New Compliance Rules for Property Practitioners
The Property Practitioners Regulatory Authority (PPRA) has issued a formal clarification on the compliance requirements under Regulations 33.2.3 and 33.4.5 of the 2022 Property Practitioners Regulations. These updates directly affect how new property practitioners must qualify—and have implications for accountants advising clients in the real estate sector. Below is a summary of the PPRA Compliance Notice:
Mandatory Practical Training Now in Effect
As of 1 July 2024, any individual wishing to operate as a non-principal property practitioner must first complete a six-module practical training course. This replaces the old logbook system and is designed to ensure that new entrants are adequately prepared for the demands of the profession.
Strict Timelines Apply
The practical training must be completed within 180 days of receiving a Fidelity Fund Certificate (FFC).
Candidates then have an additional 90 days to write the Professional Designation Examination (PDE).
Extensions beyond these timelines require formal approval from the PPRA and must show good cause.
Two Training Pathways Identified
Candidates Without Exemptions
Must complete the full Occupational Certificate: Real Estate (NQF Level 4), including workplace experience and the final EISA exam. They are allowed 12 months to complete the qualification and an additional 3 months to write the PDE.
Candidates With Equivalency Exemptions
Do not need to complete the full qualification or EISA but must complete the six-module practical training course within 180 days and write the PDE within the next 90 days.
Logbook System Phased Out
The previous logbook-based internship model ended on 30 June 2024. All candidates who received their FFC after 1 July 2024 must follow the new requirements.
What This Means for Accountants
If you work with real estate clients, it’s important to ensure they understand and meet these new compliance deadlines. Failing to do so could result in non-compliance, invalid FFCs, and the loss of legal standing to operate.
If your clients are unsure about their compliance status, now is the time to guide them. This is a critical shift in professional standards for the industry—and staying informed is key.
