Aug 17, 2010
Council for Estate Agencies
A NEW statutory board will be set up under the Ministry of National Development to serve as a regulator for the real estate industry here,under the Estate Agents Bill tabled in Parliament on Monday.
To be christened the Council for Estate Agencies (CEA), the regulator will take over the Inland Revenue Authority of Singapore's current role in licensing real estate agencies.
The CEA would be empowered to prescribe codes of practice for estate agencies and agents, and ensure that agreements between agencies and clients do not contain unfair clauses.
Estate agents will be required to register with the CEA, pass an examination and possess the necessary qualifications.
Each agency will also be required to appoint a key executive officer, who will be responsible for the overall management of the business and the supervision of all its agents.
The Bill also empowers the CEA to investigate complaints against agencies and agents, and to mete out suitable penalties, including suspensions and fines.
Information on all registered estate agents, including the name of the agency they work for and disciplinary actions taken against them, will be made available on a public register.
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Pre-development Land Investing
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To know more how this is really work for you and your clients....
Please contact me Terence Tay @ (+65) 9387-5896 or email : terencetay.kh@gmail.com
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