The Estate Agency Affairs Board had previously interpreted regulation 7(3) of the Standard of Training of Estate Agents Regulations, 2008, as meaning that, to qualify for the grant of the statutory exemption against the Professional Designation Examination (“PDE”), estate agents must have continuously held a valid fidelity fund certificate solely for the period 2003 to 2008 inclusive.
Having carefully re-assessed and re-examined the regulation in question, with a view to giving that regulation its widest possible meaning, the regulation will henceforth be implemented in favour of any estate agent who continuously held a valid fidelity fund certificate for any five year period prior to 15 July 2008.
Estate agents meeting this expanded interpretation of regulation 7(3) will now qualify for the grant of the statutory PDE exemption.
If, for example, an estate agent continuously held a fidelity fund certificate as, say, a non-principal estate agent during the period 1996 to 2001, then left the sector but subsequently returned to the estate agency profession, that person will, on application, qualify for the grant of an exemption against the Professional Designation Examination for non-principal estate agents (“PDE 4”).
The nature of the PDE exemption that may be granted to qualifying applicants in terms of the applicable regulation will still depend on the status of the fidelity fund certificate held by the applicant estate agent during the relevant continuous five year qualifying period, that is to say:
The expanded interpretation of regulation 7(3) of the Education Regulations is being implemented with immediate effect.
All estate agents meeting the revised eligibility criterion for the grant of the statutory PDE exemption are urged to apply for such statutory exemption against the PDE as soon as possible.
Further information in this respect may be accessed from the EAAB website.
Contact us if you have any questions regarding the necessary qualifications and regulations required for Estate Agents.
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