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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 or free
- Therefore 2 professional modules + 1 generic module
- Renew every Nov
- 1st year no need renew
- The credits need to be earned between Oct 1 (previous year) - Sep 30, before renewing in Nov
- NEW 2027: 12h Professional (including 4h essentials eg. regulation) + 4h Generic
- Code of Ethics and Professional Client Care (CEPCC)
- Offenses can be:
- Court prosecution for criminal offenses
- CEA Disciplinary Committee up to $100k for RES, $200k for EA
- 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