The recently enacted Property Practitioners Act (PPA) (No 22 of 2019) replaces the entire Estate Agency Affairs Act (No 112 of 1976 (EAA Act), but many of the requirements for estate agents remain the same under the new dispensation. For example, the Act specifies that it is mandatory for property practitioners to display a Fidelity Fund Certificate (FFC).
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“A holder of a FFC must:
(i) prominently display his, her or its FFC in every place of business where he, she, or it conducts property transactions to enable consumers to easily inspect it;
(ii) ensure that the prescribed sentence regarding holding a FFC is reproduced on any letterhead or marketing material; and
(iii) in any agreement relating to property transactions, include a prescribed clause guaranteeing the validity of the certificate.”
The cut-off date for renewal of FFCs under the PPA is 31 October 2022, and the penalty for non-renewal is R125 a month for each month beyond the deadline.
Many property practitioners are still battling to renew their FFCs in time to avoid penalties. To help you renew your FFC within the prescribed time, online property practitioner training provider, PropAcademy offers the following tips.
Renewals
FFCs can only be renewed on the Property Practitioners Regulatory Authority (PPRA) portal.
- FFC renewals are valid for three years from the date of issue. This means that if you renew your FFC in October 2022, you will have to reapply for a new one in October 2025.
- Agencies no longer have to pay for renewals but still, need to apply to renew FFCs via the PPRA portal.
- FFC renewals for principals have to be applied for, and payment made before any other property practitioners from the agency personnel can apply.
- Once applications for renewals for the agency and principal have been processed, all other property practitioners at the agency can apply for FFC renewals.
- Using your correct current FFC’s seven-digit reference number, you need to renew on the PPRA portal. Click here for a link to the PPRA portal, and scroll down for the appropriate application form.
- Fill in the form and submit on the PPRA portal. Be sure to include your current seven-digit FFC reference number.
- You will then be issued with an automated invoice giving you the correct amount payable.
- Pay your invoice and save the proof of payment as a pdf document.
- Upload the proof of payment and application form to the PPRA portal.
Fees
Fees for the different categories of property practitioner range from R1 540 to R2 340.
- Current Candidate (Intern) for less than 24 months = R1 540.
- Current Candidate([Intern) for more than 24 months = R2 340.
- Current Non-Principal (Property practitioner | Full Status) = R2 340.
- Current Principal = R2 340.
For access to the PPRA fees, click here.
Payments
PropAcademy emphasises that when you make any payments to the PPRA, it is absolutely essential that the payment is 100% correct.
- Be sure to make payment to the correct bank account applicable to your renewal – there are two.
- Make sure the amount you are paying is correct - to the cent.
- The payment for each FFC must be made individually - do not make bulk payments.
- Your payment reference must be your current seven-digit FFC reference number.
To watch a property practitioner FFC renewal tutorial click here.
Writer : Sarah-Jane Meyer