The Council for Estate Agencies’ Disciplinary Committee has sentenced Dennis Wee Realty (DWR) Pte Ltd to a financial penalty of $66,000 for six counts of failing to provide a written advisory message to six sets of investors to draw their attention to the risks involved in purchasing foreign properties.
The Disciplinary Committee also imposed a condition to DWR’s licence that it is not to market or transact in any foreign property for 12 months with effect from 24 November 2017.
This is the largest fine meted out so far to a property agency for failing to abide by regulations related to estate agency work involving foreign properties. This is also the second case in which an agency has been prosecuted for failing to provide a written advisory message to investors to draw their attention to the risks involved in purchasing foreign properties.
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Source : CEA – 7 Dec 2017
Posted in CEA, Overseas Property
Tagged CEA, CEPCC, Code of Ethics and Professional Client Car, Council for Estate Agencies, Dennis Wee Realty, DWR, Estate Agents Act, Estate Agents and Salespersons Marketing Foreign Properties, Foreign Properties, Hotel Option Projects, Ibis Budget Hotel, Knutsford, Lymm, Overseas Investment, PGMFP, UK, United Kingdom
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.
Posted in CEA
Tagged CEPCC, Chua Say Siong, Eric, Estate agent, Ethics and Professional Client Care, Goh Seow Guan, landlord, Property Agent, Rental, Tenant, Vincent