Estate agency affairs board annual report and financial. The namibia estate agent board neab was established in 1976 in terms of the estate agency affairs act, 112 of 1976 the act, with the mandate to regulate and control certain. How does one become a registered estate agent in namibia. Estate agency affairs act 112 of 1976 esi attorneys. To prepare for the examinations, candidates need to obtain a comprehensive study guide from the board as well as a copy of the estate agency affairs act, 112 1976 the act. The eaab also plan to establish a transformation fund, to help emerging black estate agents to sustain themselves especially as they enter the sector. Constitution of board 1 the board shall consist of fifteen members appointed under subsection 2 by the minister. Call for nominations of members to fill existing vacancies in the board of the estate agency affairs board eaab 53 38693 omgewingsake, departement van goewermentskennisgewing r. To be repealed by property practitioners act 22 of 2019.
This proposed new piece of legislation is intended to repeal the aging estate agency affairs act 112 of 1976 in its entirety. May 19, 2019 the property practitioners bill, 2018 is intended to replace and repeal the estate agency affairs act of 112 of 1976 and is intended to govern amongst others estate agents. Finally, this act contains provisions with regards to appeal procedures. The new act will replace the estate agencies affairs act 112 of 1976 the old act. Accountable institutions which fall under the estate agency board include estate agents as defined in the estate agents act, 1976 act 112 of 1976. Estate agents act 112 of 1976 issue of fidelity fund and registration certificates annexure c. Longterm insurance business including brokers and agents of the insurer. The centre for affordable housing finance in africa cahf has accessed this document from an external source. There is hereby established a juristic person to be known as the estate agency affairs board.
To provide for the establishment of an estate agency affairs board and an estate agents fidelity fund. Estate agents code of conduct south africa estate agents. Estate agents act 112 of 1976 parliament of namibia. The estate agency affairs act 112 of 1976 fails to cater for transformation in an unequal profession or to take into account the imperatives of a constitutional democracy, she stated during.
Companies act, estate agency affairs act 112 of 1976, fidelity fund certificate principals beware, ensure your fidelity fund certificates are correct any estate agency needs interns to function, they help generate new leads, assist with the marketing of the agency and ultimately bring in sales. This act protects the interests of the public and ensures that estate agents are compliant. Estate agency affairs board the board, in terms of section 33. Estate agency affairs act previously estate agents act 112 of 1976. Estate agency affairs act, 1976 to provide for the establishment of an estate agency affairs board and an estate agents fidelity fund. It was established in 1976 in terms of the estate agency affairs act 112 of 1976 eaaa. Estate agents act 2010 act 25 of 2010 estate agents estate agency work regulations 2010 arrangement of regulations part i preliminary regulation 1. A supervisory body is a functionary or institution referred to in schedule 2 of the fic act, for example. To pass the examination, candidates need to obtain at least 50%.
The new profile, added to the isae attestation application, provides the auditor with procedures to determine whether the estate agents trust accounts were maintained in compliance sections 321, 2 and 3 of the estate agency affairs act, no. Cliffe dekker hofmeyr the property practitioners act. Estate agents act 112 of 1976 centre for affordable housing. 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 and control certain activities of estate agents in the public interest. This law establishes the estate agency affairs board which is required to encourage and promote the improvement of the standard of training of and services rendered by estate agents as well as frame and publish a code of conduct which they will abide by. Definitions part ii codes governing professional practice, ethics and conduct 3. Note that the code of conduct is not the same regulatory document as the estate agency affairs act 112 of 1976. It was introduced to the national assembly on 14 june 2018 and was passed by the national assembly on 4 december 2018. The primary mandate of the eaab in respect of the estate agency affairs act is to. With the new bill, public complaints can be directed to an independent ombuds office, which is to be established.
Exemption of a category of estate agents from the prescribed standard of training, 2000. Estate agents act 112 of 1976 regulations relating to trust account of an estate agent and investment of trust moneys. 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 and control certain activities of estate agents in the public interest. An estate agent is any person natural or juristic that markets for sale or hire any immovable property or business undertaking, collects any rentals payable in terms of a. While we strive to keep our library of policies and legislation up to date, it is likely that there will. Issue of fidelity fund and registration certificates. Eaab to drive transformation of the south african estate.
Act 28 of 1987 makes the following substitutions throughout the act. Provided that where the landlord is a registered estate agent as provided for in the estate agency affairs act, 1976 act no. Amended by estate agents amendment act 90 of 1998 from 1 jan 1999. Estate agency affairs act and regulations 112 1976 share results. The eaab regulates the estate agency profession by ensuring. Sabinet offences involving an element of dishonesty. Regulations relating to the procedure to be followed when oral. Estate agency affairs board is on a recruiting mission. Estate agents amendment act south african government. The eaab regulates the estate agency profession through ensuring that all persons carrying out the activities. Amends estate agency affairs act previous short title. Please note that most acts are published in english and another south african official language.
Estate agents affairs board eaab or board the eaab is the regulating body for estate agents in south africa. Business brief december 2011 usa federal taxes irs. Penalty payable to the estates agency affairs board for late payment of contributions and levies. There is hereby established u juristic person to be known as the estate agents agency atiairs board. Section 27aii of the estate agency affairs act 112 of 1976 disqualifies a person from being issued with a fidelity fund certificate if such person has at any time been convicted of an offence involving an element of dishonesty. According to eaabs transformation projectmanager, sipho tyira, a estate agency board exists, because of the estate agency act 112 of 1976. Estate agency affairs act previously estate agents act 112.
Ngatjizeko minister of industrialization, trade and sme development windhoek, 15 september 2015 schedule. Code of conduct eaab the estate agency affairs board. In these regulations words and expressions defined or used in this act have the meaning assigned thereto. As a supervisory body in terms of fica, the estate agency affairs board eaab is empowered to act in the enforcement of the provisions of the act. Orders prohibiting unfit persons from doing estate agency work. Reg of interccommand provision of comminformation act no 70 of 2002. Jan 15, 2020 the act has repealed the estate agency affairs act 112 of 1976 eaa act in its entirety. The property practitioners bill will replace the estate agency affairs act, 1976 act no. It is hereby notified that the state president has assented to the following act which is hereby published for general information. To provide for the establishment of an estate agency affairs board and an estate. Estate agency affairs act 1121976 amendment of the estate. Oct 02, 2019 the property market in the country also stands to gain from the newly signed property practitioners act of 2019, which repeals the 43yearold estate agency affairs act of 1976 act 112 of 1976. All you need to know about the newlypassed property.
The following section is hereby substituted for section2 of the principal act. This law establishes the estate agency affairs board which is required to encourage. The estate agency affairs board in agency this is to certify. A management company registered in terms of the unit trusts control act, 1981 act 54 of 1981. The appellant is a company carrying on business as an estate agent as defined in section 1 of the estate agency affairs act 112 of 1976, as amended hereinafter referred to as the act. Revocation and variation of orders under sections 3 and 4. Estate agents as defined in the estate agents act, 1976 act 112 of 1976.
If the bill passes into law in its current form, it will introduce sweeping changes to the real estate industry. The estate agency affairs board respondent judgment. Estate agents act 112 of 1976 rsa be it enacted by the state president, the senate and the house of assembly of the republic of south africa, as follows. Amendment of the estate agency affairs board regulations. Estate agents act 112 of 1976 rsa rsa gg 5221 brought into force in south africa and south west africa on 1 august 1977 by rsa proc. Code of conduct ieasa institute of estate agents of.
I, lindiwe sisulu, minister of human settlements has, after consultation with the. South africa estate agency affairs act 112 of 1976. Estate agents act 112 of 1976 namibia legal database. To provide for the establishment of an estate agents board and an estate agents fidelity fund. In terms of estate agents general duty to members of the public and other persons or bodies, an estate agent. One of the more celebrated results of the adoption of this bill is the fact that it will repeal the estate agency affairs act 112 of 1976, which was largely based on segregatory clauses. Definitions in this act, unless the context otherwise indicates annual financial statements.
Estate agency affairs act eaab the estate agency affairs. Dealing with estate agent affairs board eaab matters. Understanding and preparing for eaab and fic compliance. Supplementary provisions as to orders under sections 3 and 4. It includes guidelines about how to deal with clientele, general duties as an estate agent, a framework for communication, as well as other general fields that are conducted as an estate agent, e.
New law signed by ramaphosa aims to regulate the buying. The old act regulates certain activities of estate agents and is limited to that extent, whereas the new act is broad and deals with numerous problems currently facing the property market. Estate agency affairs act, 1976 act 112 of 1976 shall be a in respect of an estate agent by virtue of paragraph a of the definition of estate agents or paragraph c i of the definition of estate agents, r450 per month or part thereof that payment of such levy is made late. What will the property practitioners bill mean for the. Estate agency affairs act previously estate agents act. The property practitioners act b212018 the new act has recently been adopted by parliament. The code of conduct for an estate agent fpc property.
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