SAEA Scheme
Through an initiative of the industry, the Singapore Accredited Estate Agencies (SAEA) Scheme was introduced in November 2005 with the support of the Inland Revenue Authority of Singapore (IRAS), the Housing and Development Board (HDB) and the Ministry of Finance (MOF). The intention is to raise the level of professionalism by ensuring that by the beginning of 2009 all estate agencies and their agents will be accredited. To be accredited, the agents are required to sit for and pass the Common Examination for House Agents (CEHA).
SAEA Accredited Salespersons Scheme (SAS)
A review of the SAEA Scheme was subsequently carried out by the SAEA Board in consultation with key industry players which consist mainly of agency bosses. There are presently an estimated total of 30,000 agents in Singapore of which only 50% are active practioners. Many of these agents do not wish to set up their own agency practice but are active in sales/lease transactions. In order to encourage these agents to be accredited, a new SAEA Accredited Salespersons Scheme was introduced with effect from 11 April 2008.
With effect from 11 April 2008, all practising agents may wish to get accredited as either a Salesperson or an Estate Agent. A SAEA accredited estate agent is required to pass the CEHA and qualify for the house agent licence issued by the IRAS. A SAEA accredited salesperson is required to pass the Common Examination for Salespersons (CES) and join an accredited agency. In order to enable as many salespersons to be accredited as possible, the SAEA Board invites all practising agents who do not currently possess or intend to obtain a CEHA qualification to sit for the SAEA Salespersons examination.
Common Examination for Salespersons(CES)
A CES is held every month. This is to prepare all active agents in becoming accredited agents or accredited salespersons. The CES course is the ONLY real estate course funded by WDA at the Certifiable Skills Training level until 15 July 2010 (Certifiable Skills Training refers to training that leads to national or industry-wide certification (see www.wda.gov.sg and under Employer-based Funding for details). CES is now one of the industry examinations granted exemption from the new entrance examination.
CES comprises two papers of two hours each. The first paper will encompass institutional and legal frameworks for conducting agency business. The second paper will encompass featres of selling and functions of a salesperson. Detailed syllabi of the papers can be obtained from the SAEA website.
Benefits of Accredited Agent/Salesperson Scheme
The general public is encouraged to deal with SAEA accredited agents or SAEA accredited salespersons. Errant SAEA accredited agents or salespersons will be reprimanded or disciplined. Sellers or buyers who suffered grievances may also seek redress from the SISV Dispute Resolution Centre with effect from 1 Jun 2010.