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Regulations of RE Agency Industry (Lesson 7) (Council of Estate Agencies…
Regulations of RE Agency Industry (Lesson 7)
Council of Estate Agencies (CEA)
Key responsibilities
Administer licensing regime of SP; registration thru estate agents
Regulate & control practice of EA & SP
Promote integrity & competence of EA & SP
Develop measures to equip consumers w necessary knowledge
Conduct investigations & discliplinary proceedings
Administer exams & CPD
CEA Regulatory Framework
Enhance licensing for EA
Registration of SP thru EA
REgulation on conduct of EA work
Mechanism for Discipline & Dispute Resolution
Public Education
Estate Agents Act (EAA)
& 8 legislation that affects RE industry
Estate agents licensing criteria
Estate agency work definition
Apply to EA work done for property in or outside SG
work done in course of Biz for client
Expect any fee for work done
Intro client or negotiate for a person who wishes to
acquire or dispose of property
Salesperson (SP)
License & registration fees
Professional Indemnity Insurance
Continuing Professional Development (CPD)
Regulation of Estate Agency Work
No dual representation
Code of Practice for Estate Agents (EA)
Management & Supervision
Estate Agent card
Claims & Complaints
Retention of documents
Code of Ethics & Professional Client Care
Knowledge & comply w applicable laws, practical circulars & guidelines
Due Diligence & compliance w Law & statutory requirements
General duty to client & public
CEA Disciplinary Procedure