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.

Comments Off on Unlicensed estate agents fined

Posted in CEA

Tagged , , , , , ,

Two salespersons disciplined for bypassing landlord’s salesperson

Posted on 6 Sep 2015 | Comments Off on Two salespersons disciplined for bypassing landlord’s salesperson

Two salespersons, Goh Seow Guan, Vincent and Chua Say Siong, Eric were disciplined for misleading acts in an attempt to bypass the landlord’s salesperson, bringing disrepute to the estate agency industry.

Goh represented a tenant who was interested in renting a property. He contacted the landlord’s salesperson to arrange for a viewing and agreed to co-broke with him for the potential rental transaction. Later, Goh’s client made an offer which was conveyed to the landlord through her salesperson and the landlord counter-offered. Goh’s client then made another offer to rent the property at $8,500 per month if the landlord was agreeable to pay $1,500 to repair certain defects.

Instead of conveying the offer to the landlord’s salesperson, Goh decided to bypass him and asked his colleague Chua to call the landlord to close the transaction. Chua pretended that he had an interested tenant for the property and conveyed the same offer that Goh’s client had proposed.

Upon reviewing the profile of Chua’s prospective tenant, the landlord became suspicious that this tenant was the same person as Goh’s client. Although Chua denied it when asked, the landlord discovered that the tenant was indeed Goh’s client when she met up with him. The landlord informed her salesperson that he had been bypassed, and the salesperson filed a complaint to Goh’s and Chua’s estate agent.

The estate agent subsequently conducted investigations. When asked, Goh and Chua misrepresented to their director that they had come to know of the prospective tenant independently.

For bypassing the landlord’s salesperson even though having agreed to co-broke and lying to a director of his estate agent, Goh has brought disrepute to the estate agency industry, a breach of the Code of Ethics and Professional Client Care (CEPCC). He was sentenced to a total financial penalty of $3,000 and four months’ suspension, with a two months’ suspension running concurrently.

Chua was convicted of bypassing the landlord’s salesperson, lying to the landlord about the identity of the prospective tenant and lying to a director of his estate agent. He was sentenced to a total financial penalty of $5,000 and four months’ suspension, with another three months’ and two months’ suspension running concurrently.

Comments Off on Two salespersons disciplined for bypassing landlord’s salesperson

Posted in CEA

Tagged , , , , , , , , , ,