Category Archives: CEA

Fewer complaints against property agents

Posted on 18 Nov 2015 | Comments Off on Fewer complaints against property agents

Consumer complaints against property agents in Singapore fell to 702 cases in the 2014 financial year, from 751 cases in the previous year, reported Channel NewsAsia, citing figures from the Council for Estate Agencies (CEA).

Complaints relating to HDB flats accounted for 46 percent of all cases, while 34 percent were related to private residential properties, said CEA.

Of the HDB-related complaints, 91 were linked to rental deals, 232 were related to resale transactions and another 134 complaints were linked to the sale of private properties.

According to CEA, the decline in consumer complaints was due to enhanced industry standards, due to the professional development of salespersons, consumer education and regulatory enforcement.

In a joint statement, council president Greg Seow and executive director Chionh Chye Khye revealed that CEA ramped up investigations and took disciplinary actions in various cases of malpractices and breaches of industry guidelines during the 2014/15 financial year.

“We invested in staff training relating to investigation work and industry regulations so that our officers are equipped to ensure rigorous standards and timely completion of all investigations, and effective management of consumer complaints,” they said.

Meanwhile, the number of licensed estate agents dropped to 1,422 as of March 2015 from 1,449 in the previous year. The number of registered salespersons also fell to 32,006 from 33,498 previously.

Looking ahead, CEA plans to strengthen capabilities in support of industry development. It also plans to add more resources and avenues to enable practitioners to sharpen their competencies via continuous learning.

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Unlicensed estate agents fined

Posted on 6 Sep 2015 | Comments Off on Unlicensed estate agents fined

On 21 January 2015, Tan Yang Po, trading as AZEA Personal Coaching (APC), was sentenced to a total fine of $48,000, in default nine weeks’ imprisonment, for acting as an estate agent without a licence from CEA. This is the first prosecution case related to unlicensed estate agency work for the sale of foreign properties.

APC had first advertised to invite the public to attend its free property investment seminar. The seminar participants were then encouraged to enrol in a paid investment course to learn about investment strategies. These participants were awarded membership to a property club of APC.

Tan allegedly informed the property club members that Sterling Camden LLC, a foreign property developer, was selling apartments in USA. Tan facilitated the sale transactions and collected commission from the foreign property developer. For more details, refer to the press release.

CEA would like to advise consumers to engage licensed estate agents and registered salespersons as well as exercise due diligence when buying foreign properties. For tips on buying foreign properties, consumers can refer to the Consumer Guide.

In another case, Tay Say Keat, who was not a licensed estate agent at the material time of the offences, was fined for acting as an estate agent in closing two rental transactions. He was sentenced to a total fine of $28,000, in default 10 weeks’ imprisonment, for the two charges proceeded against him by CEA. Two other charges for similar breaches were taken into consideration for sentencing. It is an offence for any person to act as an estate agent unless he is licensed with CEA.

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