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http://business.asiaone.com/Business/My+Money/Property/Story/A1Story20101229-255379.html
210 applications for property agents rejected
Wed, Dec 29, 2010
AsiaOne
210 individuals who applied to become a property agent were rejected by the Council for Estate Agencies (CEA), as they released the outcome of applications for estate agent licences and salesperson registrations today.
These applicants were mainly found to have criminal records or records of offences involving fraud or dishonesty.
Since November 1 this year, the council has been receiving applications from new and existing agents as part of the new regulatory framework.
Estate agents were also required to register salespersons who have met CEA's criteria1 by November 30, 2010. These are property agents who have either passed an industry examination or met the minimum of three property
transactions over the last two years.
To date, CEA has approved 1,190 estate agent licence applications and 27,754 salesperson registration applications.
For applicants with records of offences involving fraud or dishonesty, they will be assessed on a case-by-case basis, taking into account factors such as the severity of the offence, and when the offence was committed.
A public register of licensed estate agents and registered salespersons will be made available on CEA's website at www.cea.gov.sg from this Saturday, January 1, which will display the name, licence/registration number, the agent that the salesperson is working for, validity period, and records of offences committed or disciplinary actions taken, if any. Photographs will be available from March 1 next year.
Estate Agents Act
The Estate Agents Act 2010 applies to all estate agency work for Singapore and foreign properties marketed, sold or leased in Singapore. However, persons selling, buying or leasing properties for themselves, including property developers and their employees, will not be covered under the new framework, as there is no estate agency work involved.
Estate agency work pertaining to land banking products will also not be regulated because estate agents marketing land banking products are more likely to provide financial investment advice than to make representations on a property.
Mediation-Arbitration Scheme
CEA will also implement a prescribed dispute resolution scheme in January 2011. This involves mediation and arbitration, and provides a cost-effective and expeditious means to resolve disputes and contractual matters between consumers and estate agents.
Estate agents are required to participate in the scheme once the consumer has elected to proceed with mediation or arbitration.
210 applications for property agents rejected
Wed, Dec 29, 2010
AsiaOne
210 individuals who applied to become a property agent were rejected by the Council for Estate Agencies (CEA), as they released the outcome of applications for estate agent licences and salesperson registrations today.
These applicants were mainly found to have criminal records or records of offences involving fraud or dishonesty.
Since November 1 this year, the council has been receiving applications from new and existing agents as part of the new regulatory framework.
Estate agents were also required to register salespersons who have met CEA's criteria1 by November 30, 2010. These are property agents who have either passed an industry examination or met the minimum of three property
transactions over the last two years.
To date, CEA has approved 1,190 estate agent licence applications and 27,754 salesperson registration applications.
For applicants with records of offences involving fraud or dishonesty, they will be assessed on a case-by-case basis, taking into account factors such as the severity of the offence, and when the offence was committed.
A public register of licensed estate agents and registered salespersons will be made available on CEA's website at www.cea.gov.sg from this Saturday, January 1, which will display the name, licence/registration number, the agent that the salesperson is working for, validity period, and records of offences committed or disciplinary actions taken, if any. Photographs will be available from March 1 next year.
Estate Agents Act
The Estate Agents Act 2010 applies to all estate agency work for Singapore and foreign properties marketed, sold or leased in Singapore. However, persons selling, buying or leasing properties for themselves, including property developers and their employees, will not be covered under the new framework, as there is no estate agency work involved.
Estate agency work pertaining to land banking products will also not be regulated because estate agents marketing land banking products are more likely to provide financial investment advice than to make representations on a property.
Mediation-Arbitration Scheme
CEA will also implement a prescribed dispute resolution scheme in January 2011. This involves mediation and arbitration, and provides a cost-effective and expeditious means to resolve disputes and contractual matters between consumers and estate agents.
Estate agents are required to participate in the scheme once the consumer has elected to proceed with mediation or arbitration.
