Established in 1976 in terms of the Estate Agency Affairs Act 112 of 1976 with the mandate to regulate and control certain activities of estate agents in the public interest, and for incidental matters.
This entity regulates 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 to be renewed each year, is issued as evidence of such registration and confirmation that such person is legally entitled to carry out the activities of an estate agent.
A core function of the EAAB is to manage and control the Estate Agents Fidelity Fund in the interest of the public and estate agents registered with the EAAB.
Estate Agency Affairs Act 112 of 1976
Mandate:
- Regulate, maintain and promote the standard of conduct of estate agents having due regard to the public interest;
- Issue Fidelity Fund Certificates to qualifying applicants;
- Prescribe the standard of training of estate agents;
- Investigate complaints against estate agents and institute disciplinary proceedings against offending estate agents where required; and
- Manage and control the Estate Agents Fidelity Fund;
Additional:
Financial Intelligence Centre – The EAAB is the Supervisory Body of the estate agency profession pursuant to the Financial Intelligence Centre Act and is obliged to take all steps required to prevent, alternatively, identify and report on, money laundering and terrorist financing activities in the estate agents’ sector.
Government-Wide Priorities – The expanded mandate of EAAB in respect of National Development Plan 2030 Vision and Trajectory is reflected in outcome number 8, which refers to sustainable and improved quality of household life. With respect to MTSF sub-outcome 2, the department of human settlements is required to ensure a sustainable residential property market. Based on this governmental strategic priority, EAAB recognises its role in supporting the following:
- Intensify homeownership induction programmes for the affordable housing market.
- Establish transactional support for the affordable housing market.
- Monitor and reporting transactions in the secondary housing subsidy market.
- Conduct analysis and disseminate information on property trends and values in the affordable housing market.
- Develop policy and administration systems that support individual transactions in the secondary housing market.
- Facilitate the regular backlog of title deeds to form part of the housing development.
Source: www.eaab.org.za
Regulations: www.eaab.org.za…
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Eestate Agency Affairs Act 112 of 1976
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Date added: September 2, 2020
Date modified: September 2, 2020