Property agents may 'borrow' transactions to meet new requirement for registration renewal, despite the rules
From 2027, property agents must complete at least three transactions over three years, or pass a refresher examination, to be eligible for registration renewal.
Starting from 2027, property agents must secure at least three transactions within a three-year span or pass a refresher examination to renew their registration. Inactive property agents are reportedly resorting to borrowing transactions from other agents to meet this new requirement. This loophole allows inactive agents to submit a transaction under another agent's name, who would then receive the commission.
However, this practice could undermine the Council for Estate Agencies' (CEA) aim to ensure that property agents stay updated with current knowledge and provide relevant advice to clients, according to an expert. CEA has reported that approximately 40% of property agents registered since 2023 did not complete the required number of residential property transactions in the past three years.
Despite acknowledging this practice, CEA emphasizes that submitting false or misleading information is punishable. To prevent this, agents must either complete the required transactions or pass an exam. The senior agent believes that passing the exam will be challenging, while the junior agent suggested that the requirement could be replaced with a minimum income threshold.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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