SA could have as many as 50,000 illegal estate agents, says industry body
Durban — About 50,000 estate agents could be operating illegally in SA‚ the Estate Agency Affairs Board revealed on Thursday. The board, which governs the industry‚ has introduced a mandatory counter-fraud measure for all registered estate agents to distinguish the genuine operators from the fakes — an electronic certificate that is constantly updated. The board said rogue agents who did not have a fidelity fund certificate — a valid licence to operate — were not entitled to receive any remuneration for their services when renting or selling property. According to the board, there were about 80,000 registered estate agents 10 years ago. Today that figure sits at about 30,000. "That puts the number of agents potentially operating illegally in SA [at] 50,000‚" said the board’s spokeswoman, Margie Campbell. All registered estate agents are now compelled to display their EAAB PrivySeals "as a means of countering qualification fraud and protecting the public and legitimate estate agents"...
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