Public provides suggestions for new real estate regulatory framework
Channel NewsAsia
Channel NewsAsia - Wednesday, November 25
SINGAPORE: Members of the public said that property agents must pass a standard industry entrance exam before they are allowed to practise.
The exam should not only test them on practical knowledge of the real estate industry and how to carry out their work, but it should cover ethics as well.
This was part of the feedback received during the public consultation exercise for a new regulatory framework for the real estate industry.
The public consultation is now closed, and the Ministry of National Development said that most of the feedback received was in line with the suggestions made by industry experts during an earlier consultation exercise.
For example, members of the public agree with industry observers that a property agent should only represent one party in a transaction, in order to avoid conflict of interest.
A handful of respondents also suggested posting blacklisted agents online to forewarn the public.
Some respondents suggested that the government set a standard commission guideline to curb undercutting among agents, protect less—educated consumers from being overcharged by agents and minimise disputes between consumers and agents.
Moreover, some respondents highlighted that the new regime should take into account interests of real estate agents.
They raised challenges faced by agents such as the fact that they have no basic salary, and have to bear the cost of advertising and transportation.
These agents also have to give their agencies a cut of their commissions, and they often run the risk of clients defaulting on their payments.
— CNA/sc
- wong chee tat :)
Wednesday, November 25, 2009
Thoughts
"This is my commandment, that ye love one another. [Jesus, In John 15:12]"
- wong chee tat :)
- wong chee tat :)
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