Duty of disclosure – Real estate for rent in Singapore
Under the Code of Ethics and Professional Client Care (to be covered in details in Unit 5), a real estate salesperson has a duty to disclose to his client whether he has a conflict or potential conflict of interest in acting for his client and avoid any potential or actual conflict of interest. Such disclosure is required in situations which include but are not limited to the following, real estate for rent in Singapore:
(1) The salesperson of the other party to a transaction is with the same estate agent of, or is married or otherwise related to, the salesperson of the client;
(2) The other party to a transaction is working with the same estate agent of the salesperson of the client;
(3) The other party to a transaction is a friend, family or relative of the salesperson of the client;
(4) The salesperson of the client (who is not receiving commission from his client) is receiving any commission, reward, fee, “ang pow”, payment or other benefit from the estate agent or salesperson of the other party or any other person.
If he has declared that there is no conflict or potential conflict of interest but a conflict or potential conflict of interest only arises (or he becomes aware of the conflict or potential conflict of interest) after execution of the estate agency agreement, the conflict or potential conflict of interest must be immediately disclosed in writing to his client. Upon such disclosure, the real estate salesperson may continue to act for his client only if his client, being fully informed, consents in writing to the real estate salesperson continuing to act for him. The further disclosure and consent may be written on a separate sheet of paper which makes reference to the agreement, and need not be written in the same estate agency agreement.
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