Regulation 15.4 of the Property Practitioners Act stated that property practitioners had to notify the PPRA in writing when ceasing operations, thus not renewing their FFC’s. (Fidelity Fund Certificate) To re-enter the market and re-register for their FFC’s, agents faced penalties.
According to the CE of REBOSA, (Real Estate Business Owners of South Africa) Jan le Roux, the regulation demanding agents to advise the PPRA when not renewing their certificates, serves little purpose, if any. REBOSA spent several years of communication with the EAAB (Estate Agents Affair Board) and now also the PPRA in this matter.
Affective immediately, the PPRA issued a statement that there will be no more penalties, but individuals must complete the attached affidavit stating that they have not operated as property practitioners during their time of absence.
For property practitioners actively practicing, FFC’s must be renewed by 31 October of the relevant year, otherwise face penalties as outlined in the regulations.
According to le Roux REBOSA is pleased that continuous dialogue with the PPRA has borne fruit.
To read the full article click on the link below:
https://propertyprofessional.co.za/2024/06/24/historical-penalties-for-returning-agents-are-no-more/
“Take note that the content above is merely set out as the opinion of the author and his interpretation of the relevant legislation. It will not be regarded as a legal opinion and nor does the writer intend it to be. It is imperative that any reader obtain his own legal opinion relating to any of the content above and will the writer hereof or his employer not be held responsible for any of the content of this article.”
