INDIVIDUAL estate agents should make a declaration of submission of registrations of intent in the sale of firsthand residential properties – otherwise, they may be subject to disciplinary action by the Estate Agents Authority.
In response to media reports alleging that there were cashier orders submitted by a salesman for himself in the purchase of a unit or units in a firsthand residential property development without declaration, the authority carried out an investigation.
According to the reply from the developer, a salesman had submitted two registrations together with two cashier orders for his proposed purchase in that project through the real estate agency he worked for, while the firm was one of the agencies appointed by that developer.
When answering the authority’s inquiry, the salesman admitted he did not notify his employer in writing that he had submitted the registrations of intent for himself, although his employer had informed him of the declaration procedures.
The EAA Disciplinary Committee was of the view the salesman was in breach of the Practice Circular (No. 15-03(CR)) – which states that individual licensees should notify the estate agency for which they work no later than the same day after submitting the registrations of intent, or before the closing time for the submission of such registrations (whichever is the earlier) of the number of registrations and cashier orders they have submitted together.
Therefore, the committee decided to reprimand the salesman, and attach a condition to his license requiring him to obtain 12 points in the core subjects of the Continuing Professional Development Scheme in 12 months.
(19 January 2017)