News: Property agents must give clients accurate, unbiased advice

Apr 6, 2021

“Real estate salespersons must therefore be fully conversant and comply with the relevant laws, regulations and codes that apply to property transactions, and must not do anything which may directly or indirectly lead their clients to infringe them,” said MND.

When advising clients on property purchases, real estate salespersons – also known as property agents – must give accurate and unbiased advice taking into account the interests of their clients, including relevant factors such as affordability, said the Ministry of National Development (MND) in Parliament on Monday (5 April).

The ministry explained that the real estate salespersons’ conduct is governed by the Estate Agents Act (EAA) and its Regulations, as well as the Code of Ethics and Professional Client Care (CEPCC).

“These have been put in place by the Council for Estate Agencies (CEA) to ensure that real estate salespersons conduct themselves professionally and ethically, and to safeguard consumer interest.”

The CEPCC, for instance, requires real estate salespersons to protect and promote their clients’ interests.

Suggested article: 3 Times Property Agents in Singapore Broke the Rules (And What You Can Do)

“Real estate salespersons must therefore be fully conversant and comply with the relevant laws, regulations and codes that apply to property transactions, and must not do anything which may directly or indirectly lead their clients to infringe them,” said MND.

Real estate salespersons should ensure that their clients meet the various HDB eligibility requirements such as the Minimum Occupation Period (MOP) before selling their flats. They should also advise their clients to check if they have met the MOP through their My HDBPage, said MND.

The ministry made the statement in response to MP Don Wee’s question on the measures put in place to ensure property agents under CEA do not encourage HDB owners to sell their flats prior to the end of their MOP or to acquire replacement flats that are more expensive than the ones they sold.

On how the code of professional conduct is enforced and monitored, MND revealed that the CEA investigates complaints against real estate salespersons and conducts regular inspections and surveillance. The CEA also take action against those who violate the EAA and its regulations.

With this, the ministry advises members of the public who know of real estate salespersons who have breached the EAA and its regulations to submit a complaint through CEA’s website.

“Errant real estate salespersons may be warned, issued with a financial penalty and/or have their registration with CEA suspended or revoked,” said MDN.

Looking for a property in Singapore? Visit PropertyGuru’s ListingsProject Reviews and Guides.

Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg

spacer
agent image
agency logo
Anthony Low
Branch Division Director - Team Vision
ERA REALTY NETWORK PTE LTD
anthony.lowyb@gmail.com
CEA Licence No.:
L3002382K / R027221G
+(65) 9756 9929