PROPOSED KEY ELEMENTS OF NEW REGULATORY FRAMEWORK

  • New Statutory Board – Council for Estate Agencies – to strengthen regulation of real estate agency industry
  • Enhanced Licensing for Estate Agencies

  • Singapore Citizen or Permanent Resident (current)
  • At least 3 years of working experience (enhanced)
  • Completed at least 30 property transactions in past 3 years, of which at least 10 must be private properties and at least 10 must be HDB flats transactions (enhanced)
  • Major shareholder of the applying agency (current)
  • Register its business with ACRA (current)
  • Not to register a name which is similar to existing agencies (current)
  • Pass examination for licensees or equivalent qualifications (current)
  • Have minimum 4 GCE ‘O’ Level passes or equivalent (new)
  • Fulfill fit and proper criteria (new) such as
    1. Must not be an un-discharged bankrupt;
    2. Must not possess criminal records involving fraud or dishonesty;
    3. Must not have previous track record of complaints or convictions
  • Put in place systems and processes to ensure proper management of business and agents (new)
  • Be covered under a Professional Indemnity Insurance (new)
  • Must not be a licensed moneylender or an employee of a licensed moneylender (new)

  • Registration of Agents through their Agencies

  • Singapore Citizen or Permanent Resident
  • Must be at least 21 years old
  • Not be registered with another agency or be an existing licensee of an agency
  • Have minimum 4 GCE ‘O’ Level passes or equivalent
  • Pass examination for estate agents
  • Undertake mandatory continuing professional development
  • Fulfill fit and proper criteria such as
    1. Must not be an un-discharged bankrupt;
    2. Must not possess criminal records involving fraud or dishonesty;
    3. Must not have previous track record of complaints or convictions;
  • Must not be a licensed moneylender or an employee of a licensed moneylender

  • Regulations on Conduct of Real Estate Agency Work

  • Code of Ethics and Professional Conduct
  • Standard prescribed estate agency agreements
  • No dual representation

  • Mechanisms for Discipline and Dispute Resolution

  • Disciplinary actions such as warnings, fines, suspension and debarment
  • Dedicated dispute resolution mechanism covering both mediation and adjudication

  • Public Education

  • Agent identification card
  • Public registry of agencies and agents

See Also : NEW STATUTORY BOARD TO BE FORMED

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