However, Singapore is not the only country plagued with problems of rogue real estate agents. The same situation is also apparent in other countries around the world.
In New Zealand:
A new act to govern its real estate agents was drafted after a series of cases in which rogue agents were accused of mishandling funds, giving inadequate contractual advice, misleading representations, conflicting of interests, mis-usage of information, and fraud.
This Real Estate Agents Act 2008 took full effect on November 17, replacing legislation enacted in 1976. Some of the changes include:
- The establishment of the Real Estate Agents Authority to deal with both licensing and complaints against agents.
- Authorization of the regulatory committee to order agents to pay fines of up to $10,000 or, in the case of a company, $20,000. It can also order further training or apologies.
- A new but more onerous “Code of Professional Conduct and Client Care”, which real estate agents must comply with or else, face impending disciplinary action.
- The creation of a Public Register to document previous disciplinary actions taken (if any) against branch managers, agents and sales people during the last three years.
- The drafting of a Mandatory Disclosure to Sellers for agents who themselves want to purchase a property or sell it to their mates.
Likewise in Dubai:
On 9 Sep 2009, Dubai-based Real Estate Regulatory Authority (RERA) announced its decision to subject real estate agents to a new licensing system. This new system will only permit agents to sell property of a particular type or in a specified area. With four license types, only the top-tier allows an agent to conduct all kinds of broker activities throughout the Emirate.
In Britain and Northern Ireland:
- A Consumer, Estate Agents and Redress (CEAR) Act was implemented on 1 October 2008. This act requires all estate agents to be members of a scheme that provides both buyers and sellers a formal route to follow should they have any unresolved disputes with an estate agent.
- The CEAR Act also provides for a £1,000 penalty charge for agents who have not register or are not members of an approved scheme and has its code of practice approved by the Office of Fair Trading.
Clearly this severe situation in the global real estate industry spells an urgent need to re-examine the industry’s service directives. Hence, the possible call for a reformation.
