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.
The EAAB regulates the estate agency profession through 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 a Fidelity Fund, the Estate Agents Fidelity Fund (Fidelity Fund), in the interest of the public and estate agents registered with the EAAB.
MANDATE OF THE EAAB
The primary statutory mandate of the EAAB is to:
- 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 and practical experience 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.
The EAAB is, furthermore, mandated to act as the Supervisory Body of the estate agency profession in terms of the provisions of the Financial Intelligence Centre Act and to take all steps required to prevent, alternatively identify and report on, money laundering and terrorist financing activities.
The Estate Agency Affairs Board is the statutory regulator established by government to protect your interests when you buy and sell property through an estate agent. You can complain against an estate agent whom you suspect has violated either the law or the code of conduct governing the industry.
You can also claim repayment from the Board’s Fidelity Fund if an estate agent has stolen or mismanaged your money. The EAAB website includes a wealth of related information and resources, such as guides for property buyers and guidelines for estate agents.