SPEECH BY MINISTER OF STATE FOR FINANCE AND TRANSPORT MRS LIM HWEE HUA AT THE LAUNCH OF THE SINGAPORE ACCREDITED ESTATE AGENCIES SCHEME ON 11 NOVEMBER 2005

Good morning Ladies and Gentlemen.

1. I am delighted to be with you today to launch the accreditation scheme for estate agencies.

2. Estate agents play an important role in the process of buying, selling or renting a home. As Singaporeans become more sophisticated and discerning, it is important that estate agents upgrade their knowledge and raise their service levels so as to continue to add value to their clients. For instance, an estate agent should be familiar with the latest rules and regulatory fees that are relevant to property transactions. He should be able to advise his client so that the client can make an informed decision to buy or sell a property. Agents who behave in an unprofessional manner give their clients and the general public a poor impression of the industry.

.3. The Inland Revenue Authority of Singapore licenses some 2,000 estate agencies today. The main preoccupation of these agencies should be that of ensuring that their agents provide quality professional services to their clients. For these reasons, an estate agency accreditation scheme has been jointly developed by a working committee consisting of representatives from the Singapore Institute of Surveyors and Valuers, the Institute of Estate Agents, the Ministry of Finance, the Housing & Development Board and the Inland Revenue Authority of Singapore. An accredited agency would be required to ensure that their agents meet the necessary qualifications and adhere to a specific code of conduct as well as guidelines devised by the accreditation body.

4. This scheme marks yet another milestone in the evolving regulatory environment in Singapore where the private sector progressively assumes more regulatory responsibilities. After the initial implementation stages, the government agencies will take a step back and allow SISV and IEA to run the scheme. This is consistent with the government's approach of minimising regulations on businesses where possible.

5. However, the success of the estate agencies accreditation scheme depends on the strong support of industry players such as yourselves. By joining the accreditation scheme, an estate agency underscores its commitment to a certain code of conduct and high standards of service. I believe that over time, discerning Singaporeans will recognise that agents from accredited agencies can provide better and more reliable services.

6. I urge all qualified estate agencies to join the scheme. Those who do not qualify now can encourage your agents to take the necessary examinations and join the scheme when you are ready. To signal the government's support for the scheme, I am happy to announce that IRAS will waive or refund the House Agent's Licence fee for 2006 for any firm that gets accredited by 31 December 2006.

7. As estate agencies and agents recognise the important role that a good system of accreditation plays in securing the trust of property market players, the industry will be elevated to a higher level.

8. On this note, it is my pleasure to launch the Singapore Accredited Estate Agencies Scheme.

9. Thank you.

Articles from SINGAPORE INSTITUTE OF SURVEYOR AND VALUERS WEBSITE.

Common Examination for House Agents (CEHA) Board of Examiners – Revision of Some Examination Rules


'In line with the Government’s call for service providers to upgrade their standards of professionalism and practice, the CEHA Board has revised some of the rules governing the examination. This initiative is to assist practising agents who seriously desire to obtain the CEHA qualification.

From April 2004 to April 2005, a number of practising agents came forward to apply for the Examination when the rules were relaxed to allow practising agents who concluded at least two transactions in the preceding year prior to April 2004 to take the exam.

With the Singapore Accredited Estate Agencies (SAEA) Scheme coming into force on 11 November 2005, the CEHA Board wishes to extend their support and assistance in the transition period to meet the Scheme’s requirements.

Interested housing agencies who are keen to join the Scheme but do not meet the duly qualified practising agents’ requirement can look forward to sending their non CEHA qualified practising agents to attend a 6-month CEHA course to be conducted by the SAEA Accreditation Board. The course is to train practising agents for CEHA. Non qualified practising agents who attend the 6-month course must pass the SAEA conducted exam.

Practising agents who passed the SAEA examination will be endorsed by SAEA to take CEHA. Practising agents must also submit their log book as evidence of their status as full time practising agents. This 6-month course will be conducted by SAEA till December 2008.

The CEHA Board has also revised the rules to allow candidates who passed at least one paper to take their unsuccessful papers. Under the new re-examination rules, candidates are allowed to take the unsuccessful paper(s) within two (2) years.

These changes are meant to motivate and assist genuine practising agents who wish to continuously improve themselves and pass CEHA. It is also in line with the government’s policy for workers to upgrade their skills. It will also ensure that practising agents raise their level of professional competence in order to remain relevant in the industry and to provide a higher standard of service to their clients.

The revised entry level and the re-examination rules will commence from 1 January 2006 in conjunction with the Singapore Accredited Estate Agencies Scheme. Details of the changes will be posted on the website at
http://www.sisv.org.sg.

The CEHA Board strongly encourages all practising agents to obtain the CEHA qualification.

If you want to know more, please serve this website:-
http://www.saea.org.sg./

Phasing out of HDB’s Listed Housing Agents Scheme By Wong Siew Ying, Channel NewsAsia

SINGAPORE : The Singapore Accreditation Estate Agency (SAEA) Scheme that was launched on Friday, is aimed at improving the professionalism of the industry.

Under the scheme, property agents must have relevant degree or diploma in real estate from recognised institutions to be accredited.

From January, agencies will also be required to have at least 40 percent of their employees admitted as accredited agents.

The new scheme will replace the HDB's Listed Housing Agents Scheme (LHAS) when it is phased out next June.

It will be jointly administered by the Singapore Institute of Surveyors and Valuers and the Institute of Estate Agents.

SAEA accredited agencies will be given priority in the first appointment date for resale transactions and exclusive subscription to the HDB-ResaleNet System.

Existing listed hosing agencies who join the SAEA Scheme by March 31 next year will have their accreditation fees halved.

In addition, dispute resolution services will be offered to buyers, sellers, landlords and tenants working with accredited agents. - CNA/de

Question: How To Know The Real Estate Agent That You Want to Engage is a Common Examination Housing Agent (CEHA) Certified Agent?

Asked for his / her NRIC No and click to SISV website, click to CEHA and click to CEHA Certificates Holders and key in the NRIC No and you will find out the Certificate No and the year the agent obtained the certificate.

In my case, my NRIC No is S1673011D.