The Estate Agency Affairs Board (EAAB) is a South African Public or Government entity that was established in 1976 and reports to the Department of Human Settlements as of 17 May 2012.
It was established in terms of the Estate Agency Affairs Act 112 of 1976 (‘the Act”), its mandate is to regulate and control certain activities of estate agents in the public interest.It is the only board in South Africa that registers and controls the activities of estate agents. It aims to ensure that registered estate agents follow the proper processes and procedures in real estate transactions to ensure that their actions are above board and protect their professional standing, and also protect the clients’ interests.The core function of the EAAB is to manage the Estate Agents’ Fidelity Fund for the benefit of the public and the registered the estate agents.
The core objectives of the EAAB are to protect and empower clients of estate agents by making them aware of their rights and obligations during real estate transactions. It is a consumer watchdog for clients for all matters to do with real estate. It is, therefore imperative that a client engages the services of a registered estate agent as this is the only way they can be sure their interests are protected and covered.
..Because of its nature as an enabler, EAAB provides professional assistance to estate agents and strives to make honest and capable people of them. It provides and raises qualifications for estate agents; in addition, it provides training materials, workshops, and risk management. More importantly, it aims to eliminate competition from illegal estate agents by vigorously protecting registered agents and elbowing them out of the way.
Agent profiles support the EAAB mandate, the plan is to stifle the activities illegal estate agents by making sure that registered estate agents are given the platform, exposure and recognition they deserve. Clients, on the other hand, are made aware of the actions of and consequences of engaging the services of illegal estate agents and are empowered to be able to identify registered estate agents from illegal ones.
As a client, the least you can do is verify that the estate agent you are working with is compliant with EAAB. This protects you and your interests, agent?You can also find out about the tasks and responsibilities of estate agents, and know what you should look out for during a real estate transaction. It is in your best interests to work with registered estate agents only. If you are unhappy with service you received from a registered estate agent, you have the right to report the incident to the EAAB.
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