The Council for Estate Agencies (CEA) released new rules on Friday that will set standards and regulate the conduct of estate agency work. From 15 November, salespersons cannot represent both buyers and sellers in a property transaction under the Estate Agents (Estate Agency Work) Regulations. It will also prohibit estate agents and salespersons from handling cash in certain transactions or referring...
Council for Estate Agencies
The new statutory board set up to regulate real estate agents, the Council for Estate Agencies (CEA), came into effect on Friday. It replaces the Inland Revenue Authority of Singapore (IRAS) as the issuer of licenses. Real estate agencies have until midnight on Friday to submit a list of their agents. According to estimates, there are about 30,000 agents in Singapore. However, as of 5pm on Friday, only...
A new statutory board to regulate estate agents in Singapore comes into operations from Friday. The Council for Estate Agencies (CEA) will be chaired by Greg Seow, Chairman of AMP Capital Investors (Singapore). The new body aims to raise the professionalism of the real estate agency industry and to enable consumers to better safeguard their interests. Key elements include enhanced licensing conditions...
The new statutory board regulating the real estate industry will put in place its dispute resolution scheme early next year. The Council for Estate Agencies will ask property agents and consumers to go for mediation to resolve contractual disputes, such as payment of commission. For disputes which cannot be settled through mediation, the parties can opt for arbitration. National Development Minister Mah...