What is the Council of Estate Agencies (CEA)?
The Council of Estate Agencies (CEA) is a regulatory body under the Ministry of National Development (MND).
It was formed in 2010 to implement a new regulatory structure for the real estate industry in Singapore. Essentially, the CEA serves as a watchdog for the real estate market, as there was a significant increase in grievances against property agencies leading up to 2009.
Recommended article: CEA: What is it and why does it matter to property buyers in SG?
What are the responsibilities and functions of CEA in Singapore?
CEA’s main objective is to enhance the real estate industry’s professionalism and safeguard consumers’ interests. The board is responsible for various tasks, such as;
- Managing the licensing system for estate agents
- Regulating and monitoring the practices of estate agents and salespersons involved in property transactions
- Promoting ethical conduct and competence among agents and salespersons
- Providing consumers with the essential knowledge to carry out real estate transactions diligently
- Investigating and taking disciplinary action against misconduct
- Organising and overseeing exams and continuing education programmes.
- Collaborating with industry stakeholders to create educational programmes and disseminate information to the public
Recommended article: CEA teams up with 99.co and other stakeholders to clamp down on fake property listings
