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