Frequent question: What is FFC in real estate?

What is a FFC certificate?

In terms of the Estate Agency Affairs Act, an estate agent must have a valid Fidelity Fund Certificate (FFC) in order to receive any payment or commission arising from his or her duties as an estate agent. … The purpose of the requirement for an estate agent to have an FFC is to ensure that the public is not misled.

Who needs an FFC?

In terms of the Estate Agency Affairs Act (112 of 1976), every estate agent and estate agency firm must obtain a Fidelity Fund Certificate (FFC) from the Estate Agency Affairs Board (EAAB). It’s illegal to operate as an estate agent unless the EAAB has issued you with an FFC for the current calendar year.

When should I renew my FFC?

Your Fidelity Fund Certificate (FFC) is valid from 1 January of a year until 31 December of the same year. You are required to renew your FFC by no later than 31 October every year for the following year.

Under which circumstances will a fidelity fund certificate be issued to an estate agent by the Eaab?

ISSUING OF FIDELITY FUND CERTIFICATES (FFC’S

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The EAAB Act requires the EAAB to issue no FFC to any agent until it is satisfied that the estate agent is not disqualified in any respect from obtaining an FFC (S16).

How do you get a FFC certificate?

Applying for a Fidelity Fund Certificate

  1. The firm’s opening (in the case of new firms) or year-end trust audit report must be approved by the law society to which the firm belongs. …
  2. The practitioner applying for the FFC must have satisfied the practice management training (PMT) requirements.

Do you need any qualifications to be an estate agent?

A degree is not required to become an estate agent, but strong competition often makes relevant experience and/or qualifications necessary. A degree in an appropriate subject such as marketing, business, property studies or real estate can be helpful. … Some estate agencies offer on-the-job training for estate agents.

What charges FFC?

GLOSSARY OF CHARGES

IDC/ EDC – Internal / External Development Charge. PLC – Preferential Location Charges. Car Parking. IFMS (Interest free maintenance charges) ECC & FFC Charges (Extra electrification charges & fire fighting charges)

What is the purpose of the Estate Agency Affairs Act?

The Estate Agency Affairs Act (previously Estate Agents Act) 112 of 1976 intends: to provide for the establishment of an Estate Agents Board and an Estate Agents Fidelity Fund; for the control of certain activities of estate agents; and. for incidental matters.

What is the property practitioners act?

The Act defined “ Property Practitioners” to include everyone involved in the selling, purchasing, letting, renting, financing and marketing of property. Chapter two of the Act provides for the governance and structures of the Property Practitioners Regulatory Authority (PPRA).

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What must be proven in a case where a payment by the Fidelity fund is considered?

To establish a claim against the Fund, a claimant must prove: that he/she has suffered pecuniary loss. by reason of theft committed by an attorney, candidate attorney or employee of the attorney. of money entrusted by or on behalf of the claimant to the attorney.

How do I unregister from Eaab?

HOW TO DE-REGISTER AN ESTATE AGENCY FIRM WITH THE EAAB

  1. Submit a closing/winding-up audit report;
  2. A letter from the bank confirming the closure of the trust and that all trust monies moneys have been properly dealt with;
  3. A signed letter from the principal instructing the EAAB to de-register the firm;