NEW ENTRANTS WHO INTEND TO BE A PRINCIPAL ESTATE AGENT

New entrants or new comers who intend to register their own firms and themselves as Principal estate agents are subjected to the same process similar to intern estate agents, meaning they are required to:

Complete, in terms of regulation 2, the compulsory 12 months internship period and learning, submit a completed logbook which must be signed-off by a qualified principal or mentor in terms of regulation 2(4)(b), to the EAAB;

Complete FETC: Real Estate (NQF 4) during the 12 months compulsory internship or obtain the FETC: Real Estate (NQF 4) by way of an RPL process or be granted exemption against equivalency matrix for FETC: Real Estate (NQF 4) through the accredited Training Provider approved by the EAAB in terms of regulation 4(1);

Complete NC: Real Estate (NQF 5) during the 12 months compulsory internship or obtain the NC: Real Estate (NQF 5) by way of an RPL process or be granted exemption against equivalency matrix for NC: Real Estate (NQF 5) through the accredited Training Provider approved by the EAAB in terms of regulation 4(1);

Complete Professional Designation Examination (PDE), conducted by the EAAB prior to being registered and being upgraded into full-status estate agents and then registering their own firms and registered as Principal estate agent in terms of regulation 4(3) and regulation 5.
FETC: Real Estate (NQF 4) and NC: Real Estate (NQF 5) or proof of being successfully granted exemption against the equivalency matrixes (both qualifications).are pre-requisites for admission to the PDE for principals (commonly known as PDE 5), conducted by the EAAB.

Application form: An application form must be fully completed and signed;

Bank Letter: A letter from the bank confirming that a properly designated trust account has been opened in terms of section 32[1] of Act No 112 of 1976;

Auditor’s Letter: A letter from the firm’s auditors (registered with IRBA) confirming acceptance of appointment to audit firm’s accounts.

PLEASE NOTE

Estate Agents wishing to establish their own Estate Agency Firms should first consider the following facts:

Ascertain from the EAAB whether a proposed Trade Name is acceptable on initial or subsequent registrations before incurring any expenditure,
If the name is not acceptable because it’s similar or confusingly similar to an already registered name, the name cannot be used;

Estate agents are advised, before incurring any expenditure, to first ascertain from the EAAB whether a proposed name/trade name is acceptable on initial or subsequent registrations. However, it is important to note that the EAAB cannot reserve firm names in any way for any specific firm or person.

Any new entrant to the estate agency profession who wishes to register as a principal estate agent must, therefore:
• serve as an intern estate agent for a continuous period of twelve months; and
• be certificated against the NQF Level 4; and
• pass the PDE 4; and
• be certificated against the NQF Level 5.

Once certificated against the NQF Level 5 that person may be issued with a full status principal’s fidelity fund certificate by the EAAB and is then granted a period of two years, calculated as from the date of certification against the NQF Level 5, within which to pass the PDE 5 to acquire professional status as a principal estate agent.

This Practice Note shall be effective as from 19 March 2013.
Issued by: THE ESTATE AGENCY AFFAIRS BOARD
18 March 2013

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