HT Estates - - NEWS -

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.

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