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Section 29 and Section 32 of the Estate Agents Act make references to the duty of estate agents to keep financial records (including records for a trust account), and that these financial records must be audited by an auditor. The Act defines an auditor as such: “auditor” means any person registered in terms of section 23 of the Public Accountants’ and Auditors’ Act, 1951 (Act 51 of 1951 as amended), as an accountant and auditor, and engaged in public practice as such. Audited financial statements are part of the requirements for being issued with the annual licence to practice as an Estate Agent by the Namibia Estate Agents Board Preparation for the Audit Estate Agent keeps financial records (with the help of a bookkeeper/accountant if necessary) An accountant prepares financial statements from financial records. Auditor audits financial statements and expresses an opinion on the reliability/accuracy of the financial statements, which speaks to the health of the business and the financial stewardship of the estate agent. Note: Accountants and auditors cannot be the same person; while auditors CAN do the work of accountants, they are not allowed to audit the same financial statements they prepared. List of Auditing Firms Please Click Here for a list of all registered auditors that we recommend Estate Agents use.

NEAB is looking for people who want to be accredited to offer training to candidates who wish to write the NEAB estate agent examination. The criteria for the trainers are as follows: The trainer(s) must have 10 years of experience in the estate agency industry. The trainer(s) must have a relevant Bachelor’s degree which is pegged at NQF Level 7. The trainer(s) must present the NEAB with their curriculum vitae. The trainer(s) must also be in good standing with the NEAB. Application Process Email above mentioned documents to: recruitment@neab.co.na All applications must be sent via email and must include an Application Letter. Closing Date The closing date for applications is Friday, 29th July 2022 @ 17H00 Enquiries: Telephone Number: 061 – 249 885 Email: reception@neab.co.na / supervisor@neab.co.na Prepared by Mr. Festus Unengu Manager: Namibia Estate Agents Board

The Property Practitioners Bill is a new piece of legislation that will replace the Estate Agency Act 112 of 1976. Its main purpose is to establish the Property Practitioner Regulatory Authority, which will replace the Namibia Estate Agents Board; to regulate the affairs of all property practitioners; to allow for transformation in the property sector, and to provide for consumer protection. The Act will commence on a date yet to be decided upon. Regulations must still be published. The Minister must first make rules on what training requirements all the property practitioners who will now be joining the fray, need to undergo and the Minister must also publish a code of conduct. So much work still lies ahead before the Act can commence. Click Here to Read More on the Property Practitioners Bill

Please note that ALL lease agreements entered in Namibia MUST be stamped in terms of the Stamp Duty Act of 1993. This means that revenue stamps MUST be affixed to lease agreements. The amount of the stamp duty depends on the amount of rent payable over the period of the lease as stated in the Schedule 1 of the Stamp Duty Act. The duty MUST be denoted on the original lease agreement. Stamp duty must also be paid on a copy of the original contract, subject to a prescribed limit. Click Here to Read More...........

Namibia Estate Agents Board (NEAB) hosted its second Induction Training Workshop for the year on Wednesday, 11th May 2022. The Induction Training workshop is hosted after every Online State Agents examination for all the candidates that passed the examination. The main objective of the Induction Training Workshop is to prepare the candidates for the real estate industry and provide them with the necessary information to hit the ground running. The Keynote speaker at the induction workshop was the Ms. Diina Nashidengo, Director of Commerce: Ministry of Industrialization and Trade. Further presentations were held by the Financial Intelligence Centre (FIC), City of Windhoek (COW), Public Accountants and Auditors Board (PAAB) and Business and Intellectual Property Authority (BIPA).

The Namibia Estate Agents Board in conjunction with Weder, Kauta and Hoveka Law firm will be hosting a training designed for Principal Estate Agents. Candidates that have recently written and passed the NEAB Estate Agents Examination, and who wish to open their own Estate Agencies are hereby invited to attend a principal Estate Agent training that will be facilitated by the Law firm Weder, Kauta & Hoveka Inc. in conjunction with the Namibia Estate Agents Board. This training is specifically designed to assist Principal Estate Agents in managing their Estate agencies in line with the Estate Agents Act 112 of 1976 and the Financial Intelligence Act 13 of 2012 as amended FIA. You are thus cordially invited to attend the aforementioned training. You can register to attend the training in Swakopmund, Windhoek, or Ongwediva. 01. SWAKOPMUND - Training Details: Date: 25 April 2022 Time: 08:00 AM - 12:00 PM Town: Swakopmund Venue: The Dome Costs: FREE RSVP: 0811 221 828 to book your seat. OR RSVP Online via: https://forms.gle/LhfKDH6JTjpc5bKf8 Please RSVP by Tuesday 19th April 2022!! 02. WINDHOEK - Training Details: Date: 28 April 2022 Time: 08:00 AM - 12:00 PM Town: Windhoek Venue: The Hilton Hotel Costs: FREE RSVP: 0811 221 828 to book your seat. OR RSVP Online via: https://forms.gle/yYNPBwdzZa6tQFix6 Please RSVP by Monday 25th April 2022!! 03. ONGWEDIVA - Training Details: Date: 06 May 2022 Time: 08:00 AM - 12:00 PM Town: Ongwediva Venue: Afrika Stadt Haus Hotel Costs: FREE RSVP: 0811 221 828 to book your seat. OR RSVP Online via: https://forms.gle/pioRJEmxLkrKieWV8 Please RSVP by Tuesday 03rd May 2022!!

(1) Any estate agent shall be guilty of improper conduct if he- (a) receives any remuneration for any act performed by him as an estate agent from two or more than two persons whose interests are not in all respects identical in respect of the performance of such act, unless such persons agreed thereto in writing; (b) fails in respect of any act performed by him as an estate agent to give proper account, within 30 days of being called upon in writing to do so, to any person having a material interest in the performance of such act; (c) fails to pay any moneys due by him to the board or in respect of the fund within one month after such moneys become due; [Para (c) substituted by sec 16(a) of Act 28 of 1987.] (d) fails to furnish within such period as the board may determine such information as the board may request and reasonably require in order to exercise its powers properly under this Act; (e) contravenes any provision of the code of conduct referred to in section 8(b) or fails to comply with any such provision; (f) commits any deed of insolvency referred to in section 8 of the Insolvency Act, 1936 (Act 24 of 1936); (g) fails to comply with any provision of section 16(1), (2) or (4), 29 or 32, or contravenes any provision of section 26 or 32A(2)(a) or (b); [Para (g) substituted by sec 16(b) of Act 28 of 1987.] (g A) in his capacity as a director of a company which is an estate agent and which fail to comply with the requirements of section 29 or 32, did not take all reasonable steps to prevent such failure; and [Para (gA) inserted by sec 16(c) of Act 28 of 1987.] (h) commits an offence involving an element of dishonesty. (2) The board may in the prescribed manner bring and investigate any charge of improper conduct against any estate agent. (3) When any estate agent is found guilty of improper conduct by the board, the board may- (a) withdraw the fidelity fund certificate of such estate agent and- (i) if such estate agent is a company, of every director of such company; (ii) if he is a director of a company which is an estate agent, of such company; or (iii) if he in partnership acts as an estate agent, of every partner in such partnership; (b) impose on such estate agent a fine not exceeding R1000 which is payable to the board; [Para (b) substituted by sec 16(d) of Act 28 of 1987.] (c) reprimand such estate agent. (4) The acquittal or conviction of an estate agent by any court of law upon any criminal charge shall not be a bar to proceedings against him under this Act on a charge of improper conduct, notwithstanding the fact that the facts set forth in the charge of improper conduct would, if proved, constitute the offence set forth in the criminal charge on which he was so acquitted or convicted or any other offence on which he might have been convicted at his trial on the said criminal charge. (5) If the improper conduct with which the estate agent is charged amounts to an offence of which he has been convicted by a court of law, a certified copy of the record of his trial and conviction by such court of law shall, upon the identification of such estate agent as the person referred to in the record as the accused, be sufficient proof of the commission by him of such offence, unless the conviction has been set aside by a superior court: Provided that the estate agent charged shall be entitled to adduce evidence to show that he was in fact wrongly convicted. Download the document below and fill it to start the process;

No fidelity fund certificate shall be issued to - a) any estate agent who or, if such estate agent is a company, any company of which any director, or if such estate agent is a close corporation, any corporation of which any member referred to in paragraph (b) of the definition of 'estate agent' - i) has at any time by reason of improper conduct been dismissed from a position of trust; ii) has at any time been convicted of an offence involving an element of dishonesty; iii) is an unrehabilitated insolvent in respect of whom the trustee of the insolvent estate has not certified that the insolvent is a fit and proper person to assume a position of trust and to be issued with a fidelity fund certificate; iv) is of unsound mind; v) has been dealt with in accordance with section 30(3)(a); vi) does not comply with the prescribed standard of training; vii) does not have the prescribed practical experience; A) any estate agent who - i) has failed in respect of his financial year which has expired before the date on which application for a fidelity fund certificate is made, to comply with any provision of section 29(b) or section 32(3)(b); or ii) has at any time been guilty of any act or omission in respect of which any person had to be compensated pursuant to the provisions of section 18 from the fund, unless the estate agent has repaid the relevant amount in full to the board, or the board is of the opinion that satisfactory arrangements for the settlement of such amount have been made and has confirmed such arrangements; B) any estate agent referred to in paragraph (a) of the definition of 'estate agent' if such estate agent carries or intends to carry on business as an estate agent under a trade name which is identical or confusingly similar to the trade name of an estate agent - i) already issued with a fidelity fund certificate; or ii) whose fidelity fund certificate is suspended or has lapsed or been withdrawn in terms of this Act; b) any estate agent who is a director of a company, or who is a member referred to in paragraph (b) of the definition of 'estate agent', of a close corporation - i) of which the fidelity fund certificate was withdrawn by the board in terms of section 28 or 30; ii) which was prohibited in terms of section 32(6) from operating in any way on its trust, savings or other interest-bearing account referred to in section 32(2)(a), iii) or any estate agent who within a period of six months before or on the date on which such fidelity fund certificate was so withdrawn or such company or close corporation was so prohibited, was a director of such company, or such a member of such close corporation: Provided that if in respect of any person who is subject to any disqualification referred to in this section, the board is satisfied that, with due regard to all the relevant considerations, the issue of a fidelity fund certificate to such person will be in the interest of justice, the board may issue, on such conditions as the board may determine, a fidelity fund certificate to such person when he or she applies therefore.

Decisions of the Disciplinary Committee Respondent found guilty or not guilty; If guilty – reprimand/fine to a maximum of N$1 000 per contravention; Withdrawal of a Fidelity Fund Certificate. Summonses and subpoenas are sent to relevant parties to appear; Chairperson and two committee members conduct the proceedings; Case presenter/prosecutor present the cases; Proceedings are mainly inquisitorial; Legal representation is permitted.

Every estate agent shall in respect of his activities as such - a) keep in one of the official languages at an address in the Republic such accounting records as are necessary fairly to reflect and explain the state of affairs - i) of all moneys received or expended by him, including monies deposited to trust account referred to in section 32(1) or invested in a savings or other interest-bearing account referred to in section 32(2)(a); ii) of all his assets and liabilities; and iii) of all his financial transactions and the financial position of his business; b) cause the accounting records referred to in paragraph (a) to be audited by an auditor within four months after the final date of the financial year of the estate agent, which final date shall after the commencement of section 9 of the Estate Agents Amendment Act, 1984, not be altered by him without the prior written approval of the board.

1) Every estate agent shall open and keep one or more separate trust accounts, which shall contain a reference to this section, with a bank and such estate agent or his or her employee, as the case may be, shall forthwith deposit therein all trust money held or received by or on behalf of such estate agent and the name of such bank and the number of each such trust account shall forthwith be notified to the board. 2) a) Notwithstanding the provisions of subsection (1), any estate agent may invest in a separate savings or other interest-bearing account opened by him with any bank, building society or any institution or class of institution designated by notice in the Gazette by the Minister in consultation with the Minister of Finance, any monies deposited in his trust account which are not immediately required for any particular purpose. b) Any savings or other interest-bearing account referred to in paragraph (a), shall contain a reference to this subsection. c) Interest on monies deposited in a trust account referred to in subsection (1), and on monies invested in terms of paragraph (a), shall, subject to the express terms of the mandate in question, which shall be in writing, be paid to the fund by the estate agent concerned. d) The board may in the prescribed circumstances refund to an estate agent a prescribed portion of the interest paid by such estate agent to the fund in terms of paragraph (c). e) Trust money in an account invested in terms of paragraph (a) or deposited in terms of subsection (1) shall be retained by the estate agent in question in that account until the estate agent is lawfully entitled to it or instructed to make payment therefrom to any person. 3) Every estate agent shall - a) keep separate accounting records of all monies deposited by him in his trust account and of all monies invested by him in any savings or other interest-bearing account referred to in subsection (2)(a); b) balance his books and records relating to any account referred to in paragraph (a) at intervals of not more than one month, and cause them to be audited by the auditor referred to in section 29(b), within four months after the final date of the financial year of the estate agent concerned. c) administer the accounts referred to in subsections (1) and (2)(a) in the prescribed manner. 4) Any auditor who does an audit contemplated in subsection (3)(b), shall forthwith after completing such audit, transmit to the board a report in the form from time to time determined by the board, in regard to his findings, and a copy thereof to the relevant estate agent. 5) Notwithstanding the provisions of subsection (3), the board may, on good cause, at any time order any estate agent by notice in writing to submit to the board within a period stated in such notice, but not less than thirty days, an audited statement fully setting out the state of affairs in respect of the matters referred to in section 29(a). 6) The court may, on good cause, upon application by the board or any other competent person, prohibit any estate agent to operate in any way on his trust, savings or other interest-bearing account referred to in subsection (2)(a) and may appoint a curator bonis to control and administer such trust, savings or other interest-bearing account, with such rights, duties and powers as the court may deem fit. 7) If - a) the board under the provisions of this Act - i) refuses to issue a fidelity fund certificate to any estate agent who applied therefor; or ii) has withdrawn a fidelity fund certificate issued to any estate agent; or b) any estate agent ceases to act as Such; or c) any estate agent becomes subject to any disqualification referred to in section 27, the estate agent concerned shall wind up his trust, savings or other interest-bearing account in the prescribed manner and pay out in the prescribed manner the amount standing to the credit of any such account to the persons entitled to it. 8) The amount standing to the credit of the trust, savings or other interest-bearing account, referred to in subsection (2)(a), of any estate agent, shall not form part of the assets of such estate agent or, if he was a natural person and has died or has become insolvent, of his deceased or insolvent estate.

Lodging of a Complaint against an Estate Agent Lodging of a Complaint against an Estate Agent must be by way of completion and submission of a Complaint Initiation Form. Consideration of Complaint & Investigation Acknowledge receipt of complaint; Respondent notified of the complaint and written response within 30 days; After investigation the matter shall be considered by the Board; The Board may decide to investigate further/ withdraw/ mediate/ charge. Charge against an Estate Agent It must be in writing; Must contain an exposition of the conduct; Must be delivered by hand/by registered post. Disciplinary Committee of Inquiry Summonses and subpoenas sent to relevant parties to appear; Chairperson and two committee members conduct the proceedings; Case presenter/prosecutor present the cases; Proceedings are mainly inquisitorial; Legal representation is permitted. Decisions of the Disciplinary Committee Respondent found guilty or not guilty; If guilty – reprimand/fine to a maximum of N$1 000 per contravention; Withdraw a Fidelity Fund Certificate. Appeals Procedure Must be in writing and submitted within 30 days; Deposit of N$2,750.00 for the transcript; Disciplinary committee provide written reasons for judgment. The NEAB may: Confirm, amend or reverse the decision; Remit the matter for further hearing; Confirm or suspend penalty imposed; Set aside penalty and impose new penalty; If successful, the deposit paid shall be refunded in full. Download our complaint intitiation form to start the process!