Terminology: Under the new Estate Agents Act
- "Estate agents" means estate agency businesses(sole proprietors, partnerships, and companies)
- "Salespersons" means individuals who perform estate agency work
The Code of Ethics and Professional Client Care is established under the Estate Agents (Estate Agency Work) Regulations 2010. The provisions in the Code will commence on 15 Nov 2010.
The Code sets the standard of performance required of estate agents and salespersons when carrying out their estate agency work and dealings with clients and public. If you fail to observe the Code, it may amount to unsatisfactory professional conduct or professional misconduct and you could be subject to disciplinary actions under CEA.
The Code covers:
- Knowledge of and compliance with relevant laws, practice circulars and guidelines, and essential facts
- Due diligence and compliance with law and statutory requirements
- General duty to clients and public
- Prohibition against bringing discredit or disrepute to real estate industry
- Duty to clients in relation to signing of documents
- Obligations in respect of agreements
- Obligation in conveying offers and counter offers
- Interpretation or translation if necessary
- Duties in respect of advertisements
- Duty to avoid conflict of interests
- Recommending professional advice where appropriate
- Safeguarding confidential information
The Code is part of the Estate Agents (Estate Agency Work) Regulations 2010. Click here to download the Estate Agents (Estate Agency Work) Regulations 2010.
Estate Agents (Estate Agency Work) Regulations 2010
In addition to the requirements set out in the Code, the Estate Agents (Estate Agency Work) Regulations 2010 will prohibit dual representation by salespersons (i.e. no salesperson is allowed to act for both buyer & seller or landlord & tenant in any property transaction), and prohibit estate agents and salespersons from handling cash in certain transactions or referring their clients to any moneylender. Starting from 1 January 2011 estate agents will also need to use prescribed estate agency agreement/s with their clients for the sale, purchase or lease of residential property in Singapore.