The Council for Estate Agencies (CEA) has issued two new practice guidelines, one explaining the prescribed estate agency agreements for residential transactions and the other on ethical advertising within the industry, as part of its continued efforts to raise professionalism in the real estate industry.
The instructional manual explains the key terms in the agreements, including commission clauses, disclosure requirements and co-broking clauses, as well as provides guidance on the use of the agreements.
Meanwhile, the guidelines on ethical advertising were developed after consulting estate agents, industry associations, the Consumers Association of Singapore and government bodies like the URA and HDB.
“They are applicable to all modes of advertisements, including classified advertisements, pamphlets or flyers, online advertising, short messaging services (SMS) and the social media,” said a CEA release.
Misleading headlines, self-proclaimed titles such as “Real Estate Specialist” and claims like “advance loans available” will not be allowed in advertisements and publicity collaterals.
Also, some of the key points for real estate agents include responsible advertising, accurate advertisement content, the display of estate agents’ and salespersons’ details and responsible use of data.
“Misleading and unauthorised advertisements are among the top three categories of public complaints,” said Lee Say Kee, Director (Regulatory Control) of CEA and Chairperson of CEA’s Ethical Advertising Work Group.
“To date, we have issued 23 letters of advice to estate agents and salespersons on such complaints. The Guidelines will provide clarity on the do’s and don’ts of advertising, thereby raising professional and ethical standards in the industry. CEA will work closely with estate agents and salespersons to implement the Guidelines.”
The new guidelines will take effect on 1 August 2011 and non-compliance may result in disciplinary action.
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