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P2 > Professional Service Manual > Flashcards

Professional Service Manual Flashcards

1
Q

in accordance with CEPCC, EAs and RES are expected to conduct their business with…. [3]

A

due diligence, promptness, and care

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2
Q

in accordance with CEPCC, EAs and RES are expected to conduct their business with…. [3]

A

due diligence, promptness, and care

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3
Q

there is a conflict of interest when… [5]

A
  1. other agent is from the same EA
  2. agent wishes to buy client’s property
  3. if you are collecting overriding fee from the other RES
  4. co-broker / seller / buyer is related to you
  5. commission is shared among team members
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4
Q

what does it mean to be in the ‘same team’? [4]

A
  1. collect overriding fee
  2. Market the property together
  3. related to each other
  4. from the same division or team within EA
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5
Q

when should a RES not be a Power of Attorney ?

A

they should not be POAs for clients they are representing in a transaction

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6
Q

how do you confirm the identity of a client (seller)? [4]

A
  1. check ownership information on INLIS
  2. verify with IC/passport
  3. full name
  4. Age of client should be more than 18 years old
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7
Q

how do you verify the particulars of a foreigner? [3 due diligences]

A
  1. check original work pass
  2. cross check with original passport
  3. verify work pass with MOM/ICA
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8
Q

what are the consequences if RES fails to carry out the 3 due diligence checks?

A
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9
Q

you are required to confirm the owner of the property and the property details. True or false?

A

True

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10
Q

what does INLIS stand for?

A

integrated land information service

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11
Q

It is compulsory to use the prescribed Estate Agency Forms provided by CEA. True or False?

A

False. it’s not compulsory

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12
Q

what is the expected sale price written in the agreement?

A

price to be advertised, not price owner wants to sell at

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13
Q

under the marketing of foreign properties, what are the requirements for an advertisement? [3]

A
  1. min font size 8
  2. to state conversion rate by who as of when
  3. to state how ROI was calculated
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14
Q

what needs to be included for any ads (excluding classified)? [4]

A
  1. RES name
  2. RES registration number
  3. Contact number
  4. EA name and licence
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15
Q

What is required in a classified ad? [2]

A
  1. Name (full surname, name can be shortened)

2. contact number

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16
Q

whose approval to seek if one wants to set up an outdoor sign / along public roads?

A

BCA (Building and Construction Authority)

/ LTA (Land Transport Authority)

17
Q

what is caveat emptor?

A

States that the seller does not have an obligation to disclose information even when asked, and that buyer will have to find out the information themselves if they want to know. Agent only has to convey buyer’s concern to the seller, not force an answer

18
Q

there is a conflict of interest when… [5]

A
  1. other agent is from the same EA
  2. agent wishes to buy client’s property
  3. if you are collecting overriding fee from the other RES
  4. co-broker / seller / buyer is related to you
  5. commission is shared among team members
19
Q

what does it mean to be in the ‘same team’? [4]

A
  1. collect overriding fee
  2. Market the property together
  3. related to each other
  4. from the same division or team within EA
20
Q

when should a RES not be a Power of Attorney ?

A

they should not be POAs for clients they are representing in a transaction

21
Q

how do you confirm the identity of a client (seller)? [4]

A
  1. check ownership information on INLIS
  2. verify with IC/passport
  3. full name
  4. Age of client should be more than 18 years old
22
Q

how do you verify the particulars of a foreigner? [3 due diligences]

A
  1. check original work pass
  2. cross check with original passport
  3. verify work pass with MOM/ICA
23
Q

what are the consequences if RES fails to carry out the 3 due diligence checks?

A
24
Q

you are required to confirm the owner of the property and the property details. True or false?

A

True

25
Q

what does INLIS stand for?

A

integrated land information service

26
Q

It is compulsory to use the prescribed Estate Agency Forms provided by CEA. True or False?

A

False. it’s not compulsory

27
Q

what is the expected sale price written in the agreement?

A

price to be advertised, not price owner wants to sell at

28
Q

under the marketing of foreign properties, what are the requirements for an advertisement? [3]

A
  1. min font size 8
  2. to state conversion rate by who as of when
  3. to state how ROI was calculated
29
Q

what needs to be included for any ads (excluding classified)? [4]

A
  1. RES name
  2. RES registration number
  3. Contact number
  4. EA name and licence
30
Q

What is required in a classified ad? [2]

A
  1. Name (full surname, name can be shortened)

2. contact number

31
Q

whose approval to seek if one wants to set up an outdoor sign / along public roads?

A

BCA (Building and Construction Authority)

/ LTA (Land Transport Authority)

32
Q

what is caveat emptor?

A

States that the seller does not have an obligation to disclose information even when asked, and that buyer will have to find out the information themselves if they want to know. Agent only has to convey buyer’s concern to the seller, not force an answer

P2 (13 decks)

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