apartment for rent in Singapore - licensing requirements for KeyRegulations

Licensing requirements for new estate agents – Apartment for rent in Singapore

Apartment for rent in Singapore. The licensing criteria for a new estate agent including KEO, directors or partners are as follows:

The estate agent must be a registered entity with ACRA

ii.

The estate agent must have a Key Executive Officer (KEO) who satisfies the requirements of the Act and Regulations

iii.

The estate agent must not hold a moneylender’s licence

iv.

None of the estate agent’s directors or partners or sole-proprietor or KEO hold a moneylender’s licence, or are an employee, director, or partner of a licensed moneylender

The estate agent is fit and proper, such as is not in liquidation or wound-up or in receivership, has not entered into a composition or scheme of arrangement with its creditors, does not have any convictions, does not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against it in civil proceedings

vi.

The estate agent’s KEO and all directors or partners or persons responsible for the management must fulfill the fit and proper, such as:
a)	Must not be an un-discharged bankrupt or have entered into a composition or scheme of arrangement with their creditors
b)	Must not have any convictions in a court of law in any country.
c)	Must not have any judgment that involved a finding of fraud, dishonesty or breach of fiduciary duties entered against them in civil proceedings
d)	Must not have been detained under the Misuse of Drugs Act or served with a detention/police supervision order under the Criminal Law (Temporary Provisions) Act

vii.

The estate agent must have a valid Professional Indemnity Insurance policy that covers the estate agent and all its salespersons. All the partners, where applicable, must also be covered by the Professional Indemnity Insurance.

viii.

The estate agent must have Standard Operating Procedures and guidelines such as for training & supervision of salespersons, complaints-handling & dispute resolution, advertising & printing of publicity materials, protection of confidentiality of clients’ information and service standards for its operations

Please click here to search for apartment for rent in Singapore.