Can CEA consider further raising the standard of salespersons by making it compulsory for all salespersons to be full-timers instead of doing estate agency work on freelance basis?
The new regulatory regime requires all persons doing estate agency work, whether on a full-time or a part-time basis, to be registered. They must fulfill all registration requirements which include meeting fit and proper criteria, passing the CEA examination and undergoing mandatory continuing professional development of a minimum of 6 credit hours a year. They are also required to adhere to a regulatory Code of Ethics and Professional Client Care, failing which they will be subject to disciplinary actions.
B) Registration Criteria for New Salespersons The registration criteria for a new salesperson are as follows:
i. Must be at least 21 years old
ii. Must have a minimum of 4 GCE 'O' Levels passes or equivalent
iii. Possess a pass in the Real Estate Salesperson (RES) exam or equivalent
iv. Be registered with only 1 licensed estate agent
v. Must not be an existing licensee/Key Executive Officer of another licensed estate agent
vi. Must not hold a moneylender's licence and not be an employee, director, or partner of a licensed moneylender
vii. Undertake mandatory continuing professional development of at least 6 hours a year
viii. Must be covered by a Professional Indemnity Insurance valid for at least one year from the commencement date of the registration
ix. Must not be in arrears with the Central Provident Fund (CPF) Board for Medisave contribution. Please click here to check if you have Medisave liabilities.
x.
Fulfill the fit and proper criteria, such as:
a) Must not be an un-discharged bankrupt or have entered into a composition or scheme of arrangement with their creditors
b) Must not have any convictions in a court of law in any country.
c) Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings
d) Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act
e) Has not been convicted of any offence under the Estate Agents Act
The information above also applies to the practising partners in General and Limited Partnerships. For foreign applicants, estate agents should first check with CEA on the type of employment pass they should possess.
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