Thursday, December 23, 2010

What agents need to make the cut

Straits Times: Thu, Dec 23
Agents must have passed existing industry examinations. Those who have not must have brokered at least three deals in the past two years.
The latter group is given more time to pass the new exams. If they pass, they can carry on working as agents. But if they fail, they will be treated as new applicants, who must take new courses and adhere to stricter rules set by the Council for Estate Agencies (CEA).
From Jan 1, only CEA-registered agents will be allowed to work in the industry. Agents will be banned from represent-ing both buyer and seller, or referring clients to money-lenders. They must also have a system for handling complaints.
As of end-October, the names of about 32,800 existing property agents had been submitted for registration.
The CEA hotline is 1800-643-2555.

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