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What are the licensing requirements for real estate agents in Singapore
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The licensing requirements for new estate agents in Singapore are as follows:
- The estate agent must be a registered entity with ACRA.
- The estate agent must have a Key Executive Officer (KEO) who satisfies the requirements of the Act and Regulations.
- The estate agent must not hold a moneylender's licence.
- None of the estate agent's directors, partners, sole-proprietor, or KEO should hold a moneylender's licence or be an employee, director, or partner of a licensed moneylender.
- The estate agent must be fit and proper, such as not being in liquidation, wound-up, or in receivership, and must not have entered into a composition or scheme of arrangement with its creditors.
- The estate agent must not have any convictions or any judgment involving fraud, dishonesty, or breach of fiduciary duties in civil proceedings.
- The estate agent's KEO and all directors, partners, or persons responsible for management must fulfill the fit and proper criteria, such as not being an un-discharged bankrupt, not having any convictions, and not having any judgment involving fraud, dishonesty, or breach of fiduciary duties in civil proceedings.
- The estate agent must have a valid Professional Indemnity Insurance policy that covers the estate agent and all its salespersons. All the partners, where applicable, must also be covered by the Professional Indemnity Insurance.
- The estate agent must have a Key Executive Officer (KEO) who satisfies the requirements of the Act and Regulations.
- The estate agent must not hold a moneylender's licence.
- None of the estate agent's directors, partners, sole-proprietor, or KEO should hold a moneylender's licence or be an employee, director, or partner of a licensed moneylender.
- The estate agent must be fit and proper, such as not being in liquidation, wound-up, or in receivership, and must not have entered into a composition or scheme of arrangement with its creditors.
- The estate agent must not have any convictions or any judgment involving fraud, dishonesty, or breach of fiduciary duties in civil proceedings.
- The estate agent's KEO and all directors, partners, or persons responsible for management must fulfill the fit and proper criteria, such as not being an un-discharged bankrupt, not having any convictions, and not having any judgment involving fraud, dishonesty, or breach of fiduciary duties in civil proceedings.
- The estate agent must have a valid Professional Indemnity Insurance policy that covers the estate agent and all its salespersons. All the partners, where applicable, must also be covered by the Professional Indemnity Insurance.
These requirements ensure that estate agents operate with integrity and professionalism in the real estate industry.