- POSTED: 21 May 2014 23:02
- UPDATED: 21 May 2014 23:12
The Council for Estate Agencies (CEA) has charged 50-year-old Tan Yang Po with allegedly acting as an estate agent without being licensed with the CEA.
SINGAPORE: The Council for Estate Agencies (CEA) has charged 50-year-old Tan Yang Po with allegedly acting as an estate agent without being licensed with the CEA.
Tan, who was trading under AZEA Personal Coaching (APC), is the first to be prosecuted in relation to unlicensed estate agency work for the sale of foreign properties.
Under the Estate Agents Act, an estate agent must be licensed with the Council (CEA) before it can market local or foreign properties here.
Tan became a member of the AZEA property club after attending APC's free property seminar and two-day investment course opened to members of the public.
She allegedly informed other members of the club that APC's client -- foreign property developer Sterling Camden LLC -- was selling apartments in Houston, Texas.
Tan said these apartments cost about US$49,000 to US$60,000 each, with a guaranteed investment return of eight per cent plus net rental yield for two years.
Thereafter, Tan allegedly facilitated the sale transactions for the foreign properties.
For each successful sale, she collected a commission from the foreign property developer.
At all material times, APC acted as an estate agent while she was not licensed as one with the CEA.
Tan faces five charges, each punishable with a fine not exceeding S$75,000 or imprisonment for a term not exceeding three years, or both.
CEA advises consumers to check its public register of estate agents and salespersons on its website to verify if an estate agent or salesperson is licensed and registered.
Consumers should also exercise due diligence when buying foreign properties.