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
how long does the client have to decide on a centre for mediation/arbitration?
4 weeks
what are the centres for mediation? [3]
- Consumers Association of Singapore
- Singapore Institute of Surveyors and Valuers
- Singapore Mediation Centre
What are the centres for arbitration? [2]
- Singapore Institute of Surveyors and Valuers
2. Singapore Institute of Arbitrators
how long should the EA retain documents for?
5 years
Offences under Estate Agents Act and their penalties? [13]
$75k, < 3 years jail
- EA operating without license
$50k, < 2 years jail
- Submitting false documents for grant, registration
- Intentionally providing false info/statements
- Refusing to provide info or to attend before an inspector
- Obstructing any officer from carrying out their duties
$25k, < 1 year jail
- RES operating without registration
- EA employing non-registered RES ($2.5k/day)
- RES operating without written agreement with EA ($2.5k/day)
$10k, < 1 year jail
- Failure to notify CEA of change of address within 14 days ($1k/day)
- Failure to give notice of certain events ($1k/day)
- Failure to comply with any requisition by CEA
- Providing false info to CEA upon requisition
$5k
- False representation that he/she is authorised to act for an EA
