CEA Regulations

Question 1

How many code of ethics are there?

Answer 1

12

Question 2

What are the 12?

Answer 2

1.Knowledge of and compliance with relevant laws, practice circulars and guidelines, and essential facts
2. Due diligence and compliance with law and statutory requirements
3. General duty to clients and public
4. Not to bring discredit or disrepute to real estate industry
5. Duty to clients in relation to signing of documents
6. Obligations in respect of agreements
7. Obligation in conveying offers, counter offers, etc
8. Interpretation or translation if necessary
9. Duties in respect of advertisements
10. Duty to avoid conflict of interests
11. Recommending professional advice where appropriate
12. Safeguarding confidential information

Question 3

Knowledge of and compliance with applicable laws, practice circulars and guidelines

Answer 3

• must perform their work in accordance with applicable laws and must not perform estate agency work unless they have the relevant knowledge to perform the work that they are engaged to perform.
• and also cannot do anything else other than what they are paid to

Question 4

Due diligence and compliance with law and statutory requirements

Answer 4

• conduct their business and work with due diligence, despatch and care, and in compliance with all laws including statutory and regulatory requirements, and practice circulars and guidelines.

Question 5

General duty to clients and public

Answer 5

• must act according to the instructions of the client and protect and promote the interests of the client
• cannot mislead client in anyway

Question 6

Not to bring discredit or disrepute to real estate industry

Answer 6

• Estate agents and salespersons shall not do anything that may bring discredit or disrepute to the estate agency trade or industry.
• must not do anything that may be fraudulent, dishonest, deceitful or misleading;

Question 7

Duty to clients in relation to signing of documents

Answer 7

• give client sufficient time to read any form or document before asking or allowing them to sign
• must explain meaning and consequence of signing form before asking or allowing them to sign
• advise them to seek advice from lawyers

Question 8

Obligations in respect of agreements

Answer 8

• make sure everything is written down clearly and correctly

Question 9

Obligation in conveying offers, counter offers, etc

Answer 9

• submit every offer, counter-offer, proposal or expression of interest received to his client
• accurately, objectively and as soon as possible after receiving it

Question 10

Interpretation or translation if necessary

Answer 10

• ensure that any information or explanation is conveyed to the client in the language or dialect that the client understands.

Question 11

Duties in respect of advertisements

Answer 11

• agent is correctly and clearly identified in all advertisements and promotional materials
• AKA name and contact number as registered with CEA

Question 12

Duty to avoid conflict of interests

Answer 12

• must not accept an appointment by or continue to act on behalf of a client
• where to do so would place them in conflict or potential conflict with client.

Question 13

Recommending professional advice where appropriate

Answer 13

• advise and encourage the parties to a transaction or proposed transaction to seek the advice of appropriate professionals

Question 14

Safeguarding confidential information

Answer 14

• shall not disclose or otherwise use any confidential information of or relating to the client that is obtained from the client or obtained in the course of acting for the client
• unless the disclosure or use is made with the consent of the client, or is otherwise required or allowed by the law.