Audits by Council for Estate Agencies to Ensure Licensed Property Agents Uphold Ethical Standards and Fair Dealing Requirements

Mr Darryl David asked the Minister for National Development what measures and auditing processes does the Council for Estate Agencies (CEA) have in place to ensure licensed property agents consistently uphold ethical standards and fair dealing requirements when facilitating Singapore housing transactions for citizens residing abroad.

Mr Chee Hong Tat: When facilitating property transactions in Singapore, property agents and agencies are required to adhere to the ethical standards and professional duties set out in the Estate Agents Act 2010 (EAA) and its subsidiary legislation. These apply regardless of whether the transacting party is present in Singapore or residing abroad.

Property agents and agencies found to be in breach of these standards and duties will be subject to disciplinary actions. Those who commit offences under the EAA or its subsidiary legislation may be prosecuted in Court.