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RES Course

Competency Unit 3A - Regulation

CEA

  • License estate agents (aka agencies)
  • Register salespersons (aka property agents)
  • Every year to renew license, 6h CPD
  • After taking course, must take exam within 2y
  • After passing RES exam, must register within 2y
    • If not must retake course and exam
  • Continuing Professionalism Development (CPD)
  • Annual Renewal $53.50
    • 4 Professional Credits + 2 Generic Credits
    • 1 module = 2 credits = ~$40 self pay
    • Every Nov
      • 1st year no need renew
  • NEW 2027: 12h Professional (including 4h essentials eg. regulation) + 4h Generic
  • Code of Ethics and Professional Client Care (CEPCC)
  • Offenses can be:
    1. Court prosecution for criminal offenses
    2. CEA Disciplinary Committee up to $100k for RES, $200k for EA
    3. Letter Of Censure (LOC) Disciplinary Regime for minor breaches up to $5k
  • Must NOT represent both parties
    • But possible to represent buyer, yet only get commission from seller via a commercial contract (for referring buyers)
  • If agent self-represent, cannot collect any comm or co-broke from the other party
    • Agent buy a property, cannot co-broke (as if no agent)
    • Agent sell a property, can either pay buyer agent, or sell direct
    • Must disclose
  • SOHO
    • Marketing term
    • Either residential or commercial
      • Cannot be BOTH
  • Disclosures:
    • Relations eg. ex-spouse, sibling, employer, biz partner
    • Business referral eg. bank
    • Same EA + any overriding fee (up line)

Offences and fines

Category Fine Offence
Very serious $75k/3y Acting as EA
Serious $50k/3y Falsify EA documents
Medium $25k/1y Acting as RES, dual representation, referral to moneylenders
Regulation of Estate Agency Work
Light $10k/6m No lanyard, fail to submit document
Very light $5k, $2k False representation

Share Values

  • Undivided whole number
  • Calculation based on area:
    • 50m2: 5
    • 100m2: 6
    • 150m2: 7
    • Every multiple of 50m2 is +1 share

Sentosa Cove

  • Special place
  • Foreigners can buy landed homes

Bankruptcy

  • Can buy HDB. But if net purchase price > $500k, need consent from OA

Conveyancing

  • Who can hold conveyancing money:
    • Law firm
    • Singapore Academy of Law (SAL)

Money Laundering

  • Suspicious Transaction Report (STR)
  • Verify name, NRIC/Passport, age
  • Verify seller is owner via MyHDBPage and INLIS

Offering gifts and cash vouchers

  • shall not advertise or offer any benefit, in cash or kind
  • lowering of commission is OK