CEA

Question 1

What Act is CEA established under?

Answer 1

Estate Agents Act 2010

Question 2

When was CEA operational?

Answer 2

22/10/2010

Question 3

CEA’s key responsibilities?

Answer 3

1) Administer licensing regime for Estate agents, including registration of salesperson applied through licensed estate agents
2) regulate and control the practice of Estate agents and aalesperson in agency transaction

3) Promote integrity and competence of Estate agent
- Code of Practice
- Code of Ethics and professional client care

4) Develop measures to equip customer with necessary knowledge to condu t real estate transactions prudently
5) conduct investigation and disciplinary proceedings in relation to offences and unsatisfactory conduct relating to estate agency work
6) Administer examination and continuing professional development framework

Question 4

What are the key elements of CEA Regulatory Framework?

Answer 4

1) Enhanced Licensing for Estate Agents
- Appointed Key Executive Officer
- Estate Agent must be a Business Entity
2) Registration of salesperson through their Agent
3) Regulation on Conduct of Estate Agency Work
- Code of Practice
- Code of Ethics and Professional Client Care
4) Mechanism for Discipline and Dispute Resolution
- Arbitration or Mediation
5) Public Education
- Estate agent card

Question 5

When was Estate Agent Act(EAA) passed?

Answer 5

15th September 2010

Revised on 31st December 2011

Question 6

How many accompanying regulation are there with EAA?

Answer 6

8

Question 7

Coverage of EAA and Regulations?

Answer 7

Estate agency work in respect of property situated in Singapore and outside Singapore

Question 8

How fast must estate agent inform CEA in the event the KEO cease to carry out his duties?

Answer 8

within 1 week.

Question 9

How fast must estate agent replaced KEO who has leftt?

Answer 9

Within one month

Question 10

What is all estate agents and salesperson to be covered under?

Answer 10

Professional Indemnity Insurance(PII)

Question 11

Requirement under CPD

Answer 11

minimum 6 credit hours per year

-at least 3 CPD hours must be on core subjects

Question 12

Work year calendar of CPD

Answer 12

1st Oct to 30 Sept

Question 13

What are the 3 core categories under CPD?

Answer 13

1) Professional Ethics, Estate Agents Act and Regulation
2) Laws, Government Policies and regulations related to estate agency work
3) Practice-related knowledge and issues

Question 14

How many levels are there to the CPD roadmap?

Answer 14

3

Question 15

IN what situation would estate agents need not use prescribed estate agency agreemtn form?

Answer 15

• When property is situated outside Singapore

- Commercial and/or industrial property

Question 16

What are the mandatory requirement information on estate agent’s card?

Answer 16

1) Name and license of the estate agent
2) Name and registration number of the holder of the card
3) A recent image of the holder of the card
4) Contact number or email address for the making of inquiries or complaints to the estate agent

Question 17

How many years are estate agents required to retain records?

Answer 17

5 years

Question 18

How long does estate agent have to complete investigation on complaints ?

Answer 18

2 weeks

Question 19

What is the maximum fine CEA will imposed on agents misconduct?

Answer 19

75,000

Question 20

How many days does respondent have to react upon service of Charge and Statement of Case?

Answer 20

Within 14 days

Question 21

What is the scheme CEA has for disputes between parties?

Answer 21

Dispute Resolution Scheme

Question 22

What are the 2 modes?

Answer 22

First, mediation

Second, Arbitration

Question 23

What are the approved Mediation centres?

Answer 23

1) Consumers Association of Singapore
2) Singapore Institute of Surveyors and Valuers
3) Singapore Mediation Centre

Question 24

What are the approved arbitration centre?

Answer 24

1) Singapore Institute of Arbitrators

2) Singapore Institute of Surveyors and Valuers

Question 25

Who has the final call to choice of mediation or arbitration centre?

Answer 25

Client