Bill seeks to set up stat board to regulate real estate industry

Real estate agencies will be required to appoint a key executive officer (KEO) who will be responsible for the proper administration and overall management of the business and supervision of all their estate agents.

The requirement is spelled out in the Estate Agents Bill which was introduced for a first reading in Parliament on Monday.

The proposed Bill seeks to establish the Council for Estate Agencies (CEA) as a new statutory board under the ministry to regulate the real estate agency industry.

It will apply to all estate agency work for Singapore and foreign properties marketed, sold or leased in Singapore.

The Bill restricts estate agents from working for more than one agency.

The agencies will have to ensure that all their registered agents are professionally competent.

Information on all registered estate agents will be available on a public register, including the agency they are working for.

Any disciplinary action taken against them will also be in the register.

The CEA will have the power to prescribe codes of practice, ethics and professional conduct to regulate the practices of estate agencies and their agents.

It will also have powers to investigate breaches and enforce regulatory requirements.

Source : Channel NewsAsia – 16 Aug 2010