The Namibia Estate Agent Board (“NEAB”) was established in 1976 in terms of the Estate Agency Affairs Act, 112 of 1976 (“the Act”), with the mandate to regulate and control certain activities of estate agents in the public interest. The NEAB regulates the estate agency profession by ensuring that all persons carrying out the activities of an estate agent as a service to the public are registered with the NEAB. A fidelity fund certificate, which is to be renewed each year, is issued as evidence of such registration and confirmation that such person is legally entitled to carry out the activities of an estate agent. A core function of the NEAB is to manage and control the Estate Agents Fidelity Fund in the interest of the public and estate agents registered with the NEAB.
THE MANDATE OF THE NEAB
The primary mandate of the NEAB
Regulate, maintain and promote the standard of conduct of estate agents having due regard to the public interest;
Issue Fidelity Fund Certificates to qualifying applicants;
Prescribe the standard of training of estate agents;
Investigate complaints against estate agents and institute disciplinary proceedings against offending estate agents where required; and
Manage and control the Estate Agents Fidelity Fund;
Additional to the primary mandate of the NEAB
Financial Intelligence Centre The NEAB is the Supervisory Body of the estate agency profession pursuant to the Financial Intelligence Centre Act and is obliged to take all steps required to prevent, alternatively, identify and report on, money laundering and terrorist financing activities in the estate agents’ sector. Government-wide priorities
The expanded mandate of NEAB in respect of National Development Plan 2030 Vision and Trajectory is reflected in outcome number 8, which refers to sustainable and improved quality of household life. With respect to MTSF sub-outcome 2, the department of human settlements is required to ensure a sustainable residential property market. Based on this governmental strategic priority, NEAB recognises its role in supporting the following:
Intensify homeownership induction programmes for the affordable housing market
Establish transactional support for the affordable housing market
Monitor and report transactions in the secondary housing subsidy market
Conduct analysis and disseminate information on property trends and values in the affordable housing market
Develop policy and administration systems that support individual transactions in the secondary housing market
Facilitate the regular backlog of title deeds to form part of the housing development.
Our Vision is that of a transformed, professional and well-regulated real estate sector in a spatially integrated society. MISSION Protect - Through education, awareness, building and information sharing, we strive to protect the interests and dignity of the property consumer public and their security of tenure. Regulate - We regulate the property profession by establishing norms and standards, educating, licensing, the enforcement of regulations and standards for industry role-players and the administration of the fidelity fund. Transform - As the leaders of the sector, we drive the transformation of the property market to facilitate equitable economic growth through broad participation.
Values The following values will underscore the Board's behaviour as it strives to achieve the ideals encapsulated in its vision and mission, namely: • Integrity: We pledge adherence to the highest moral principles and professional standards through mutual respect amongst us, our shareholders and our stakeholders; • Excellence: We commit to, at all times acting professionally, delivering on our mandate and exceeding the expectations of our shareholder and all the stakeholders we serve; Communication: We accept the responsibility of enabling and facilitating a free flow of information between ourselves and all our shareholders and stakeholders, especially the public, and to respecting their views at all times; Transparency: We declare for all to know that, as a matter of principle, our interactions with all our shareholders and stakeholders, will be conducted in an open fashion and that we will be accountable for our actions;