Back then, complaints from property agencies were climbing, from 670 from 2005 to 1,070 in 2009. The Singapore authorities found the need for a regulatory body with all legal forces to boost the quality of the actual estate business, which was in the time rife with poor practices that hurt consumers. Decent and vertical property brokers also desired the eggs to be carried out so as to carry on the standing of the job done by the good guys.
So, together with the production of CEA, the Estate Agents Act of 2010 has been passed to legislation to maintain property agents legally responsible for their activities and responsibilities to their customers.
CEA: The sport changer
At first, the large game changer was that CEA enforced its regulatory frame on the business, which meant that property agents (commonly called property agencies) needed to be accredited and salespersons (i.e. property brokers ) has to be enrolled.
Now, anyone who plans to begin an estate service or become a realtor might need to stick to a set of procedural measures, such as a compulsory path and an accompanying examination for real estate salespersons. As a result, the industry today is much better controlled and the business is held to a high level of professionalism and quality.
Not merely is CEA accountable for the licensing of brokers, but it also polices the property market.
- Regulate efficiently to nurture a well-disciplined property agency profession
- Collaborate with the business to spearhead industry advancements
- Educate consumers in order to keep them informed.
- The total plan informs CEA’s policies and actions, which includes an end-goal of upholding the ethics of land transactions for customers in Singapore.
How do consumers benefit in the CEA?
First of all, CEA keeps a Public Register of land brokers who are permitted to practice in Singapore.
Assess If a real estate broker (that is the expression CEA uses to consult with bureaus ) is a licensed estate agent;
Assess If Someone is a registered salesperson (the way CEA describes brokers );
Know if any awards have been conferred to a Realtor or salesperson from the Council; and
Know if a salesperson has shut HDB resale trades in the previous 24 months.
Can I make a complaint from a property broker via CEA?
Yes, even the CEA takes each customer complaint against land bureaus and salespersons seriously. For those who have encountered an event where a property service or salesperson has flouted that the Estate Agents Act or some other moral obligations, you might initiate a complaint on this site.
If no law was broken but there are reasons for dispute, the CEA could arrange for mediation to both parties to speak it out using a independently appointed mediator current, under its dispute settlement guidelines.