6 more months for property agents to pass real estate exam

As the Council for Estate Agencies will be extending  the deadline for agents to pass the Real Estate Salesperson examination from 31 December 2011 to 30 June 2012.

The Council for Estate Agencies will conduct its first year-end licensing/registration renewal exercise, and update the list of salespersons who will continue to be registered for Year 2012. CEA will also extend the deadline for salespersons on provisional registration to pass the Real Estate Salesperson examination, from 31 December 2011 to 30 June 2012.

Renewal of Licence and Registration
Existing estate agents with licences expiring on 31 December 2011 can apply to CEA for renewal starting from 1 October 2011. Estate agents whose licences are not expiring this year need not apply for renewal. However, they must submit a copy of a Professional Indemnity Insurance valid for at least one year from 1 January 2012 to CEA.

Salespersons whose registrations expire on 31 December 2011 are required to submit their renewal applications through their respective estate agents. Salespersons whose registrations are not expiring this year need not apply for renewal, but must indicate to their respective estate agents if they are continuing their registration with them. The estate agents will submit to CEA the list of salespersons whom they wish to continue to support for registration.

Applications for licensing/registration renewal, and the list of salespersons continuing registration for Year 2012, can be submitted online to CEA. Application closes on 15 November 2011 at 5 pm.

Extension of Deadline to Pass Real Estate Salesperson Examination                                                                      

Earlier this year, CEA has allowed existing salespersons who have not passed an industry examination2 but have completed at least three property transactions over the last two years prior to the formation of CEA, to continue working as salespersons on a provisional basis. These provisional registered salespersons are required to pass the RES Examination by 31 December 2011.

As at 31 Aug 2011, 2,753 (8.3%) of a total of 33,054 registered salespersons were given provisional registration, but have not passed the RES Examination.

CEA will extend the deadline for these provisional registered salespersons to pass the RES examination to 30 June 2012. Their provisional registration will be extended till 31 December 2012, subject to a pass in the RES examination. Those who are unable to do so will have their registration lapsed after 30 June 2012. The same treatment will be extended to Key Executive Officers, practising directors and partners who are required to pass the Real Estate Agent examination.

Ms Purnima Shantilal, Director of CEA said, “CEA is mindful that some salespersons may need more time to pass the RES examination. The extension will thus help them to better prepare for the examination. CEA will work with the estate agents closely to ensure that their salespersons take the examination by the deadline.”

Under CEA’s new regulatory framework, all existing estate agents and salespersons have to undertake mandatory continuing professional development of six hours a year. This is to ensure that they continuously upgrade themselves by keeping abreast of latest changes in Government policies and procedures relating to real estate transactions. The number of CPD hours will be increased over time to raise the professional standards of the industry.

As the CPD Scheme commenced on 1 April 2011, the Year 2011 cycle will run from 1 April 2011 to 31 March 2012. Those who are unable to meet the CPD requirement will have their licence/registration lapsed after 31 March 2012. From Year 2012 onwards, the CPD cycle will be based on calendar year from 1 January to 31 December.