Property agent suspended, fined after breaching code of ethics
Posted: 15 March 2013 1614 hrs
The logo of the Council for Estate Agencies.
SINGAPORE: A property agent has been convicted of three charges of breaching the Code of Ethics and Professional Client Care in handling the property transaction for his clients.
54-year-old Chua Cheng Thian Benny has been suspended for six months and fined S$10,000. Fixed costs of S$1,000 were awarded to Council of Estate Agencies.
The council's disciplinary committee said Chua is a registered salesperson of ERA Realty Network Pte Ltd and has been practising as a salesperson for about 17 years.
He was appointed by his clients as their salesperson to sell their property on an exclusive basis.
It was agreed that a commission of one per cent of the selling price, exclusive of GST, would be payable by the clients on a successful sale, within the agreed period.
Chua advertised and marketed the property, contrary to his clients' best interest, through his understudy salesperson on a 'Buyer only' (no co-broke) basis. He also stated a wrong block number on the advertisement to sieve out unrepresented buyers from salespersons.
Further, he did not disclose to his clients that he had a personal interest, by way of overrider, in having the property sold to his understudy's clients.
Under CEA's disciplinary framework, salespersons who breach the Code of Ethics and Professional Client Care may face disciplinary action.
The DC may, upon determination of the breach, revoke or suspend his registration and/or impose a financial penalty of up to S$75,000 or reprimand the salesperson.
-CNA/ac
