Professional Service What is issued by CEA as Practice Guidelines to
Manual (PSM) estate agents and salespersons regulated under
the Estate Agents Act for their conduct of estate
agency work in property transactions involving
residential, commercial and industrial properties?
Professional Service What may be referred to during investigation on
Manual (PSM) any alleged professional misconduct or negligence
and also in Disciplinary Proceedings
CEA's Vision "A professional and trusted real estate agency
industry"
CEA's Mission To raise the PROFESSIONALISM of the real
estate agency industry and SAFEGUARD
consumer interest
Council for Estate What is formed on the 22nd October 2010 as a
Agencies (CEA) statutory board under the Ministry of National
Development.
Key Executive Officer - Must be at least 21 years old
(KEO) - At least 3 years experience as sales person
- At least 30 property transaction within last 3
years/ sufficient experience in managing estate
agent business
- Passed REA exam / possessed equivalent
qualifications
- Min 'O' levels passes or Lvl 5 WorKplace Literacy
and Numeracy WPLN
-Undertake mandatory CONTINUING
PROFESSIONAL DEVELOPMENT.
KEO proper criteria - Must not be an undischarged bankrupt
- No criminal records involving fraud or dishonesty
- No previous track record of complaints or
convictions
, - Not a licensed
moneylenders/employee/director/partner of a
licensed moneylender
Residential All salespersons are to use the prescribed Estate
Agency Agreement for sales, purchase, lease and
rental of _________ properties in Singapore
Estate Agent "___________" means estate agency business
(sole proprietors, partnerships, and companies
RE Salespersons "_________" means individuals who perform
estate agency work
Estate agent who (Appointment of salesperson)
appoints/associates/emp Max imprisonment: 1 year
loys unregistered Max fine: $25,000
salesperson Or both imprisonment and fine
If continues offence, max fine of $2,500 per day for
each salesperson appointed/associated/employed
(Similar penalty to non-agreement estate-individual
relation)
A salesperson may not (Appointment of salesperson)
be registered to act as a Max fine of $5,000 for salesperson who makes
salesperson for more false representation that he/she is employed or
than one estate agent authorised to act as a sales person for any
specified estate agent
Licensed estate agent (Appointment of salesperson)
must have an agreement Max imprisonment: 1 year
in writing to authorise Max fine: $25,000
individual to carry out Continuing offence max fine: $2,500 per day
estate agent work. (Similar to unregistered salesperson penalty)
Individual must have
agreement in writing with
licensed estate agent to
carry out estate agent
, work for said estate
agent.
Estate Agent operating (Offences and non-compliance)
without licence (Serious) Max imprisonment: 3 years
Max fine: $75,000
Or both
Continuing offence: $7,500 per day
Salesperson operating (Offences and non-compliance)
without registration Max imprisonment: 1 year
(Semi-Serious) Max fine: $25,000
Or both
Submit false (Offences and non-compliance)(Estate Agent)
documents/statement Max imprisonment: 3 years
which is false or Max fine: $50,000
misleading in application Or both
for grant or renewal of a
licence (Estate Agent)
(Serious)
Submit false (Offences and non-compliance)(Salesperson)
documents/statement Max imprisonment: 3 years
which is false or Max fine: $50,000
misleading in any Or both
application for
registration or renewal of
registration
(Salesperson)(Serious)
Failure to notify CEA of (Offences and non-compliance)
change in address within Max imprisonment: 1 year
14 days of cesser Max fine: $10,000
Or both
Continuing offence: $1,000 per day
Estate agent (Offences and non-compliance)
appoint/associate/emplo Max imprisonment: 1 year
yee salesperson who for Max fine: $25,000
the time being is not a Or both
registered salesperson Continuing offence: $2,500 per day
Manual (PSM) estate agents and salespersons regulated under
the Estate Agents Act for their conduct of estate
agency work in property transactions involving
residential, commercial and industrial properties?
Professional Service What may be referred to during investigation on
Manual (PSM) any alleged professional misconduct or negligence
and also in Disciplinary Proceedings
CEA's Vision "A professional and trusted real estate agency
industry"
CEA's Mission To raise the PROFESSIONALISM of the real
estate agency industry and SAFEGUARD
consumer interest
Council for Estate What is formed on the 22nd October 2010 as a
Agencies (CEA) statutory board under the Ministry of National
Development.
Key Executive Officer - Must be at least 21 years old
(KEO) - At least 3 years experience as sales person
- At least 30 property transaction within last 3
years/ sufficient experience in managing estate
agent business
- Passed REA exam / possessed equivalent
qualifications
- Min 'O' levels passes or Lvl 5 WorKplace Literacy
and Numeracy WPLN
-Undertake mandatory CONTINUING
PROFESSIONAL DEVELOPMENT.
KEO proper criteria - Must not be an undischarged bankrupt
- No criminal records involving fraud or dishonesty
- No previous track record of complaints or
convictions
, - Not a licensed
moneylenders/employee/director/partner of a
licensed moneylender
Residential All salespersons are to use the prescribed Estate
Agency Agreement for sales, purchase, lease and
rental of _________ properties in Singapore
Estate Agent "___________" means estate agency business
(sole proprietors, partnerships, and companies
RE Salespersons "_________" means individuals who perform
estate agency work
Estate agent who (Appointment of salesperson)
appoints/associates/emp Max imprisonment: 1 year
loys unregistered Max fine: $25,000
salesperson Or both imprisonment and fine
If continues offence, max fine of $2,500 per day for
each salesperson appointed/associated/employed
(Similar penalty to non-agreement estate-individual
relation)
A salesperson may not (Appointment of salesperson)
be registered to act as a Max fine of $5,000 for salesperson who makes
salesperson for more false representation that he/she is employed or
than one estate agent authorised to act as a sales person for any
specified estate agent
Licensed estate agent (Appointment of salesperson)
must have an agreement Max imprisonment: 1 year
in writing to authorise Max fine: $25,000
individual to carry out Continuing offence max fine: $2,500 per day
estate agent work. (Similar to unregistered salesperson penalty)
Individual must have
agreement in writing with
licensed estate agent to
carry out estate agent
, work for said estate
agent.
Estate Agent operating (Offences and non-compliance)
without licence (Serious) Max imprisonment: 3 years
Max fine: $75,000
Or both
Continuing offence: $7,500 per day
Salesperson operating (Offences and non-compliance)
without registration Max imprisonment: 1 year
(Semi-Serious) Max fine: $25,000
Or both
Submit false (Offences and non-compliance)(Estate Agent)
documents/statement Max imprisonment: 3 years
which is false or Max fine: $50,000
misleading in application Or both
for grant or renewal of a
licence (Estate Agent)
(Serious)
Submit false (Offences and non-compliance)(Salesperson)
documents/statement Max imprisonment: 3 years
which is false or Max fine: $50,000
misleading in any Or both
application for
registration or renewal of
registration
(Salesperson)(Serious)
Failure to notify CEA of (Offences and non-compliance)
change in address within Max imprisonment: 1 year
14 days of cesser Max fine: $10,000
Or both
Continuing offence: $1,000 per day
Estate agent (Offences and non-compliance)
appoint/associate/emplo Max imprisonment: 1 year
yee salesperson who for Max fine: $25,000
the time being is not a Or both
registered salesperson Continuing offence: $2,500 per day
