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CEA's Licensing and Registration Requirements (Registration Criteria…
CEA's Licensing and Registration Requirements
Licensing Criteria for
New
Estate Agents
Registered with ACRA
Must have KEO who satisfies the requirements of the Act and Regulations
No moneylender's license
No one, even partners, in the company can hold moneylenders license
Estate agent is
fit and proper
Estate agent's KEO and all directors or partners or persons responsible in managements must fulfill
fit and proper
All partners must be covered by
Professional Indemnity Insurance
Estate Agents must have SOPs and guidelines
Professional Indemnity Insurance
- Policy wording: Negligence-based, Cost inclusive
Continuing Professional Development
(CPD)
:star:
A minimum of
6 credit hours
3 CPD credit hours must be on core subjects
CPD cycle starts from 1 Oct of preceding year and 30 Sept. of the current year
CPD Training Roadmap in Oct 2013 -
2014 CPD cycle commenced on 1 Oct 2013
Core subjects
C1: Professional Ethics, Estate Agents Act and Regulations
C2: Laws, Government Policies and Regulations related to estate agency work
C3: Practice-related knowledge and issues
CPD Credit hours:
cap of 2 CPD credit hours for each core activity
CEA will not be approving non-core CPD activities, KEO will be responsible
Licensing Requirements for
KEO
Min. of 4 GCE 'O' Levels passes or equivalent
A pass in CEHA or REA exam, or equivalent
Be a sole-proprietor, director or partner of estate agent
At least 3 years experience working under licensed estate agent
Concluded 30 transactions in the last 3 years
Non currently a sole-proprietor, practicing partner, KEO, or salesperson of another licenses estate agent
Not been previously a sole-proprietor, KEO or partner of another licenses estate agent
Not hold a moneylender's license
Registration Criteria for
New Salesperson
Must be at least 21 yo
Min. 4 GCE 'O' Levels passes or equivalent
Possess a pass in the RES exam or equivalent
Be registered with only 1 licensed estate agent
Must not be an existing licensee/KEO of another licensed estate agent
Must not hold a moneylender's license and not be an employee, director or partner of a licensed moneylender
Undertake mandatory CPD of at least 6 hours per year
Covered by a professional Indemnity Insurance valid for at least 1 year from date of registration
Fulfill fit and proper criteria
Year End License/ Registration Renewal/ Update 2013 Salespersons List Exercise (Note:
Key Pointers to take note
)
Table 1: Renewal of Estate License/ Update 2012 Estate Agent license List
License Renewal/ Auto-Renewal Exercise (1 to 31 Oct 2013)
Table 1a: Estate Agents for License Auto-Renewal exercise 2013
Submit e-application to CEA by
31 Oct 2013
For auto-renewal exercise, Salespersons are not required to login via their Singpass ID and password
Submit by
8 Nov 2013
Table 1b: Estate Agents for License Renewal Exercise 2013
Estate agents whose license is expiring on 31 Dec 2013 are due for license renewal
Table 2: Categories of Estate Agents who are not required to participate in the Year End Renewal/ Auto-Renewal Exercise
New License Applications approved
on or after 1 Oct 2013
Fee Collected Upon Approval of Registration
Application Fee ($53.50)
Pro-rated Annual Registration Fee for 2012 ($115)
Annual Registration Fee for 2013 ($230)
List of Recognized and equivalent Qualifications
Recognized Industry Examinations
RES
REA
CEHA:
but only recognized till end of 2012
Qualifications Equivalent to REA examination
NUS
Bachelor of Science (Real Estate/ Estate Management)
Bachelor of Real Estate (Property Management/ Valuation)
Ngee Ann Polytechnic
Diploma in Building Management/ Building & Real Estate Management/ Real Estate Business
Singapore Polytechnic
Diploma in Property Development & Facilities Management/ Building & Property Management