Why should my agent be registered with the NEAB?

An estate agent is no agent if not registered.

Every potential estate agent should first pass the Namibian Estate Agents Board (NEAB) exam and undergo a mandatory training seminar. Certified NEAB agents may not work as estate agents until they have been registered under an estate agency registered under the NEAB. The registered estate agency needs to apply for a Fidelity Certificate and an FFC ID card from the NEAB on behalf of the estate agent.

It is important to note that no person may operate as an estate agent unless such a person is in possession of a valid Fidelity Fund Certificate (FFC). In terms of the Namibia Estate Agents Act 112 of 1976, every estate agent must obtain an FFC from the NEAB. It is illegal for a person to operate and claim commission, if such a person is not in possession of an FFC.

Very important: Every client should request documentary proof from the agent before doing any business or even viewing property. The validity time of the FFC ID Card (NEAB) is clearly indicated on it as well as on the FFC. If such a person is not in possession of a valid FFC ID Card (NEAB) or FFC and cannot show that he/she is a registered estate agent, please report the matter to the Namibian police and to the NEAB immediately.
When a property is sold, the conveyancer will request the FFCs from the estate agency and the estate agent, to confirm whether both are registered at the NEAB and whether their Fidelity Fund Certificates are in place.

Lease is where the problem is…

Problems arise when properties are leased. Most people who misrepresent themselves as estate agents by using fake FFCs, or in some rather unfortunate events, most registered estate agents, ask that a potential tenant should first pay the deposit before viewing the property. This is unheard of. Later the potential tenant is distressed and furious when learning that no such property exists or that such property was never up for rent. Beware of such scamming!

To avoid this, before dealing with an estate agent, ask for the FFC and call the NEAB to confirm whether such person is indeed a registered agent. If any payments are requested, always make sure that payments made should be to the estate agency and not the estate agent, and that such payment is made into a trust account of the estate agency, which is obligated by law because it is a third party’s money. This is required in Section 56 of the Bill (that will repeal the Estate Agents Act 112 of 1976).

Be a happy client and ensure your agent is indeed registered as depicted here by Wihan Jnr and Snr.