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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.

As the proliferation of apartment and townhouse complexes in Namibia continues unabated due to an ongoing housing crisis, many residents around the country inevitably end up belonging to a body corporate, which in turn appoints a property management company to cater for the maintenance needs of the respective properties. However, the Namibia Estate Agents Board (NEAB) yesterday confirmed that currently, no legislation exists to regulate the mushrooming property management companies. Manager of the NEAB, Festus Unengu, explained to New Era that archaic legislation, the Namibia Estate Agents Act of 1976, still regulates the domestic property market. However, he emphasized that this legislation does not at all regulate property managers, property developers, property auctioneers and certainly not body corporates. Unengu clarified that through the industrialization and trade ministry as the custodian of the current Estate Agents Act, the NEAB embarked on the drafting of new legislation about five years ago to include all players in the property industry. “The new Bill was already submitted to the Cabinet Committee on Legislation, who instructed the NEAB to make changes to the legislative proposal. Now, we intend to resubmit the Bill for approval by May this year,” he stated. Newspaper Article Link: https://neweralive.na/posts/new-regulations-on-the-cards-for-property-industry

The Namibia Estate Agents Board (NEAB) and the Namibia Training Authority (NTA) have embarked on a project through which estate agents rendering estate agency services to the public will soon be subjected to a compulsory market entry examination. The examination is aimed at improving public confidence in estate agency services and enhancing the level of professionalism of the estate agency industry. The NEAB intends to endorse and enforce the examination for all estate agents as a pre-requisite for licensing and registration. Estate agents currently registered by the NEAB will be catered for in terms of the Recognition of Prior Learning (RPL) and Continuous Professional Development (CPD) programmes. Link - Announcement Document: https://neab.co.na/Files/Download/41

(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.

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.

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.

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!

Namibia Estate Agents Board (NEAB) hosted its first Induction Training Workshop for the year on Friday, 04th February 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 Executive Director of the Ministry of Industrialisation and Trade Further presentations were held by the Financial Intelligence Centre (FIC), City of Windhoek (COW, Public Accountants and Auditors Board (PAAB), Namibia Training Authority (NTA).

The NEAB established an Education Committee which is primarily responsible for the Education and Training of Estate Agents amongst other responsibilities. The NEAB Education Committee went on an information-sharing roadshow from 08 - 12 November 2021 where the Honourable Minister of Industrialization and Trade was the main speaker. The roadshows took place in the Erongo, Khomas, and Oshana regions. The NEAB Office would like to thank all of the estate agents/participants who were able to join us at the information-sharing sessions. Please see the pictures below from the NEAB Education Committee Roadshow.