The Council for Estate Agencies (CEA), a new statutory board set up under the Estate Agents Act 2010, has commenced operations since last Friday.
Aside from raising the professionalism of the real estate agency industry, the new regulatory framework also aims to enable consumers to better protect their interests.
Major elements of the framework include enhanced licensing conditions for estate agents, regulation on the conduct of estate agency work, registration of salespersons, mechanisms for discipline and dispute resolution, as well as public education.
CEA’s immediate focus is to prepare salespersons and estate agents to comply with the higher standards of the enhanced licensing and new registration framework.
To guarantee high standards, the Council will issue a code of conduct, ethics and practice for salespersons and estate agents to follow.
Minister for National Development Mr. Mah Bow Tan, commented: “The establishment of the CEA is a major milestone to raise professionalism in the real estate agency industry and protect consumer interest. I encourage CEA to work closely with the industry and other stakeholders to achieve this.”
Mr. Greg Seow, chairman of AMP Capital Investors (Singapore) has been appointed as president of the Council, while Mr. Chionh Chye Khye has been appointed as executive director.