Namrata Pande, director of Property Links (acquired by Investors Clinic) in Singapore, says there are at least 30,000 real estate brokers for the five million population in that country, and all of them have to register with the Council for Estate Agencies (CEA) in Singapore. “It is a statutory board, the principal functions of which are to license the estate agents (referring to the estate agencies) and register salespersons (referring to the property agents), promote the integrity and competence of estate agents and salespersons and engage in public education efforts to help consumers in property transactions.” As the property market is highly regulated, Pande has had to clear an exam for operating as a licensed agent in Singapore. “There are two licences that you require to operate in Singapore – a state agent licence and an agency licence that allows you to work with a property agency,” she says.
Also, if a broker was involved in a resale transaction of a property constructed by the Housing and Development Board (HDB), which looks after public housing in the country, the name of the agent who sold the property or who facilitated the deal will always be there in the agency’s record books. For every realty transaction that takes place, there are two brokers and two lawyers (from both sides) who are involved. Their licence numbers are also mentioned in the property documents.