Estate Agents Act 2010 Flashcards
for what kind of work will the Estate Agents Act apply to?
Estate Agency work
Regulation of Estate Agency Work and their respective fines [5]
- No dual representation ; $25k, < 1yr
- No referrals to moneylenders ; $25k, < 1 yr
- No holding of transaction monies ; $10k, < 6 mths
- Use of CEA symbols and representations ; $10k, <6mths
- Display of estate agent card ; $10k, <6 mths
what are transaction monies? [2]
cash with regards to the
- S&P of any property in Singapore and
- lease of HDB
what are NOT transaction monies? [3 categories, 2,5,2 respectively]
- S&P of all property (valuation fees, commission)
- Private property rental (commission, valuation fee, stamp duty, monthly rental, monthly deposit)
- HDB lease (stamp duty, commission)
when should the estate agent card be displayed and what info should be on it [4]?
EA card to be displayed at all times when carrying out estate agency work.
Card to include:
- name and license number of EA
- name and registration number of RES
- image of RES
- contact number / email of EA
what are the prescribed estate agency forms used for?
for residential properties in Singapore, based on an exclusive / non-exclusive basis
What kind of property is excluded from using the prescribed estate agency forms [4]?
- Not located in Singapore
- Developer sales
- Commercial / industrial
- Collective sale
what’s the difference between an exclusive and non-exclusive agreement?
E - 1 EA ; NE - more than 1 EA
E - owner not allowed to sell property themselves ; NE - only the agent who causes the property txn to go through will get the comms
E - valid for 3 months, renewable
how and on what should additional terms be written (for the estate agency agreement)
Separate pink paper, black ink, font size not smaller than printed
what is CEPCC under the Estate Agents Act?
Code of Ethics and Professional Client Care
under CEPCC, who are included under ‘clients’?
includes prospective clients / customers
what happens if CEPCC is violated/breached? [4]
- face disciplinary action before a Disciplinary Committee (3-20 members)
- financial penalties (max $200k/case for EA, $100k/case for RES ; CEA might impose
under CEPCC, what are the duties of the RES to avoid conflict of interest? [3]
- to declare any potential conflict in writing
- if unable to make a declaration, to withdraw/decline to act
- not to accept any commission from third parties, or to disclose in advance in writing.
what are the steps under Dispute Resolution? [5]
- Investigate (by KEO)
- Negotiate
- Mediation
- Arbitration
- Litigation
how long does the seller have to reply whether they wish to mediate or arbitrate?
3 weeks
