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Regulation of Real Estate Agency Industry and Real Estate Marketing (part…
Regulation of Real Estate Agency Industry and Real Estate Marketing (part 1)
CEA
Vision
Professional and trusted REA industry
Mission
Raise professionalism and safeguard consumer interest
Key Exec Officer
Must be >/=21yrs,
3 yrs working,
30 within last 3 years,
min 4GCE O/WPLN lvl 5,
fit and proper (4)
Business Entity (Estate Agent)
Registered with ACRA, licensed with CEA
Covered under PII, both EA and salespersons
Negligence based, cost inclusive
Salespersons
Same as KEO without working/transaction requirement
Discipline
Warning, fine, attach conditions to licence/registration, forfeit SD suspension/revocation (21 days to appeal)
Mediation, arbitration
Mediation:
CASE, SMC, SISV
Arbi:
SIArb, SISV
Initiated by either party, mediation/arbi ctr chosen by client.
Disciplinary panel (</= 20 members)
Disciplinary committee (ad hoc, >/=3)
Appeals board (public servants)
Complaints
Specific, include name/add/contact no,
describe complaint, desired outcome
Key Regulations
District Court
Cheating clients
Max $25K + 12 mths; $2,500/day
Dual rep/unregistered persons/ employing unregistered/
working without written agreement with EA
Referral to moneylenders
Unlicensed
$75K and/or 3 yrs; $7.5k/day
Obstruction
Major
$50K and/or 2 yrs
False statements
False docs for licence application (3yrs)
Obstructing/not cooperating with officer/inspector
Don't attend to Disciplinary Committee
Minor
$5K
False rep
Fail to inform/comply
$10K and/or 1yr; $1k/day
Council of change in address
Council change in status of registration/licensing/company
With requests made by Council/providing false info/document for those requests
Misrepresentation/handling cash
$10k and/or 6 mths; $500/day
Use of council symbols/representations
Non display of EA card
No handling cash except to pass on cheques/CO or receive $ for mgmt/repairs
Use prescribed forms
(residential): 8
Exclusive vs non-exclusive
Excl foreign property, enbloc and developer sale
Additional Terms in black ink on separate pink paper
Copy to be given (addendum copy doesn't have to be pink)
CPD Continuing Professional Development
Min 6 credit hours (3 on core subjects; 1 each per roadmap category; cap of 2 CPD credit hours per activity)
CPD Cycle 1 Oct - 30 Sep
Core CPD categories
Ethics/regulations
Related regulations/policies
Practice-related
Code of Practice
(M) Mgmt and supervision
(R) Retention of docs and records >/= 5 yrs
(E) Estate Agent Card
Name/licence no.
NRIC name/reg no.
Recent image
Contact no. or email address
(C) Claims/complaints
Systems and processes in writing
Investigations complete within 2 wks
On request, send report to CEA
PSM Professional Service Manual
Joint wkgrp CEA, Inst of Estate Agents, Sgp Inst of Surveyors and Valuers, Sgp Accredited Estate Agencies, CASE, HDB, URA
Notable terms
Cannot be given Power of Attorney at the same time
Confirm identity of client - record name, verify (IC/passport), age (>21 for land and leases >3yrs)
No dual rep
Disclose conflict as soon as possible, get consent in writing
Advertisements
Written consent with names and reg nos. of all salespersons involved in advertising property
Newspaper ads don't need licence/reg no., must include contact no. registered with CEA
Outdoor signs
Subject to BCA regs.
Advertisement licence fee:
Up to 1sqm - $20
1 - 5 = $90
6 - 10 = $140
10 = $20/sqm
Need LTA approval if by public roads.
Signs must display LTA approval ref, BCA licence and serial no., exp date.
URA Guidelines (type, size, height, location, form based on
approved use of building
- see pg 216 of notes
Divorce: with court order, get consent from party granted conduct of sale or either of owners (if no party granted). W/o court order, need consent from all
Practice guidelines
Use of prescribed EA Agreement forms
Ethical advertising
(together with CEPCC under EA Act [EA Work) Regs]
Need consent for distribution of flyers in private properties
KEO approve all adverts/have structured process for approval
Include date of last update on advert
OTP and sale/purchase agreements