How To Become A Principal Estate Agent In South Africa

Real Estate Agency Principals manage the overall activities of real estate agencies. You usually need a certificate IV in real estate practice or property services to work as a Real Estate Agency Principal.

What are the duties of an agent to a principal?

An agent’s primary duties are: act on behalf of and be subject to the control of the principal; act within the scope of authority or power delegated by the principal; discharge his/her duties with appropriate care and diligence; and.

Is the principal the seller?

The principal is the individual who is selling the real estate property, while the agent is the licensed broker who has been contracted to represent the seller.

What is principal in mortgage?

The principal and interest payment on a mortgage is probably the main component of your monthly mortgage payment. The principal is the amount you borrowed and have to pay back, and interest is what the. Tip: Even with a fixed-rate mortgage, your total monthly payment can still change.

Below is How To Become A Principal Estate Agent In South Africa

HOW TO QUALIFY AS A FULL STATUS OR PRINCIPAL REAL ESTATE AGENT:

STEP 1: PREPARING FOR THE JOURNEY

Before you can study to become a qualified estate agent, you must:

Get a job as an intern estate agent with a registered Estate Agency

Register as an Intern Estate Agent with the EAAB (Estate Agency Affairs Board)

Receive your Fidelity Fund Certificate (FFC).

STEP 2: FIRST STEPS – INTERN LOGBOOK

Start your intern logbook. This must be completed in 12 months. Click here for details of how PropAcademy can help you to meet this deadline. If you miss the deadline, you may find yourself facing disqualification, having to start all over again.

You can check your due date for submission of your logbook by logging in to the EAAB portal and clicking on “Qualification Status”.

STEP 3: NQF4

To become a full status real estate agent, you must be competent in the outcomes-based NQF Level 4 Real Estate requirements as set out by the SSETA and be found competent in your PDE4 exam.

Check whether you qualify for NQF4 exemption. Click here to check your qualification against the EAAB Matrix. If you think you qualify for exemption, apply for this (this can take two months).

STEP 4: PROFESSIONAL DESIGNATED EXAM LEVEL 4 (PDE4)

To become a Full Status estate agent, you must write and pass the EAAB’s PDE4 exam.

This is a 4-hour open book exam written through the EAAB. Check the next exam date by clicking here. Bookings for this exam open 6 weeks prior.

As soon as you receive your NQF4 competency certificate from SSETA, book for your PDE4 exam with the EAAB.

Brush up on the knowledge you will require to pass the exam, this course has maintained it’s 100% pass rate.

Write and pass this exam.

How do I become a principal agent in South Africa?

How to Qualify as a Full Status or Principal Real Estate Agent

Step 1: Preparing for the Journey.

Step 2: First Steps – Intern logbook.

Step 3: NQF4.

Step 4: Professional Designated Exam Level 4 (PDE4)

Step 5: CPD Points.

Step 6: Achieve Principal Status – NQF5.

Step 7: Professional Designated Exam Level 5 (PDE5)

What is difference between principal and agent?

A principal, according to ASU 2016-08, is the company that is providing the good or service to the customer, and an agent is the company arranging for the good or service to be provided to the customer. An agent acts on behalf of the principal and normally will receive a commission for its services.

How much money do real estate agents make in South Africa?

These agents work a two to four hour day and because real estate is not really a half-day job, will earn the average income for most agents in South Africa, which is around R16,000 to R20,000 per month before tax and running costs.

How can I invest in real estate with no money in South Africa?

Fortunately, there’s a way to invest in real estate without having to buy an actual house, flat, or office space, according to Fayyaz Mottiar, Fund Manager of the Absa Property Equity Fund. “The alternative to owning a physical property is to invest in the real estate market through property funds.

Do real estate interns get paid in South Africa?

Although not yet considered to be qualified agents, as an intern with a valid Intern FFC you are still eligible to earn commission on the sale of property. However, commission is only paid out once the property transfer has been registered in the deeds office.

Is a CEO an agent or principal?

Understanding the Principal-Agent Problem

For example, a company’s stock investors, as part-owners, are principals who rely on the company’s chief executive officer (CEO) as their agent to carry out a strategy in their best interests. The principal is generally the only party who can or will correct the problem.

Are managers principals or agents?

Investors and Fund Managers

Because this is a principal-agent relationship, the manager is expected to act in your best interest, and those of other investors, rather than pursue his own objectives, such as seeking the biggest commission.

What are principal agent relationships?

The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.