KEO & CHẤT KẾT CHÍNH CÔNG NGHIỆP GIÁ RẺ
A) For New Estate Agents
Any entity that conducts estate agency work, be it through a RES or a digital platform, is required to lớn apply for an estate agent (EA) licence.The application for a licence shall be submitted by the Key Executive Officer (KEO)-applicant. The keo is the person who will be responsible for the proper administration and overall management of the business of the EA and the supervision of its salespersons. The KEO-applicant will have to log into yome.vn’s e-services to complete the application form & submit it lớn yome.vn. Please refer to the image below for an illustration of the workflow và process.
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B) Licensing Criteria for New Estate Agents
The licensing criteria for anewestate agent are as follows:
The estate agent must be a registered entity with ACRA The estate agent must have a Key Executive Officer (KEO) who satisfies the requirements of the Estate Agents Act và Regulations The estate agent must not hold a moneylender"s licence None of the estate agent"s directors or partners or sole-proprietor or keo dán giấy hold a moneylender"s licence, or are an employee, director, or partner of a licensed moneylender The estate agent is fit & 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 The estate agent"s KEO và all directors or partners or persons responsible for the management must fulfil the fit and proper criteria under the Estate Agents Act.yome.vn shall determine if the person is fit & proper for registration after considering all relevant facts and matters. In the circumstances listed below, a person shall not be fit & proper for registration, unless yome.vn determines otherwise:
Where the person has been convicted of an offence involving dishonesty or fraud, or any offence under the Estate Agents Act Where the person has had a judgment entered against him / her in civil proceedings that involve a finding of fraud, dishonesty or breach of fiduciary duties on his / her part Where the person is an undischarged bankrupt or has made a composition or arrangement with his / her creditors Where yome.vn takes the view that a person is not fit và proper after considering any other relevant facts or mattersNote : The person is required khổng lồ declare all prior convictions in a court of law (including a military court), in Singapore or in any other country.
Example: A person who was previously detained under the Misuse of Drugs Act or served with a detention / police supervision order under the Criminal Law (Temporary Provisions) Act would generally be deemed lớn be not fit và proper for registration, unless yome.vn determines otherwise after considering all facts và matters (including circumstances of the prior detention / supervision)
The estate agent must have a valid Professional Indemnity Insurance policy that covers the estate agent và all its salespersons. All the partners, where applicable, must also be covered by the Professional Indemnity Insurance.The estate agent must have Standard Operating Procedures và guidelines such as for training và supervision of salespersons, complaints-handling và dispute resolution, advertising và printing of publicity materials, protection of confidentiality of clients" information and service standards for its operations.
The appointed keo of the estate agent must:
Have a minimum of 4 GCE "O" Levels passes or equivalent Be a sole-proprietor, director or partner of the estate agent Have at least 3 years’ experience in estate agency work (e.g. Applicant has held a salesperson registration for at least 3 years, or has been a KEO, practising director or practising partner for at least 3 years). Have concluded at least 30 transactions in the last 3 years as or on behalf of a licensed estate agent or have at least 3 years of experience in managing the business of a licensed estate agent as an executive director, a chief executive, key executive, key executive officer, partner or sole proprietor. Not currently be a sole-proprietor, practising director or partner, KEO, or salesperson of another licensed estate agent Not been previously a sole-proprietor, KEO, director or partner of an estate agent whose licence was revoked Not hold a moneylender"s licence và is not an employee, director, or partner of a licensed moneylenderThe information above also applies to lớn the practising partners in General và Limited Partnerships, và practicing directors in Companies.
For applications involving foreigners, estate agents should first check with yome.vn on the type of employment pass they should possess.
C) Licence & Registration Fees
The application fee to register a newsalesperson & to renew the registration of a salesperson is $53.50 (inclusive of GST) and the annual registration fee per RES is:
| Salesperson Registration granted for: | Registration Fee (GST exempt) |
| a. A full calendar year, or part of a calendar year starting on or before 30 June và ending on 31 December | $230 |
| b. Part of a calendar year starting after 30 June and ending on 31 December | $115 |
The application fee for a new licence and renewal of licence is $107 per EA licence (inclusive of GST). The annual licence fee* for EAs is shown in the tables below.
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*Note:
EAs shall be responsible for the payment of the EA"s licence fee và the registration fee of their RES, as well as the application fees for licence và registration. The application and registration fees for RESs và renewal of licence shall be paid by GIRO. The application fee is also payable when an EA submits an application for a RES to lớn switch EAs (leaving/intending to leave one EA lớn join another). Invoices will be generated every Monday, Wednesday, and Friday (excluding Public Holidays or on days where there is ad-hoc system maintenance) for applications at “Pending fee payment”. GIRO deduction by the bank will take place và complete in the next two working days.Annual Licence Fee for All Businesses & Companies (Except General Partnerships & Limited Partnerships)
| 1 lớn 10 | $330 |
| 11 lớn 30 | $660 |
| 31 khổng lồ 50 | $1,100 |
| 51 khổng lồ 500 | $2,200 |
| 501 to 1000 | $3,300 |
| 1,001 to 2,000 | $4,400 |
| 2,001 to 3,000 | $5,500 |
| 3,001 to lớn 4,000 | $6,600 |
| 4,001 lớn 5,000 | $7,700 |
| 5,001 to 6,000 | $8,800 |
| 6,001 to 7,000 | $9,900 |
| 7,001 to lớn 8,000 | $11,000 |
| Every additional 1,000 salespersons (or part of 1,000 salespersons) | Increase of $1,100 |
#: Half rates apply for the prescribed licence fees, for estate agent’s licence granted after 30 June và ending on 31 December of each calendar year.
Annual Licence Fee for General Partnership và Limited Partnerships
| Size of Estate Agent (No of salesperson) | Annual Licence Fee# (GST exempt) |
| 1 khổng lồ 10 | $330 + ($230 for each practising partner) |
| 11 lớn 30 | $660 + ($230 for each practising partner) |
| 31 to 50 | $1,100 + ($230 for each practising partner) |
| 51 lớn 500 | $2,200 + ($230 for each practising partner) |
| 501 lớn 1,000 | $3,300 + ($230 for each practising partner) |
| 1,001 to lớn 2,000 | $4,400 + ($230 for each practising partner) |
| 2,001 lớn 3,000 | $5,500 + ($230 for each practising partner) |
| 3,001 to lớn 4,000 | $6,600 + ($230 for each practising partner) |
| 4,001 khổng lồ 5,000 | $7,700 + ($230 for each practising partner) |
| 5,001 to lớn 6,000 | $8,800 + ($230 for each practising partner) |
| 6,001 to 7,000 | $9,900 + ($230 for each practising partner) |
| 7,001 khổng lồ 8,000 | $11,000 + ($230 for each practising partner) |
| Every additional 1,000 salespersons (or part of 1,000 salespersons) | Increase of $1,100 + ($230 for each practising partner) |
#: Half rates apply for the prescribed licence & registration fees, for estate agent’s licence & salesperson registration granted after 30 June and ending on 31 December of each calendar year.
Example 1An estate agent (Private Limited Company) has 40 salespersons.Annual licence fee= $1,100Annual registration fee= $9,200 ($230 x 40)Total fee deducted from GIRO= $10,300 (GST exempt)
Example 2An estate agent (General Partnership) has 4 partners of which 3 will be practising partners, and 5 salespersons.Annual licence fee = $1,020 <$330 + ($230 x 3)>Annual registration fee= $1,150 ($230 x 5)Total fee deducted from GIRO= $2,170 (GST exempt)
D) Processing Your Application
yome.vn will need khổng lồ process each application và shall revert as soon as practicable.
If the application is approved, yome.vn will send a notice of approval khổng lồ your e-mail address stated in the application form.
E) Duty khổng lồ Notify yome.vn of Changes to lớn Information Submitted in any Application or Form
Once an EA is licensed, the EA or Key Executive Officer (KEO) shall notify yome.vn of any change to the information contained in any application or form submitted khổng lồ yome.vn within 7 working days after the date of the change.
The EA or keo can notify yome.vn of the following changes throughyome.vn"sE-services:
Changes in the EA Information (e.g. Change of business address or thư điện tử address). Changes in the keo dán giấy Information. If a vacancy occurs in the post of keo dán giấy by reason of the death, resignation or revocation of appointment of the KEO, the EA shall appoint another keo within one month of the keo dán giấy yome.vnsing to lớn carry out his duties. Cessation of salesperson’s authority to lớn act for the EA, i.e. Cancellationof a RES registration.
