{"id":2939,"date":"2020-08-31T17:31:03","date_gmt":"2020-08-31T09:31:03","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=2939"},"modified":"2023-05-30T12:04:04","modified_gmt":"2023-05-30T04:04:04","slug":"the-cea-or-council-of-estate-agencies-what-is-it","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/the-cea-or-council-of-estate-agencies-what-is-it\/","title":{"rendered":"CEA: What is it and why does it matter to property buyers in SG?"},"content":{"rendered":"
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The Council of Estate Agencies, abbreviated as CEA, is a statutory board established on 22 October 2010 to regulate the Singapore real estate industry.<\/strong> <\/span><\/p>\n\n\n\n

Back then, complaints against real estate agencies were rising, from 670 in 2005 to 1,070 in 2009. The Singapore government saw the need for a regulatory body with legal powers to raise the standard of the real estate industry, which was at the time rife with bad practices that harmed consumers. Decent and upright property agents also needed the bad eggs to be weeded out in order to preserve the reputation of the work done by the good guys.<\/span><\/p>\n\n\n\n

So, along with the creation of CEA, the <\/span>Estate Agents Act<\/span><\/a> of 2010 was also passed into law to hold property agents legally accountable for their actions and duties to their clients.<\/span><\/p>\n\n\n\n

Recently, the government updated<\/a> the Estate Agents Act in 2020: Property agents can now be fined without a disciplinary hearing<\/a>.<\/p>\n\n\n\n

CEA: The game changer<\/b><\/h2>\n\n\n\n

Initially, the big game changer was that CEA imposed its regulatory framework on the industry, which meant that all estate agents (commonly known as property agencies) had to be licensed and all salespersons (i.e. property agents) must be registered.<\/span><\/p>\n\n\n\n

Today, anyone who intends to start an estate agency or become a real estate agent will have to follow a series of procedural steps, including a mandatory course and an accompanying exam for real estate salespersons. Consequently, the market today is better regulated and the industry is held up to a higher standard of quality and professionalism.<\/span><\/p>\n\n\n\n

Not only is CEA responsible for the licensing of agents, it also polices the real estate industry. The CEA has investigative powers and rights to discipline errant property agencies and salespersons.<\/strong><\/span><\/p>\n\n\n

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A property agent can make or break a property transaction.<\/figcaption><\/figure><\/div>\n\n\n

CEA’s three-pronged strategy <\/b>    <\/span><\/h2>\n\n\n\n

The tasks set out in the last paragraph form one tier of a three-pronged strategy to create a more professional and trusted real estate industry:<\/span><\/p>\n\n\n\n

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  1. Regulate effectively to foster a well-disciplined real estate agency profession <\/span><\/li>\n\n\n\n
  2. Collaborate with the industry to spearhead industry developments<\/span><\/li>\n\n\n\n
  3. Educate consumers so as to keep them better informed.<\/span><\/li>\n<\/ol>\n\n\n\n

    The overall strategy informs CEA’s actions and policies, which has an end-goal of upholding the integrity of property transactions for consumers in Singapore.<\/span><\/p>\n\n\n\n

    How can consumers benefit from the CEA?<\/b><\/h2>\n\n\n\n

    First and foremost, CEA maintains a Public Register of property agents<\/a> that are allowed to practise in Singapore. Through the register, you can:<\/p>\n\n\n\n