Estate Agent Licence & Real Estate Salesperson Registration
Singapore’s Real Estate Salespersons (RES or Property Agent) or Estate Agents (Real Estate Agencies) find themselves subject to a new series of regulatory measures with the passing by parliament of the Estate Agent’s Bill on 15 September 2010. The new measures are overseen by the Council for Estate Agencies (CEA) – the statutory board that will oversee the industry – from 22 October 2010, announced Singapore’s National Development Minister Mah Bow Tan.
Under the current legislation, all real estate agencies must obtain a licence from the Council of Estate Agencies (CEA) prior to commencing estate agency work, either for local or foreign properties, in Singapore. Individuals carrying out estate agency work in Singapore must be registered with the CEA through the estate agency that they work for.
The following are the criteria for those looking to become a Real Estate Salesperson or Property Agent in Singapore:
- Minimum age requirement: 21 years
- Minimum of 4 GCE O’Level passes or equivalent
- Must have passed the Real Estate Salesperson (RES) examination or equivalent – see below
- Must only be registered with 1 licensed estate agent
- Not an existing licensee/Key Executive Officer of another licensed estate agent
- Must not hold a moneylender’s licence, or be associated in any way with a licensed moneylender (i.e. not an employee, director, partner)
- Undertake mandatory continuing professional development of at least 6 hours a year
- Covered by a Professional Indemnity Insurance valid for at least one year from the commencement date of the registration
- Must not be an un-discharged bankrupt or have entered into a composition or scheme of arrangement with their creditors
- Must not have any convictions in a court of law in any country
- Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings
- Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act
- Has not been convicted of any offence under the Estate Agents Act
For more details about licensing criteria, you can read more on CEA website.
If you are eligible to become a Real Estate Salesperson (RES) in Singapore, you may want to find out more about RES Course.
If you are seriously exploring to pursue real estate as your career, feel free to contact us to explore more opportunities.