8. Managing Agents are not excluded.

In terms of the act a person who collects rent or receives levies must also register as an Estate Agent with the EAAB (Estate Agency Affairs Board) and have a valid Fidelity Fund Certificate. This means, according to my interpretation, that they too have to meet the requirement of having completed the Further Education and Training Certificate: Real Estate by December 2011. Though the qualification is largely aimed at residential Real Estate practitioners, the evidence that manging agents need to produce to demonstrate their competency can be slanted towards the work that they perform.

Another interesting point must be noted when a member of the public wants to claim from the fideliy fund:
A. [i] A person must suffer pecuniary loss (loss of money)
[ii] The loss must be as a result of theft.
[iii] The monies stolen must be trust monies.
[iv] The theft must be committed by an estate agent.

Now here is the interesting point - the EAAB website says: "It does not matter whether or not the agent was registered with the Board or had been issued with a fidelity fund certificate. All that is required is that the claimant prove that the person he dealt with acted as an estate agent. [The definition of an estate agent is contained in the Act]."

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