Here's a different view.

leaves look the same.

From a reputable and popular grower in our area here (SF bay area in California),
they advise that the graft line is usually diagonal; I didn't know that before.
If the growth is branching from above the root graft (line), then they call it a Water Sprout.
There is a video segment on this page as well.
(See the web link submitted with this post)

Here is a link that might be useful: Article from Four Winds Growers

Please, why don't you take a picture of the whole trunk?
The graft can be lower than that showed in your picture.

Looks to me like this was a bud graft - probable edges shown in red.
That's fine, except that the second picture shows that the remains of the rootstock has died back and this could spread down. Normally a small rootstock stub like this stays green and healthy and is cut off as the top variety grows.
If the plant was supplied with this dead piece, I would complain.
I would now carefully snip off the dead piece without damaging anything that's green.
So all the new growth is the Caracara variety. I think there's too much coming from this point and would remove some of the thinner new shoots. But it depends on what shape you eventually want - a lower bushier plant or taller and more tree-like.