The Sunday News
FOR many months we have been discussing Real Estate and all of the issues surrounding dealing in the Real Estate market.
You may have realised that I often contrast Registered Real Estate Agents and bogus agents. Because this distinction is so important, I thought it would be good to discuss how a person can become a registered Estate Agent.
To become a Real Estate agent in Zimbabwe, you have to fulfil a few requirements. Firstly, you have to have a required number of years in the Real Estate, generally three or four. This is time that a person has spent in the industry, under the supervision of a registered Estate Agent.
Secondly, there are a number of examinations to pass. There are two organisations who offer their own set of examinations, these are Real Estate Institute of Zimbabwe (REIZ) and Estate Agents Council (EAC). The REIZ exams are held twice a year, and the applicant can take up to three examinations each time. There are a total of 19 examinations to be passed through REIZ.
If the person taking these examinations has gone through university and has a degree in Real Estate, they may be exempted from some of the examinations.
This process will take about three years, even if every examination is passed the first attempt. The modules include multiple exams in Real Estate agency, Real Estate law, construction, Valuation, and others. The EAC also offers examinations.
The examinations take place once a year, where the tests are completed over three days. There are two papers on Law, two on Real Estate Agency, one on Construction, one on Valuation, and one on Accounting and Finance.
The EAC tests are considered to be in four blocks, each block needs to be passed. If the candidate passed two blocks, or less, then the entire examination has to be re-taken the next year. If they pass three blocks, then they will only need to re-take the failed block.
Once the potential agent has passed their examinations, and has the required time of experience, they may apply to the EAC to be a registered agent. Once accepted, they will be issued with a Real Estate Agent’s number.
All registered agents are listed online by the EAC. You can see a list of all registered Estate agents on the EAC website, by searching the approved agents list at https://eac.co.zw/agents.
To remain a member in good standing, they need to follow all of the rules laid out in the Estate Agents (Professional Conduct) Rules, 1987. The registered agent must also ensure that the people who work for them also follow these rules.
Agents need to have annual audit of their Trust Account, they need to pay their professional fees, and they need to be in possession of their current Compensation Fund Certificate.
Failure to meet any of these requirements may result in the agent losing their registration, which will bar them from the industry.
There is a strict set of requirements to become an Estate Agent. These are in place to protect the community. We hope that these standards will continue to work to create a thriving and professional body, which serves the public for all of their Real Estate needs. A body that acts professionally, knowledgeably, and honestly.
Jonathan Thompson is a Registered Real Estate Agent who works in Bulawayo. He has nine years of experience in Real Estate in the USA, and another 11 years experience in Bulawayo. He is the founder and the Managing Director of Thompson Properties (Pvt) Ltd.
