Council for Estate Agencies (CEA)

Some of you may be new to CEA, which is a newly established statutory board under the Ministry of National Development in Oct 2010.


CEA is empowered to administer the new regulatory framework for the real estate agency industry.
 
It aims to raise the professionalism of the real estate agency industry through collaborative efforts with the industry on industry development programmes and protect the interests of the consumers through targeted public education schemes.
 
I have extracted the following most relevant information from CEA for easiler reading. :)

Consumer Resource

(1) Consumer Guide

Consumer Tips for Engaging a Real Estate Salesperson" is CEA's first educational brochure that provides introductory information and practical tips to consumers who wish to engage the services of real estate salespersons in property transactions. The guide is part of CEA's public outreach efforts to equip consumers with essential knowledge that would help them experience a smooth property transaction. Please click here to download the consumer guide.

(2) Public Seminars/Talks  

CEA participates in public educational seminars/talks organised by our partners:  

• HDB - Monthly Resale Seminars
• CPF Board - "Buying Your Next Home" Talk
• CASE - "Considerations for the Purchase of a New Home" Consumer Seminar.

 (3) Advisory for Consumers

A 53-year-old man who is believed to be involved in at least two cases of rental scams was arrested by the Police in October 2011. Please see media release issued by the Police.  

You are advised to:-   

• Verify the identity of your salesperson using the Public Register
• Respond only to advertisements that provide the salesperson's details and registration number
• Report to CEA if you encounter any persons who are carrying out estate agency work but who are not listed on the Public Register.

(4) Reference Information  

• For information on registered salespersons and licensed estate agents, please check Public Register
• For information on engaging the services of a real estate salesperson, view presentation slides here
• For information on buying, selling, renting and financing of HDB flats, please visit the HDB InfoWEB.
• For information on purchase of private residential properties, please visit the URA website.

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All you need to know about Estate Agents

The following information is extracted from Today online.

"From how to identify a registered property agent to how such agents should handle transaction monies, such tips have been handily summed up in a brochure rolled out yesterday by the Council for Estate Agencies (CEA).

The brochure is part of the CEA’s outreach efforts to equip consumers with essential knowledge for a smooth property transaction.

For instance, it highlighted that dual representation — where a property agent represents both the buyer and the seller, and collects commission from both parties — is an offence. It is also an offence for a property agent — also referred to as salespersons — or agency to introduce or refer a buyer to any moneylender.

Property agents and agencies are also prohibited from handling money on behalf of any party in the sale or purchase of any property here.

The brochure also advised consumers to not respond to publicity flyers where a salesperson has not provided a registration or licence number. All licensed agencies and property agents can be found on the CEA’s website.

A list of the responsibilities of a salesperson is also provided, such as how a property agent should explain to consumers all relevant forms and documents in a binding agreement.

It also lays out a list of what consumers need to be aware of on their part, such as providing one’s terms and requirements clearly o their property agent, as well as what to do when a dispute arises.

The consumer guide is available from the CEA and for public download at www.cea.gov.sg."

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