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Thread: EAAB issues Study Guide on 17 April 2009

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    EAAB issues Study Guide on 17 April 2009

    On 17 April (2009) the Estate Agents Affairs Board (‘EAAB’) launched a Study Guide for the Professional Estate Agent. This follows on the promulgation of the ‘Standard of Training of Estate Agents Regulations, 2008’ which came into effect on 15 July 2008. The regulations, issued under the Estate Agency Affairs Act (112 of 1976), introduced fundamental changes to the estate agent education and training dispensation.

    The guide is aimed to meet the educational requirements for persons wishing to qualify as non-principal estate agents (NQF Level 4). The EAAB indicated that a study guide for persons wishing to qualify as principal estate agents (NQF Level 5) will be published in June this year. All agents (existing agents and new entrants) will have to obtain a new qualification. This new qualification is called the Further Education and Training Certificate: Real Estate. It is a National Qualification Framework (‘NQF’) Level 4 qualification, prescribed for those persons who want to become ‘non-principal’ agents (persons who do not want to own their own estate agency businesses, but who merely want to be employed by an estate agency firm as an estate agent). In addition, a new NQF Level 5 qualification, National Certificate: Real Estate is prescribed for those persons who want to become ‘principal’ agents.

    more here http://www.ita.co.za/index.php?optio...=123&Itemid=88

    It is about time the industry is cleaned up .....I only hope similar changes will happen in the mortgage origination industry

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    The FNB Residential Property Barometer

    The FNB Residential Property Barometer is a quarterly survey of a sample of estate agents in the country’s major urban
    regions, aimed at obtaining their opinion on a wide range of issues pertaining to conditions in the residential property
    market. The main question asked pertains to how they experience demand activity levels on a scale of 1 to 10. For the
    second successive quarter this level rose mildly from 4.59 in the final quarter of 2008 to 4.8 in the 1st quarter of 2009.
    The only other significantly positive result from agents surveyed was a significant decline in emigration selling as a
    percentage of total selling for the second consecutive quarter (see box on next page). This aside, the picture remains
    unconvincing. The 4 “headline indicators”, namely average time on the market, percentage of sellers having to drop their
    price, first time buyers and buy-to-let buying all showed quarterly deteriorations and these numbers remain weak.
    The Barometer also points to affordability remaining a key issue in a weak economic environment, and resulting in the
    household sector doing away with the “luxuries” in a bid to stabilise its financial situation. These include a further decline
    in holiday home buying as a percentage of total buying, renovations and maintenance are increasingly limited to the basic
    essentials with little value adding investment in homes by owners, downscaling due to financial pressure is said to be the
    single most common reason for selling, and selling in order to upgrade declined further in significance from quarter to
    quarter.
    41% of agents expect activity levels to increase further in the second quarter, compared to only 25% in the first quarter a
    year ago. The start of interest rate cuts, and expected further cuts, is the key driving force behind this more positive
    expectation at the start of 2009, but the optimism remains cautious. Strict bank credit criteria at present are cited as a key
    negative factor inhibiting a market recovery, while agents are also mindful of global events, and cite negative sentiment
    related to a weak global and local economic growth situation as problematic too.
    Can the bank criteria situation change in the near term? Probably slowly at best. Lower loan-to-value ratio limits are the
    result of recent price deflation and the resultant losses in the case of default becoming an issue. While demand may well
    be on the rise, albeit mildly, the Barometer still points to affordability issues and high levels of selling due to financial
    strain, which suggests the ongoing existence of an oversupply in the market. This suggests that price deflation may
    continue in the near term. In addition, the global economic crisis is impacting on the South African economy, and in the
    current recessionary environment job losses are a further risk to default rates in the near term.
    Nevertheless, from the low base created last year, it is still realistic to expect some demand recovery, as affordability of
    loans must surely improve for a significant group whose income is not negatively impacted by the adverse economic
    conditions.
    http://www.ghostdigest.co.za/PDF/FNB...ometer0109.pdf

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    Dave A (03-Jun-09)

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