Resolution accepted by the SA Council for the property Valuers profession regarding registration criteria for estate agents



Resolution accepted by the SA Council for the property Valuers profession regarding registration criteria for estate agents During several discussions between representatives of the Institute of Estate Agents of South Africa (IEASA), the SA Institute of Valuers (SAIV) and the Council for the Property Valuers Profession (the Council), a need was identified for a special registration category to accommodate estate agents in the property valuers profession. The Property Valuers Profession Act, 2000, provides that the Council may prescribe such a category. The Council has therefore resolved to prescribe a category for "Single Residential Property Assessor". To qualify for registration in that category, an estate agent must comply with certain requirements, inter alia, enrolling for and passing certain specified subjects of the National Diploma in Real Estate (Property Valuation) at the Technikon SA or a similar institution offering the said Diploma; registration as a Candidate Single Residential Property Assessor for at least six months, during which period all property valuations must be performed under supervision; passing the entrance examination set by the Council and the Practical Examination prescribed by the Council; attending and passing a special Practical Workschool of the Council, presented by the SAIV; and submission of a detailed list of all properties valued as Candidate Single Residential Property Assessor under supervision of and counter signed by the supervisor. An estate agent registered as a Single Residential Property Assessor will be restricted to the valuation of single residential properties and single residential sectional title units only. To have that restriction removed, he/she will have to comply with all the requirements for registration as a Professional Associated Valuer. Furthermore, all valuations must be conducted in accordance with the minimum standards laid down by the SAIV and the International Valuation Standards as adopted from time to time by the Council and the SAIV. It is important to note that the Council's resolution cannot be implemented immediately. The Council will have to make rules to cover the aspects concerned. The draft rules must be published in the Gazette for comment and at least 30 days must be allowed for such comment. Furthermore, the SAIV, in consultation with the Council, will need time to devise and arrange the special Practical Workschool. Further particulars can be obtained from the Registrar of the Council at telephone 012 3488643, fax 012 3487528 or e-mail sacv-rw@mweb.co.za.