certain activities of estate agents; and. for incidental matters.

Why was the Code of Conduct drafted for agents?

Estate agents have according to the Code of Conduct a general duty to protect the public’s interest. The Estate Agency Affairs Board (EAAB) is empowered by law (Act 112 of 1976) to protect consumers against unscrupulous estate agents and those agents who generally do not follow the Code of Conduct.

Do estate agents have to tell you about problems?

Buyers can now expect estate agents to investigate potential problems they think might become an issue, such as suspicions of damp or probable leaks. Although it may be hard to prove that your estate agent had a suspicion unless they specifically tell you so.

How do I get an FFC certificate?

Applying for a Fidelity Fund Certificate

1. The firm’s opening (in the case of new firms) or year-end trust audit report must be approved by the law society to which the firm belongs.
2. The practitioner applying for the FFC must have satisfied the practice management training (PMT) requirements.

Is the property Misdescriptions Act still in force?

In 2014 The Properties Misdescriptions Act was repealed and replaced with the Consumer Protection from Unfair Trading Regulations, otherwise known as CPRs. defined widely and is not simply a consumer’s decision to use a business’s services or not, or to buy a property or not.

Who needs a fidelity fund certificate?

All active legal practitioners practising as either directors/partners/sole practitioners, including Advocates practising in terms of s34(2)(b), are required to be in possession of a valid Fidelity Fund Certificates (FFC). A fidelity fund certificate is valid for a year, from January to December of a year.