The Property Practitioners Regulatory Authority (PPRA) hereby gives notice and calls upon all property practitioners who have not registered for their FFC or renewed for 2022 to ensure that they comply with section 47 (1) of the Property Practitioners Act by approaching the PPRA for their registration on or before the 30 June 2022.
The following juristic and natural persons are defined by section 1 of the Act as property practitioners, Auctioneers, Bridging Financer, Bond Brokers, Developers, Homeowners Association, Managing Agents, and Time Shares, (note, without limiting to same).
The Property Practitioners Act came into effect on the 1st February 2022. Section 47 and 48 of the Act compels property practitioners including its Directors, Members or Trustees, and all employees who act as property practitioners to obtain and hold a valid Fidelity Fund Certificate (FFC) which must be applied for from the PPRA.
Section 48 of the Act effectively bars a property practitioner from rendering services as a property practitioner if he/she do no possess a valid FFC and Section 56 dictates that a property practitioner is not entitled to commission unless he/she is registered and possess a valid FFC.
Furthermore Section 48(4) stipulates that a property practitioner who receive a commission in the absence of the aforementioned certificate will be required to pay back the commission immediately upon receipt of a written request to do so. Conveyancers are prohibited from paying commission or monies unless a property practitioner produces a certified copy of their FFC.
The consequences of operating without a fidelity fund certificate is that a property practitioner can be found guilty of an offence in terms of section 48(5) of the Act.
Registration should be done on the portal. For access to the Online Portal, please find the link Registration | Property Practitioners Regulatory Authority (theppra.org.za)
For any other registration queries please send an email to: email@example.com.
Download the schedule of fees below.