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3.1 Regulation of Real Estate Industry (Key Executive Officer (KEO)…
3.1 Regulation of Real Estate Industry
Principal Functions and General Powers of the
Council for Estate Agencies (CEA)
- formed in 22 October 2010
CEA's Vision
A professional and trusted real estate agency industry
CEA's Mission
To raise the professionalism of the real estate agency industry and safeguard consumer interest.
CEA's responsibilities are:
Administer the licensing regime for estate agents
Regulate and control the practice of estate agents and salespersons
Promote the integrity and competence of estate agents and salespersons through the Code of Practice, and the Code of Ethics and Professional Client Care
Develop measures to equip consumers with the necessary knowledge to conduct their real estate transactions prudently and with due diligence
Conduct investigation and disciplinary proceedings in relation to offences and unsatisfactory conduct or misconduct in relation to estate agency work
Administer the examination and continuing professional development framework
Key Executive Officer (KEO)
undertake mandatory continuing professional development
More than 21 years old
3 year working experience as a salesperson
30 property transactions in the last 3 years
Must not be a salesperson or KEO of another estate agent
Passed REA exam
Min. 4 GCE 'O' level passes or WDA's WPLN Level 4
Fulfil fit and proper criteria
Business Entity
Covered under a valid Professional Indeminity Insurance for both business entity and salespersons
Registered with ACRA
Not registered a name similar to other estate agents
Not a licensed moneylender
Registration of Salespersons through their Agents
Similar to KEO less 3 years working experience and property transactions
'+ Passed RES examination
'+ covered under Professional Indemnity Insurance valid at least one year from commencement date of the registration
Regulation on Conduct of Estate Agency Work
Code of Practice Ethics and Professional Client Care
Standard prescribed estate agency agreeents
No dual representation by same salesperson
Mechanism for Discipline and Dispute Resolution
Disciplinary actions such as warnings, fines, suspension and revocation
Dedicated dispute resolution mechanism covering both mediation and arbitration
Public Education
Estate Agenct Card
Online Public Register of agents and Salespersons
Seminars, Forums and consumer guides for the public
Different Laws Governing CEA
Functions and duties of Council
Section 9 of Estate Agents Act 2010
Powers of Council
Section 10 of Estate Agents Act
Estate Agents Act (EAA) 2010
Estate Agents (Appeals) Rules 2010
Estate Agents (Fees) Regulations 2010
Estate Agents (Composition of Offences) Regulations 2010
Estate Agents (Estate Agency Work) Regulations 2010
Estate Agents (Licensing and Registration) Regulations 2010
Estate Agents (Land Banking) (Exemption) Order 2010
Estate Agents (Dispute Resolution Schemes) Regulations 2011
Estate Agents (Disciplinary Proceedings) Regulations 2011
Definition of Estate Agent, Salesperson and Estate Agency Work
'Estate agents' means estate agency businesses
'Salespersons' means individuals who perform estate agency work
Duties and Liabilities of Salespersons
Appointment of salespersons
Section 39 of Estate Agents Act
Salesperson to act for one agent at any one time
Section 40 of Estate Agents Act
Salesperson to operate under written agreement with estate agent
Section 41 of Estate Agents Act 2010
Offences under Estate Agents Act
28(2)
29(3)
33(6)
34(7)
37(6)
39(2)
40(3)
41(3)
43(6)
64(1)(a)
64(1)(b)
64(1)(c)
64(1)(d)
65(4)
65(5)
Continuing Professional Development (CPD)
Under the Estate Agents (Estate Agency Work) Regulations 2010, every KEO, practicing director/ partner and salesperson is required to undertake mandatory CPD -
a minimum of 6 credit hours
of learning activities for each CPD cycle, of which at least
3 CPD credit hours must be on core subjects
Introduction of CPD Training Roadmap in October 2013
2014 CPD cycle which commenced on 1 October 2013
CPD Credit Hours
There is a cap of 2 CPD credit hours for each core activity undertaken
CEA will not be approving non-core CPD Activities
** Read the textbook for all the details