We refer to the Forum letter by Elgenia Wong Tien Min (“Singapore’s public housing market needs a reality check”, May 7).

The Council for Estate Agencies (CEA) agrees with Ms Wong that property agencies and agents have a duty to act responsibly and professionally when conducting estate agency work.

As professionals, property agents have ethical and legal obligations to act in the best interests of their clients and not engage in any misrepresentation which could potentially mislead the public and prospective buyers.

Under CEA’s Code of Ethics and Professional Client Care (CEPCC), property agencies and agents must ensure that any opinion rendered is justifiable with reference to verifiable facts, and that property advertisements do not contain inaccurate, false or misleading information.

Agents must also be knowledgeable about and comply with relevant laws, regulations and guidelines.

CEA takes a serious view of property agents who do not act responsibly and professionally.

These include agents who have rendered opinions, in their property advertisements, on the estimated sale prices or profits of properties without justification with reference to verifiable facts.

Property agents and agencies found to have breached the CEPCC may face disciplinary actions from CEA, such as a Letter of Warning or Letter of Censure and/or penalties of up to $5,000.

Serious breaches may be referred to a CEA Disciplinary Committee, which may result in heavier financial penalties of up to $100,000 (for property agents) and $200,000 (for property agencies) per case, and/or the suspension/revocation of their registration or licence.

While the HDB resale market transacts on a “willing buyer, willing seller” basis, property agents should give accurate and responsible advice to sellers and buyers, so as not to disrupt the market or fan consumer sentiment.

‍

Credit: The Straits Times