1.—(1) This Code shall be known as the Code of Practice for Estate Agents and shall apply to every licensed estate agent.
(2) This Code must be read in conjunction with the Estate Agents Act 2010 (“the Act”) and practice circulars or guidelines issued by the Council for Estate Agencies (“the Council”) from time to time.
(3) A failure to observe this Code or any law applicable to estate agents may constitute unsatisfactory professional conduct or professional misconduct.
(4) An offer, attempt, inducement or instigation to do anything that would constitute a breach of this Code if fully executed or completed is also a breach of this Code.
Definitions
2. In this Code, unless the context otherwise requires —
“clients” includes prospective clients or customers;
“Code of Ethics and Professional Client Care” means the Code of Ethics and Professional Client Care prescribed by the Council that applies to estate agents and salespersons;
“practice circulars or guidelines” means practice circulars or guidelines in relation to estate agency work which the Council may issue from time to time.
Violation of Code
3.—(1) Estate agents who breach any provision of this Code may be subject to disciplinary action before a Disciplinary Committee formed under the Act.
(2) A breach of any provision of this Code may result in the imposition of sanctions including financial penalties, demerit points and the suspension or revocation of a licence under the Act.
Management and supervision
4.—(1) Estate agents shall have in place and document in writing proper systems and processes —
(a)
to ensure that their salespersons acquire and have the estate agency work knowledge referred to in paragraph 4 of the Code of Ethics and Professional Client Care; and
(b)
for the management and supervision of their business and salespersons.
(2) Estate agents shall manage and supervise their salespersons to ensure that their salespersons —
(a)
comply with the laws or legal obligations or requirements stated in paragraph 5 of the Code of Ethics and Professional Client Care;
(b)
conduct their estate agency work in a professional and reasonable manner and in accordance with the law; and
(c)
avoid repeating the conduct of any salesperson or other person employed or engaged by the estate agent which resulted in a breach of the law or disciplinary action.
(3) Estate agents shall vet all publicity and advertising materials of their salespersons prior to publication.
Estate agent card
5.—(1) Estate agents must issue an identification card labelled as an estate agent card to each and every one of their salespersons and partners or the sole proprietor, if applicable.
(2) The estate agent card shall be in such form and of such specifications as the Council may require.
(3) The estate agent card shall include the following information:
(a)
the name and licence number of the estate agent;
(b)
the name and registration number of the holder of the card;
(c)
a recent image of the holder of the card; and
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(d)
a contact number or email address for the making of inquiries or complaints to the estate agent.
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(e)
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(4) No person shall be issued with or hold more than one estate agent card at any time.
(5) No estate agent card shall be replaced unless the person seeking a replacement makes an application to the estate agent in writing with the reason for the replacement.
(6) The estate agent must maintain proper records of all estate agent cards issued, which must include the following information:
(a)
the holder’s personal particulars;
(b)
the licence or registration number of the holder;
(c)
the date of issue of the card and the expiry date of the licence or registration; and
(d)
the reason for the issue of any replacement card.
(7) The estate agent shall recover the card issued to a holder in the following circumstances:
(a)
when the holder ceases to be engaged or employed by, or otherwise part of, the estate agent;
(b)
when the licence or registration of the holder expires, is not renewed, or is suspended or cancelled; or
(c)
when the holder applies for a replacement estate agent card.
(8) The name of the holder in the estate agent card shall be —
(a)
the name of the holder as printed in the holder’s identity card issued under the National Registration Act (Cap. 201); or
(b)
if the holder has not been issued with an identity card under the National Registration Act, the holder’s name as stated in the holder’s passport or any other official identification document, which should be preceded by descriptive words that identify the authority issuing the identification document.
(9) Any business or other name of the holder that is stated in the estate agent card shall be printed within brackets below the name as specified in sub-paragraph (8).
Claims and complaints
6.—(1) Estate agents must have in place a system with suitable processes for the receipt and investigation of claims and complaints against the estate agent or any of their salespersons.
(2) The system and processes must be documented in writing.
(3) All claims and complaints against the estate agent or any of its salespersons must be investigated.
(4) Any investigation under paragraph (3) must be completed within 2 weeks of the receipt of a claim or complaint, or such longer time as the Council may allow.
(5) Where the complainant is making a claim against the estate agent or a salesperson, the estate agent shall meet with the complainant to explore the possibility of an amicable resolution.
(6) The complainant must be expeditiously informed of the outcome of the investigation.
(7) On the request of the Council in any particular case, the estate agent shall furnish the Council, within 2 weeks of the request or such longer time as the Council may allow, with a report on the investigation of the case and details of such action as may have been taken by the estate agent and salesperson, and the outcome thereof.
Retention of documents and records
7.—(1) For the purposes of the Act, an estate agent must retain possession of the originals or keep copies of the following documents for at least 5 years:
(a)
all applications to the Council in respect of estate agent’s licence and the registration of salespersons under the Act, including supporting documents;
(b)
all estate agent and salesperson agreements;
(c)
all estate agency agreements;
(d)
all documents relating to property transactions, including —
(i)
sale and purchase agreements, and options to purchase;
(ii)
lease and lease agreements, and letters of intent to lease;
(iii)
Housing and Development Board documents and forms, including Resale Checklists and approvals for the sub-letting of Housing and Development Board flats;
(iv)
documents evidencing the receipt and payment of transaction monies;
(v)
powers of attorney and letters of authorisation; and
(vi)
declarations made by estate agents or salespersons of any conflict or potential conflict of interests; and
(e)
all documents and correspondence in respect of claims or complaints, including the result of investigations and any action taken.
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(2) Copies of documents retained for the purposes of paragraph (1) may be in electronic form.
(3) Paragraphs (1) and (2) do not affect any statutory obligation or requirement that may require the retention of documents or records for other purposes or for a different period of time.