For failing to convey a potential tenant’s offer and failing to declare a conflict of interest to his clients, Thomas Yeo Moh Peng was sentenced to an aggregate financial penalty of $16,500 and 12 months’ suspension in May this year.
According to the Council for Estate Agencies (CEA)’s e-newsletter, Yeo was engaged by the landlord to lease out a unit at Block 261 Waterloo Street for a two-year term for an expected monthly rental of $3,000.
A potential tenant showed interest in leasing the premises on behalf of her company and offered $3,200 per month. However, Yeo did not convey the tenant’s offer to the landlord.
Instead, he helped his wife’s company to rent the unit from his clients at $2,675 a month. Subsequently, he subletted the unit to the potential tenant at a monthly rent of $3,300.
On top of failing to declare his conflict of interest in the rental transaction, Yeo even misled the tenant into believing the unit was owned by his wife’s company instead of his clients’.
He was charged under the Code of Ethics & Professional Client Care (CEPCC). An additional three charges relating to failing to convey to his clients an expression of interest, failing to protect his clients’ interest and in relation to misrepresentations made to the tenant were taken into consideration for sentencing.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
