5. Every application for the grant or renewal of an estate agent’s licence shall be made electronically in the forms provided under “Licensing of Estate Agents” at the Council’s website.
Prescribed requirements for grant and renewal of licence
6.—(1) Subject to the Act, paragraphs (2) and (3) and regulation 7, no licence shall be granted or renewed unless —
(a)
the Council is satisfied that the estate agent has in place systems and processes to ensure proper management of the business and its salespersons;
(b)
the estate agent does not hold a licence as any other estate agent; and
(c)
every sole proprietor, partner or director of the estate agent who will be performing estate agency work —
(i)
has attained the age of 21 years;
(ii)
is not registered as a salesperson with another estate agent;
(iii)
does not hold a licence as any other estate agent;
(iv)
has a minimum of 4 GCE ’O’ level passes or obtained an equivalent or higher qualification as determined by the Council; and
(v)
has, in the 2 years immediately before the application for a licence, passed the Real Estate Agency examination, or obtained an equivalent or higher qualification as determined by the Council.
(2) Paragraph (1)(c)(iv) and (v) shall not apply to the holder of any of the degree and diploma qualifications specified in the first column of the First Schedule issued by the institutions specified in the second column thereto.
(3) Paragraph (1)(c)(v) shall not apply to any sole proprietor, partner or director who initially satisfies the requirements on his appointment and who —
(a)
continuously remains a sole proprietor, partner or director of any estate agent thereafter without cessation; or
(b)
remains a sole proprietor, partner or director of any estate agent thereafter with a period of cessation —
(i)
of not more than one year; or
(ii)
of not more than 2 years if the sole proprietor, partner or director accumulates at least 12 continuing professional development credits during the period of cessation.
[S 651/2019 wef 01/10/2019]
Variation of licence requirements for former principal licensees and partners and directors of former house agents
7.—(1) Regulation 6(1)(c)(iv) and (v) shall not, in any application for an estate agent’s licence made on or before 31st December 2010, apply to any person who —
(a)
is a former principal licensee; or
(b)
is a partner or director of a former house agent performing estate agency work and who, on or before 31st December 2010, passes an industry examination listed in the first column of the Second Schedule that is conducted by the body specified in the second column thereto or obtains an equivalent or higher qualification as determined by the Council.
(2) For any application for an estate agent’s licence made on or before 31st December 2010, a partner or director of a former house agent performing estate agency work who does not satisfy the requirement in paragraph (1)(b) —
(a)
shall be exempted from regulation 6(1)(c)(iv) and (v) until 31st December 2011; and
(b)
shall be exempted from regulation 6(1)(c)(iv) and (v) if he passes the Real Estate Agency examination or obtains an equivalent or higher qualification as determined by the Council, on or before 31st December 2011.
(3) Any person who is exempted under paragraph (1) or (2)(b) shall continue to be exempted from —
(a)
regulation 6(1)(c)(v) if he continuously remains on the register as a partner or director of any estate agent from 1st January 2011 with no break between any period of registration or licence —
(i)
of more than one year; or
(ii)
of more than 2 years if he accumulates at least 12 continuing professional development credits during the period that he is not on the register; and
[S 651/2019 wef 01/10/2019]
(b)
regulation 6(1)(c)(iv), whether or not he remains on the register continuously.
Identical or similar names not allowed
8. The Council may refuse to grant a licence if, in its opinion, the business name of the applicant or the name of the corporation making the application is so similar to that of an existing holder of an estate agent’s licence as to be likely to cause confusion.
Prescribed qualifications and requirements for key executive officer
9. Subject to the requirements of the Act, a key executive officer of an estate agent must satisfy the following requirements:
(a)
he must be the sole proprietor, a director or a partner of the estate agent;
(b)
he must, subject to regulation 6(2), satisfy the requirements in regulation 6(1)(c) for a sole proprietor, partner or director performing estate agency work;
(c)
he must have at least 3 years of experience in estate agency work; and
(d)
he must —
(i)
have completed at least 30 property transactions (acting for any house agent or estate agent or as the holder of a house agent’s licence or an estate agent’s licence) in the 3 years immediately before his appointment; or
(ii)
have at least 3 years of experience in managing the business of a house agent or an estate agent as an executive director, a chief executive, key executive officer, partner or sole proprietor.
Variation of key executive officer requirements for former principal licensees
10. Regulation 9(c) and (d) shall not apply to any person who is a former principal licensee.
Proof of professional indemnity insurance
11. No licence shall be granted or renewed unless the Council is satisfied that the applicable professional indemnity insurance requirements are or will be satisfied.
Continuing professional development requirements for renewal of licence
12. No licence shall be renewed unless —
(a)
the sole proprietor of the estate agent, or every director or every partner of the estate agent performing estate agency work; and
(b)
the key executive officer of the estate agent,
have satisfied the continuing professional development requirements applicable to them in each year of the period of the licence whose renewal is sought.
Prescribed security
13.—(1) The security that the Council may require under section 33(5) of the Act is a bank guarantee of such amount (not exceeding $75,000) as the Council may specify in any particular case.
(2) The security shall be in such form and be provided in such manner as the Council may require.
Forfeiture of security
14.—(1) If the Council is satisfied that an estate agent has failed to comply with any condition specified in respect of security required to be furnished under section 33(5) of the Act, the Council may direct the forfeiture of the security or any part thereof.
(2) The forfeiture of any security or part thereof under paragraph (1) shall be without prejudice to the taking of proceedings against any person for any offence under the Act.