{"id":28266,"date":"2022-01-31T15:22:39","date_gmt":"2022-01-31T13:22:39","guid":{"rendered":"https:\/\/stbb.co.za\/dev2\/?p=28266"},"modified":"2022-01-31T15:22:39","modified_gmt":"2022-01-31T13:22:39","slug":"property-practitioners-act-instalment-4","status":"publish","type":"post","link":"https:\/\/stbb.co.za\/dev2\/property-practitioners-act-instalment-4\/","title":{"rendered":"Property Practitioners Act | Instalment 4"},"content":{"rendered":"

Your list of new administrative tasks, courtesy of the Property Practitioners Act<\/strong><\/p>\n

In case you missed our previous instalments.
\nInstalment #1<\/a>
\nInstalment #2<\/a>
\nInstalment #3<\/a><\/p>\n

This is #4 in our short series of instalments on all the ducks to have in a row following the coming into operation of the Property Practitioners Act on 1 February 2022.<\/p>\n

In this instalment, a list is provided of some new administrative tasks that the Act imposes<\/strong>.<\/p>\n

    \n
  1. Diarise 1 October (or earlier) to start with the application process for your Fidelity Fund Certificate. All applications must be submitted by 31 October<\/strong> in the year that your current certificate expires<\/u>. Remember that you need to lodge confirmation that your tax affairs are in order with the application; and, when applying for the FFC for the agency, also a BBBEE certificate.
    \nGoing forward, FFCs will be issued for a period of 3 years, and you must then diarise accordingly.<\/li>\n
  2. Make sure that you have systems in place to ensure that all records are maintained for 5 years<\/strong>. These records include: Agreements, Disclosure Forms, Mandates, Accounting records, and email communications with the public regarding transactions.<\/li>\n
  3. Make sure to do the necessary training to get your CPD points,<\/strong>. Over a three year period, 12 points must be collected and you must ensure to achieve an allocation of 4\u00a0points per year<\/strong> (and not leave it all to one year).<\/li>\n
  4. Add prescribed sentences<\/strong> to:\n