Be informed when dealing with a real estate practisioner

There are 3 kinds of registered agents with the EAAB: The principal estate agent: the owner of a real estate company which has been registered with the EAAB. They have to meet strict audit compliance requirements in terms of trust accounts and FICA. Principals employ interns and full status agents at their agency. If the principal and his/her company do not have a valid FFC (Fidelity Fund Certificate), none of their staff will have valid FFC’s. A principal may own more than one real estate company. Once a principal has met all the education requirements of the EAAB they may proudly display the designation of MPRE: Master Practioner in Real Estate.

The full status/non-principal estate agent: a real estate practitioner may only work for one registered real estate company at a time. These full status agents can work without close supervision, i.e. independent, but still under the auspices of their principal’s company. Once they have met the prescribed EAAB education requirements for full status agents, they may display the designation of PPRE: Professional Practioner in Real Estate.

The intern estate agent: a newcomer to the industry who needs to serve a 12 month internship under the auspices of a principal estate agent. They need to work under the active supervision of their principal or a mentor designated to support them in their day to day activities whilst they are honing their skills. There is no stigma attached to being an intern- it’s merely a designation whilst they are learning the ropes. It adds value to a client to deal with an intern who is being mentored and assisted by a full status agent or the principal. You get 2 for the price of one! Interns have to pass stringent education requirements before they can upgrade to the full status designation.