ESTATE AGENCY AFFAIRS BOARD
Estate Agency in Sandton

The EAAB regulates the estate agency profession by 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. A core function of the EAAB is to manage and control the Estate Agents Fidelity Fund in the interest of the public and estate agents registered with the EAAB\. To manage the registration of qualified applications of estate agents. The core function of the EAAB is to enforce industry compliance through effective regulation. 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. The board shall meet for the first time at a time and place determined by the Minister and thereafter at least once in each financial year at such times and places as the chairman or, in his absence, the vice-chairman may determine. The chairman or, in his absence, the vice-chairman may at any time of his own accord or at the written request of not fewer than six members convene a special meeting of the board. The quorum for any meeting of the board shall be six members thereof. The decision of a majority of the members of the board present at a meeting of the board shall constitute the decision of the board, and in the event of an equality of votes on any matter, the person presiding at the meeting in question shall have a casting vote in addition to his deliberative vote. No decision taken by the board or act performed under the authority of the board shall be invalid merely by reason of a vacancy on the board or of the fact that any person not entitled to sit as a member of the board, sat as a member of the board at the time the decision was taken or the act was authorised, if the decision was taken or the act was authorised by the majority of the members of the board present at the time and who were entitled to sit as members of the board. Staff of board and designation of inspectors The work incidental to the carrying out of its functions by the board, shall be performed under its directions and control by persons appointed by the board on such conditions and at such remuneration as the board may determine. The EAAB Board members are the Accounting Authority of the Board in terms of the PFMA and are obliged to comply with their fiduciary duties as set out in the PFMA. The Board has a collective responsibility to provide effective corporate governance that involves a set of relationships between the EAAB, the Board its shareholders and relevant stakeholders. CONSTITUTION OF THE BOARD The board shall consist of fifteen members appointed under subsection (2) by the Minister. The board shall from time to time elect from among its members a chairman and vice-chairman of the board, who shall hold office for a period of one year, and, if neither the chairman nor the vice-chairman is present at any meeting of the board, the members present shall elect from among their number a person to preside at such meeting.