Compliance in the industry
Category Property News
Regulations as per the Estate Agency Affairs Board has left a limited time frame to ensure compliancy amongst property practitioners.
It is compulsory practice for all estate agents to hold a valid Fidelity Fund Certificate (FFC), and to achieve their internships, national qualifications and pass their board exams within the stipulated time period.
As of June 2022, agents need to ensure compliancy to avoid disqualification.
What does it mean to be disqualified?
The consequences of being rendered disqualified in terms of the Act will lead to an agent's FFC being blocked, and unable to renew their FFC for the preceding year/s, as well as a monetary penalty. An appeal must be submitted in order to lift the disqualification, which is subject to be approved by the Board.
An agent may be unblocked for a limited time frame, provided they conform with the educational requirements in due time, failing to do so will lead to deregistration as an estate agent.
Author: Prime Property Marketing
