eaab.org.za Fidelity Fund Certificate Renewals : Estate Agency Affairs Board

Name of the Organization : Estate Agency Affairs Board
Type of Facility : Fidelity Fund Certificate Renewals
Location : Johannesburg

Website : https://www.eaab.org.za/home

EAAB Fidelity Fund Certificate Renewals

** As part of the Estate Agency Affairs Board statutory mandate and legislation, it is the requirement of all estate agents wishing to operate within the real estate property industry to be in possession of a valid Fidelity Fund Certificate (FFC).

Related : Estate Agency Affairs Board Fidelity Fund Certificate Online Registrations : www.southafricain.com/1056.html

** The validity of a FFC is 01 January of a year to 31 December of the same year and estate agents are therefore required to renew by no later than 31 October of each year to obtain a FFC for the following year.

The following must be taken into account when preparing for the renewal :
** When making a payment, please ensure that your Unique Seven Digit Reference Number is correct.
** This Unique Seven Digit Reference Number remains the same every year.
** As each estate agent is allocated a Unique Seven Digit Reference Number, separate payments must be made for each estate agent.

Renewal Process

** Irrespective of whether a Notice of Renewal of the Fidelity Fund Certificate is received or not, it is still the responsibility of each registered Estate Agent to renew their Fidelity Fund Certificate before the due date of 31 October of each year.

** It is also imperative that should the employment of an estate agent be terminated with a firm, that the Principal gives due notice to the EAAB to update the records of the firm. Should that same estate agent, join another firm that the EAAB is given due notice of their change of employment.

** The importance of this being advised timeously is so that if the same estate agent pays for their renewal without advising the EAAB of his change in firm details, the FFC will be printed with the incorrect firm name.

** It is also the responsibility of the Principal of the firm to advise the EAAB of any change in physical or postal address, contact no’s etc in order for our records being kept up to date.
** It is important for all estate agents to be aware of the late renewal penalty which is applicable if renewals are made after the due date of 31 October each year.

EAAB Fidelity Fund Certificate Renewal Fees

Principal Fee : R855.00
Non-principal Fee : R364.80

Penalty Fees :
Principal : R250.00
Employee : R150.00

Banking Details for Fidelity Fund Certificate Renewal Payments :
(including the penalty fee for late renewals) :
Bank : ABSA
Account Numbers : 405 203 3310
Branch Code : 535105
Branch : Protea Park A/C
Name : Estate Agency Affairs Board

FAQ On EAAB Fidelity Fund Certificate

Here are some frequently asked questions (FAQ) about the Estate Agency Affairs Board (EAAB) Fidelity Fund Certificate:

Q: What is the EAAB Fidelity Fund Certificate?
A: The EAAB Fidelity Fund Certificate is a certificate issued to estate agents in South Africa that confirms they have met the legal requirements for practicing as an estate agent. The certificate is issued by the EAAB and is valid for one year.

Q: What are the requirements for obtaining an EAAB Fidelity Fund Certificate?
A: To obtain an EAAB Fidelity Fund Certificate, estate agents must have a valid South African ID or passport, pass a mandatory educational program and register with the EAAB, pay a registration fee and have a valid Professional Indemnity Insurance certificate.

Q: What is the purpose of the EAAB Fidelity Fund Certificate?
A: The purpose of the EAAB Fidelity Fund Certificate is to protect the public against any financial loss that may occur as a result of an estate agent’s misconduct or negligence. The certificate provides assurance to clients that the estate agent they are working with is qualified and registered to practice and will be held accountable for any misconduct.