Page 10 - KZN Business Sense 8.1

NEW PROPERTY PRACTITIONERS ACT COMMENCES

s of 1 February 2022, the To reduce the administrative account of your own. That means
new Property Practitioners burden, however, new FFCs will your business accounts can go
AAct (PPA) will officially be valid for a period of three years through a far simpler and more
commence. According to Tony instead of one. Fees have also been affordable annual review. Clarke
Clarke, Chairman of the Real standardised across all professional adds that it is very important to
Estate Business Owners of South levels. Only Candidate Property note that an exemption application
Africa (REBOSA), this is a Practitioners will pay a different, is a prerequisite to not having your
welcome step in the right direction reduced fee for the first two years own trust account.”
for an industry previously plagued of their candidacy, after which the
by unclear and often poorly standard fees will apply. Training
implemented legislation. The new regulations also
“We’re particularly pleased
Disclosure with the fact that FFCs are also promise smoother and more
affordable property practitioner
no longer linked to a specific
One of the most important employment position,” says training. “Under the PP Act,
new consumer protections is the Clarke. “Certificates will now prospective agents can study and
now-compulsory inclusion of a remain valid if an agent progresses sit their Professional Designation
comprehensive property defects to principal, for example, or Examination (PDE) before joining
disclosure document for both changes employers.” an agency,” says Clarke. “No more
property sales and rentals. year-long internships or expensive be run by an independent body without registering as a property
“At REBOSA, we’ve been Trust Accounts NQF4 exams. If you’ve passed your appointed by the PPRA. Clarke is practitioner, providing more
hopeful that this will finally see the opportunity for real estate agencies
encouraging this for several Clarke says the changes to PDE, you can literally start selling fund fulfil its potential as a force to provide this service.
years now,” says Clarke, “but trust account requirements will property in less than six months – for positive industry change.
under the PPA it will be officially provide welcome administrative under supervision – provided you Industry Consultation
complete a further six practical
illegal to accept a mandate from and financial relief to many course modules.” Equal Opportunity “Overall, we’re very pleased with
a seller or a landlord without property practitioners. the direction the PPA is taking
receiving a comprehensive “Previously, all property Businesses are now also allowed The practice of charging real our industry’s regulations,” says
disclosure document first. This practitioners needed to have a trust to develop and run their own CPD estate agents “Accreditation Fees” Clarke. “It’s also good to know
document must be signed by all account, regardless of whether or training for a dramatically reduced in return for exclusive rights to that the PPRA has been formally
parties and attached to the sale not they handled trust monies,” CPD fee. “Course content must be property transactions within a mandated to consult with the
or lease agreement. It’s a valuable approved by the Authority, but this development has been abolished. property practitioners it governs
reinforcement of our ethical he says. “Those accounts, idle or approval can’t be unreasonably “Sellers and landlords within and I formally invite the new
responsibility to ensure open and not, accrued bank fees and forced withheld,” says Clarke. This estates will no longer be limited PPRA’s board, to regularly do so,
honest property transactions.” businesses to undergo a full – and should make issues like delayed
expensive – annual audit. course content a thing of the to their development’s approved especially during the transitional
Certification “Now, property practitioners past, supporting agents in honing agents,” says Clarke. “This gives phase, which will see some
all businesses – large and small
challenges and interpretational
The PPA also requires any only need a trust account if they their skills rather than acting as a – a fair chance to win mandates issues arising and that the way the
business earning a commission actually handle trust monies,” he professional roadblock.” based on the quality of their PPRA is going to apply these new
or brokerage from the sale or continues. “If you use a dedicated service instead of the size of their regulations is going to be critical
lease of a property to hold a third-party payment processing Transformation bank account.” to achieving the results that the PP
valid Fidelity Fund Certificate agent or intermediary with their Better support for agents is Act wishes to achieve. 
(FFC), and tax clearance and BBE own compliant trust account, there at the heart of changes to the Developers will also no longer
certificates as well. is no need for you to have a trust Transformation Fund, too. It will be able to sell their own properties For more information, www.rebosa.co.za

THE ULTIMATE

SWIM, BIKE, RUN SERIES

-Active Sports is the name Durban on the 20th of February ■ Mini Tri (200m Swim /
behind many popular at Suncoast Beach. The Durban 5km Cycle / 2.5km Run) 8yrs up
Bsporting events across TinMan Series is where it all ■ Sprint Tri (600m Swim /
South Africa and this sports started 23 years ago, with just 29 20km Cycle / 5km Run)
management company is a athletes on the beachfront. 16yrs up
formidable player in the sports The second event in the series
industry in South Africa. The moves up to Buffelspoort Dam, ■ Sprint RELAY TEAM
company has been actively in the highveld and kicks off the (600m Swim / 20km Cycle
involved in almost every major (4 laps) / 5km Run)
public sporting event in South start of the Joburg TinMan Series. ■ Challenge Tri (1.2km Swim /
Africa, with an enviable list of Buffelspoort Dam is known to 30km Cycle / 10km Run)
premier sporting events across have clear waters and flat roads, 17yrs up
a wide range of sporting codes, so this event is a must do race for ■ Challenge RELAY TEAM
where they manage sponsorship the family. (1.2km Swim / 30km Cycle /
contracts and logistics for specific The series caters for any level of 10km Run)
areas of the events. athlete, from a standalone 10km ■ Challenge Duathlon (10km Run /
running race, to a mini triathlon
The company manages South 30km Cycle / 5km Run) 17yrs up
Africa’s oldest triathlon series, and a longer sprint triathlon,
TinMan, which turns 23 years culminating in the challenge events Entries close on the Wednesday
old this year. In addition, this including a duathlon. night prior to each event.
series has gone national, with The Mini Tri event is the perfect These exciting TinMan triathlon
brand new events taking place introduction to triathlon for girls series are sure to put the spark
in Gauteng at the beautiful and boys from 8yrs and up. It will back into the multisport scene.
Buffelspoort Dam. So now the give them a safe outdoor sporting
series has nine events nationally. experience, while building up So what are you waiting for,
their confidence and giving you come join us at the first event in
With the first two events in the Durban on the 20th February! 
TinMan Series fast approaching, an event that you can compete in
it’s time to start your training side by side with your kids. C: 087 012 5044
towards those new 2022 goals. Events you can enter: E: support@entryninja.com
The first event kicks off in ■ 10km Run (12yrs up) W: https://entry.bactive.com

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