Real Estate Salesperson Course - Competency Unit 3
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Questions and Answers

What is the primary focus of the Regulation of Real Estate Agency Industry section?

  • Trends in real estate pricing
  • Updates to real estate policies and regulations (correct)
  • Legal definitions related to property sales
  • Real estate marketing strategies

Which of the following is explicitly stated as a prohibited action in the document?

  • Reproducing parts of the document for educational purposes
  • Distribution of the document without permission (correct)
  • Using the document for training sessions
  • Storage of the document in a personal electronic archive

What should learners do if they find errors in the course material?

  • Contact Life Mastery Academy for amendments (correct)
  • Report the errors to a government body
  • Ignore the errors as they may not be significant
  • Discuss the errors with fellow students

What legal responsibilities does Life Mastery Academy disclaim regarding the course book?

<p>Liability for incorrect use or interpretations of the book (C)</p> Signup and view all the answers

What is the suggested method for giving feedback about the glossary in the document?

<p>Emailing the provided contact address (D)</p> Signup and view all the answers

What significant change occurred in version 2.0 concerning the HDB flat classification?

<p>Announcement of a new HDB flat classification system (B)</p> Signup and view all the answers

What extension was made regarding the HFE in version 2.1?

<p>Extension of the validity period to 9 months (A)</p> Signup and view all the answers

Which version saw changes in the Additional Buyer Stamp Duty (ABSD) policy?

<p>Version 1.7 (A)</p> Signup and view all the answers

What was introduced for the first time in version 1.3?

<p>New ABSD (Trust) &amp; ACD (B)</p> Signup and view all the answers

Which version made significant changes to property tax and GST?

<p>Version 1.3 (A)</p> Signup and view all the answers

In which version were changes to the HDB SERS introduced?

<p>Version 1.4 (A)</p> Signup and view all the answers

What major update was made regarding the HFE in version 1.9?

<p>HLE replaced by HFE (A)</p> Signup and view all the answers

Which date marks the effective change of version 1.8?

<p>26 May 2023 (D)</p> Signup and view all the answers

What is the minimum age requirement for someone to be registered as a real estate salesperson (RES)?

<p>21 years old (A)</p> Signup and view all the answers

Which of the following is NOT a requirement for being registered as a real estate salesperson (RES)?

<p>Being a director of a moneylender’s company (A)</p> Signup and view all the answers

What is the maximum duration for which a real estate salesperson (RES) can be registered?

<p>Three years (B)</p> Signup and view all the answers

How many agencies can a real estate salesperson (RES) be registered with at the same time?

<p>One agency (C)</p> Signup and view all the answers

What is a consequence of making a false claim of association with a real estate agency?

<p>A fine up to $5,000 (D)</p> Signup and view all the answers

What must estate agents (EAs) and salespersons (RES) do in relation to their duties?

<p>Act in the best interest of their customers (B)</p> Signup and view all the answers

According to the Clause 42, which of the following behaviors is prohibited for salespersons (RES)?

<p>Dual representation (B)</p> Signup and view all the answers

What may happen if an estate agent (EA) or salesperson (RES) does not follow the Codes of Practice?

<p>They could be subject to disciplinary action (B)</p> Signup and view all the answers

What powers are conferred to a CEA inspector under Clause 48?

<p>To interview individuals believed to have relevant information (B)</p> Signup and view all the answers

Under what condition can the Council revoke or suspend licenses?

<p>Anytime they deem fit without cause (C)</p> Signup and view all the answers

What is the potential penalty for an offence as specified in Regulation 5(3)?

<p>Both a fine and imprisonment (C)</p> Signup and view all the answers

What does Clause 50 of the Estate Agents Act entail?

<p>It provides for the appointment of inspectors to investigate complaints (A)</p> Signup and view all the answers

How many members can the Disciplinary Panel consist of as per Clause 52?

<p>Up to 20 members including the Head (B)</p> Signup and view all the answers

What is a key condition that could lead to an offence under Regulation 5(3)?

<p>Representing both vendor and purchaser in the same property sale (B)</p> Signup and view all the answers

Which entity has the authority to appoint the Disciplinary Panel?

<p>The Council (A)</p> Signup and view all the answers

What does Clause 48 specifically allow inspectors to do regarding documents?

<p>Seize and copy any relevant documents (B)</p> Signup and view all the answers

What is the minimum age requirement to register as a salesperson (RES)?

<p>21 years old (A)</p> Signup and view all the answers

What is required for a Singapore Permanent Resident (SPR) who has been in Singapore for less than 10 years?

<p>Certificate of No Criminal Conviction (C)</p> Signup and view all the answers

Which of the following is NOT a registration criterion for Salespersons (RES)?

<p>Must possess a valid employment pass (B)</p> Signup and view all the answers

Who can an applicant register with to become a Salesperson (RES)?

<p>Only one licensed estate agent (D)</p> Signup and view all the answers

What must a person possess to be eligible for registration as a salesperson (RES)?

<p>A pass in the RES exam or equivalent (A)</p> Signup and view all the answers

Which of the following is a requirement for returning and renewing salespersons (RES)?

<p>Complete at least 6 credits of CPD courses (A)</p> Signup and view all the answers

What is a necessary documentation for a foreign applicant seeking registration as a salesperson (RES)?

<p>Supporting documents for the type of Employment Pass held (B)</p> Signup and view all the answers

Which statement is true regarding existing Key Executive Officers (KEOs) and their eligibility for RES registration?

<p>They must resign before applying for registration (A)</p> Signup and view all the answers

What is a statutory requirement for foreign worker accommodation?

<p>Minimum space per worker as specified by regulations (C)</p> Signup and view all the answers

Which of the following is NOT a type of tax on property?

<p>Sales tax (D)</p> Signup and view all the answers

Which term in the tenancy agreement is essential for both landlord and tenant?

<p>Duration of the lease (C)</p> Signup and view all the answers

Who is generally responsible for paying the stamp duty on property transactions?

<p>The buyer as part of the purchase process (B)</p> Signup and view all the answers

What is a key feature of the HDB resale levy?

<p>It is a charge for second-time buyers of HDB flats (C)</p> Signup and view all the answers

What is the primary function of the CPF Ordinary Account (CPF-OA) savings in housing?

<p>To finance property purchases and housing loans (B)</p> Signup and view all the answers

Which option describes a recent focus of the Ministry of Manpower regarding foreign worker housing?

<p>Strict enforcement of health and safety standards (C)</p> Signup and view all the answers

What is one of the outcomes of understanding readily available cash when dealing with property finance?

<p>It helps assess affordability and budgeting (A)</p> Signup and view all the answers

What is the role of the Goods and Services Tax (GST) in property transactions?

<p>It applies to both sales and rental agreements (A)</p> Signup and view all the answers

In calculating financial computations for property transactions, what is necessary?

<p>Detailed account of all incomes and expenses involved (B)</p> Signup and view all the answers

Flashcards

REAL ESTATE SALESPERSON (RES)

A licensed professional who facilitates real estate transactions, such as buying, selling, renting, or leasing properties. They act as intermediaries between buyers and sellers, providing expertise and guidance throughout the process.

RES COURSE

A structured program designed to educate individuals on the knowledge, skills, and ethical practices required to become a licensed Real Estate Salesperson.

COMPETENCY UNIT

A section of the RES course focusing on a particular area of real estate knowledge, such as regulations, marketing, or transactions.

Regulation of the Real Estate Agency Industry

The set of rules, laws, and guidelines that govern how real estate agencies operate, ensuring fair practices, protecting consumers, and maintaining ethical standards.

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Real Estate Marketing

The strategies and techniques used to promote and sell properties, attracting potential buyers and sellers through various channels.

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Version Control Record

A table that tracks changes made to a document or software over time. It records the version number, effective date, changes made, author and editor.

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Version 1.0

The initial version of a document or software. This is the starting point for all subsequent updates.

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Version 1.7

The seventh update to the original version 1.0. Represents the document's current status with specific changes implemented.

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Effective Date

The date when a specific version of the document or software becomes valid and applicable.

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Changes

A summary of modifications made to the document or software in a specific version. This could include new policies, regulations, or updates to existing information.

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Author

The person who made the changes described in a specific version.

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Editor

The person who reviewed and approved the changes made to a specific version.

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Copyright

A legal right granted to the creator of original works, protecting them from unauthorized use and distribution.

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Fit-and-proper Person

A person who meets the required legal and ethical standards to be a real estate salesperson.

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Prescribed Educational Qualifications or Experience

Specific educational qualifications or relevant experience required to become a real estate salesperson.

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Dual Representation

When a real estate salesperson represents both the buyer and the seller in a transaction.

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Code of Practice, Ethics & Conduct

A set of rules and guidelines that real estate agents and salespersons must follow.

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Disciplinary Action

Actions taken by the Council against an estate agent or salesperson for violating regulations.

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Advertising in Real Estate

The way real estate agents promote properties for sale or rent.

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Conflict of Interest

A situation where the salesperson's personal interests might influence their actions in a transaction.

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HDB Flat Rental Eligibility

A property owner's right to rent out their flat depends on HDB rules. The landlord must be eligible according to HDB criteria.

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Foreign Tenant Verification

Landlords must verify the immigration and employment status of foreign tenants renting their HDB flats. This involves checking documents and ensuring compliance with the law.

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HDB Rental Rules

HDB has specific rules about who can rent and how, including limitations on renting entire flats or bedrooms. Landlords must follow these rules.

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Who Pays Stamp Duty?

Stamp duty is a tax payable when buying or selling property. Depending on the situation, either the landlord or tenant may pay it.

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Property Tax

A tax charged on the ownership of property, paid by the landlord, and often calculated based on property value.

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Tenancy Agreement Terms

Legal documents outlining landlord and tenant rights and responsibilities. They determine conditions like rent, duration, maintenance, and responsibilities.

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Approved Foreign Worker Housing

MOM lists approved lodgings that meet the requirements for housing foreign workers. Landlords should choose accommodations from this list.

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MOM's Latest Regulations

MOM regulations on foreign worker housing can change. Landlords should stay updated on new rules, changes, and developments.

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Immigrant Act Due Diligence

Landlords need to be diligent in checking for immigration offenses related to foreign workers. This involves verifying documents and ensuring compliance with the law.

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RES Registration Application

The process an estate agent (EA) uses to submit a salesperson (RES) application through CEA's e-services.

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RES Eligibility Criteria

Requirements someone needs to meet to become a registered salesperson (RES), including citizenship, age, education, and experience.

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Singapore Permanent Resident (SPR) Requirement

SPR status requires a residency period of at least 10 years for RES registration.

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Foreigner Registration

Non-Singaporeans need pre-assessment and specific documentation for RES registration.

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Educational Qualification

A minimum of 4 GCE 'O' Levels or equivalent is required for RES registration.

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Real Estate Salesperson (RES) Exam

A crucial exam that assesses the understanding and skills needed for RES licensure.

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Single EA Registration

A RES can be registered with only one licensed estate agent (EA) at a time.

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CEA Inspector Powers

An inspector appointed by the Council for Estate Agencies (CEA) has the authority to investigate potential offenses under the Estate Agents Act. These powers include entering premises, seizing documents, interviewing individuals, and taking photographs or videos.

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CEA Investigations

When a complaint or information is received, the CEA can appoint inspectors to investigate the matter thoroughly.

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Contravening Regulation 5(3)

An estate agent who represents both the buyer and seller of the same property commits an offense.

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Disciplinary Panel (DP)

The Council can establish a panel composed of its members to handle disciplinary matters related to estate agents.

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Disciplinary Committee (DC)

The Disciplinary Committee (DC) plays a crucial role in handling disciplinary matters related to estate agents, alongside the Council.

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What does 'size' mean in Clause 48?

In the context of Clause 48, 'size' means to seize or take possession of something, like a document or piece of equipment, for the purpose of investigation.

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What is the purpose of Clause 50?

Clause 50 of the Estate Agents Act empowers the Council to appoint inspectors to investigate complaints or information received regarding estate agents.

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Study Notes

Real Estate Salesperson (RES) Course - Paper Two

  • Regulation of Real Estate Agency Industry & Real Estate Marketing (Competency Unit 3):

    • Real estate salespersons (RES) must be "fit and proper" individuals.
    • Minimum age: 21 years old.
    • Must be employed by a licensed real estate agency (EA) and not hold a license with another agency.
    • Must possess specific educational qualifications or experience.
    • Cannot hold or work for a moneylender or be a director/partner of a licensed moneylender.
    • Must comply with continuing education requirements.
    • Registration is for a maximum of 3 years.
    • One salesperson cannot be registered with more than one agency.
    • False claims about agency association are offenses punishable by a fine up to $5,000.
    • Estate agents (EAs) and salespersons (RES) must act professionally and ethically in clients' best interest.
    • Required to follow legislated Codes of Practice, Ethics & Conduct. Regulations cover advertising, conflict of interest disclosure, and dual representation.

  • Property Transactions (Competency Unit 4):

    • Landlord Eligibility for HDB Flats: Assessing if landlords are permitted to rent entire HDB flats.
    • Foreign Tenant Verification: Verifying immigration and employment statuses of foreign tenants.
    • HDB Rules on Renting: Understanding HDB regulations regarding renting.
    • Transaction Costs: Determining who pays for stamp duty, property tax, and maintenance fees; explaining payment methods and procedures.
    • Tenancy Agreements: Advising landlords and tenants on terms.
    • Utilities Application: Advising clients on applying for utilities.
    • Premise Handing/Taking Over: Assisting with premises transfer.
    • Property Inventories: Creating and reviewing inventory lists.
    • Foreign Worker Housing: Understanding statutory requirements and approved accommodations for foreign workers.
    • Foreign Worker Housing Regulations: Knowing changes in MOM rules and regulations.
    • Performing Due Diligence (Immigrating Offenders): Checks to ensure clients are not involved with immigration offenses.

  • Taxes on Property (Competency Unit 4):

    • Property tax: Details about property tax regulations.
    • Income tax: Understanding impact of income tax on property transactions.
    • Goods and Services Tax (GST): Information about GST regulations.
    • Stamp duty: Explaining stamp duty requirements.

  • Property Finance and Financial Calculation (Competency Unit 4):

    • Available Cash: Assessing readily available capital for transactions.
    • CPF Housing Grant: Understanding CPF housing grant implications.
    • CPF Ordinary Account Savings: Importance of CPF-OA savings for property transactions.
    • Mortgage Loans: Details/guidance about mortgage loans.
    • HDB Resale Levy: Information on HDB resale levy.
    • Financial Calculations: Performing calculations related to sales, costs and profit.
    • Sales Proceeds Calculation: Computing final proceeds from sales.

  • Salesperson (RES) Registration Criteria:

    • Nationality requirements: Singaporean citizenship or 10+ year Singapore Permanent Resident (SPR) status. Foreigners need CEA pre-assessment and supporting documents (e.g., Employment Pass type).
    • Age: Minimum 21 years old.
    • Educational Requirements: Minimum of 4 GCE 'O' Levels passes or equivalent. Overseas qualifications, private diplomas, etc., can be submitted for assessment.
    • Real Estate Exam Requirement: Successfully completing the Real Estate Salesperson (RES) exam.
    • Single Agency Registration: Registration with only one licensed estate agent (EA).
    • No Existing License/KEO Prohibition: Can't be a licensee/Key Executive Officer (KEO) of another licensed estate agent (EA).
    • No Moneylender Prohibition: Cannot be a licensed moneylender/employee/director/partner of a licensed moneylender.
    • CPD Requirements: Complete at least 6 CPD credits for each cycle, for renewing/returning salespersons.

  • CEA Inspector Powers:  CEA inspectors have powers to investigate potential offenses, including entering premises, requesting identity, interviewing witnesses, and taking visual documentation.

  • CEA Investigations: CEA may appoint inspectors to investigate complaints.

  • Disciplinary Actions: The Council can revoke or suspend licenses/registrations.

Other Key Points

  • Specific regulations are subject to change and should be checked with relevant authorities.
  • Learners should consistently update themselves with the latest changes and guidelines in the real estate industry.

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LMA RES Course PAPER 2 Book v2.1 nov 2023 PDF

Description

Test your knowledge on the regulations governing the real estate agency industry and marketing practices. This quiz focuses on the competency requirements for real estate salespersons, including ethical conduct and educational qualifications. Ensure you understand the responsibilities and legal obligations for a successful career in real estate.

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