Regulation of real estate agency industry
Chapter 3.1
Learning Objectives:
Explain the background and rationale for the enactment of Estate Agents Act 2010 (EAA) and regulations, and the formation of the Council for Estate Agencies (CEA).
Explain the provisions in EAA that concern salespersons.
Explain the offences and corresponding penalties under EAA and its regulations.
Demonstrate understanding of conduct and behaviour that constitute compliance with the Estate Agents (Licensing & Registration) Regulations.
Demonstrate understanding of conduct and behaviour that constitute compliance with the provisions of the Estate Agents (Estate Agency Work) Regulations.
Explain the Code of Practice for Estate Agents and describe the duties of estate agents in respect of management and supervision, estate agent card usage, handling of claims and complaints, as well as retention of documents and records.
Discuss the conduct and behaviour that constitute compliance with all applicable laws, practice circulars and guidelines, including the Professional Service Manual (PSM), in relation to estate agency work.
Discuss the conduct and behaviour that constitute compliance with all applicable laws, practice circulars, and guidelines relating to CEA’s Code of Ethics and Professional Client Care (CEPCC).
Discuss the significant court prosecution and disciplinary cases related to estate agency work as reported in CEA's website.
Explain CEA’s mechanisms of complaints handling and dispute resolution scheme (DRS).
Explain the dispute resolution process, the available mediation and arbitration centres.