The Estate Agency Affairs Board (EAAB) was established in 1977 in terms of the Estate Agency Affairs Act 112 of 1976 (‘the Act”), with the mandate to regulate and control certain activities of estate agents in the public interest.
The EAAB regulates the estate agency profession through ensuring that all persons carrying out the activities of an estate agent as a service to the public are registered with the EAAB. A Fidelity Fund Certificate, which is to be renewed each year is issued as evidence of such registration and confirmation that such person is legally entitled to carry out the activities of an estate agent.
The EAAB is listed as a Public entity in terms of the Public Finance Management Act (PFMA) Act 1 of 1999.This legislation places responsibility on the Board of the organisation, as the accounting authority, to manage the resources in a manner that encourages efficiencies and accountability for the use of public funds. A key responsibility is to present to the Executive Authority with an annual Strategic plan for a rolling three year period.An additional responsibility conferred on the EAAB is to be supervisory body in terms of the Financial Intelligence Act.
A core function of the EAAB is to manage and control a Fidelity Fund, the Estate Agents Fidelity Fund (Fidelity Fund), in the interest of the public and estate agents registered with the EAAB.