Standard 1 2014

1.1.0 INTRODUCTION

1.1.1 As estate agency is a recognized profession and therefore it is necessary to conduct the business from a proper office. This is essential in order to provide a high standard of professional service to the public and to prevent the practice of estate agency on a temporary or ad-hoc basis.

1.2.0 STATEMENTS OF STANDARD

1.2.1 Every firm, including every branch or other office of the firm approved by the Board shall operate from a proper office.

1.2.2 Any office or branch office of any firm must be under the day to day control and management of an estate agent unless otherwise allowed by the Board.

1.2.3 No estate agent shall permit an office administrator or negotiator or any other person to carry on the duties and functions of an estate agent in his firm.

1.2.4 An estate agent shall operate an office or a branch only after obtaining prior written approval from the Board.

1.2.5 The firm may establish a site sales/leasing office where it markets properties for a developer/client for a specific period of time as approved by the Board. The firm shall not conduct estate agency transactions other than the marketing of the developer's/client's properties from the site sales/leasing office.

1.2.6 Where offices or premises are shared by the firm with another firm/person not registered as an estate agency firm, the office or premises of the firm concerned shall be partitioned off, with a separate and distinct entrance from that of the other firm/person. Service and virtual offices are not considered as proper offices.

1.2.7 All estate agents shall notify and obtain approval from the Board on any change of address of any office or branch of the firm at least fourteen days before such change.

1.2.8 All offices of the firm shall have proper signages and shall comply with the following:-

• 1.2.8.1 The name and registration number of the firm shall be included
• 1.2.8.2 All signages shall comply with the relevant local authority's by-laws and the Board's Rules

1.2.9 Every office and branch of the firm shall display the practicing certificate of the firm and that of the managing estate agent.

1.2.10 Every office and/or branches of the firm shall maintain proper records and proper accounting system relating to the estate agency practice.

1.2.11 Each firm shall operate and maintain a separate client's account and have adequate professional indemnity insurance cover.

1.2.12 It is the responsibility of the firm to ensure that all its employees, Probationary Estate Agents and Negotiators are familiar with the provisions of the Act, Rules, Standards, Circulars and Guidelines and abide by them at all times.

1.3.0 EXPLANATIONS TO THE STANDARDS

1.3.1 A proper office is defined as follows:-

• 1.3.1.1 It must be located in an area that is deemed appropriate as an office under any Local Government Law, by-law, regulation or guideline;

• 1.3.1.2 It must be a business premise or a place that has been approved for commercial use by the relevant authorities;

• 1.3.1.3 It must not be a place of residence such as an apartment, condominium, a temporary place of abode or a 'house'.

• 1.3.1.4 It must not be a temporary site sales office or a property gallery or a project sales office of a particular project.

Ref:

Verbatim from Standard MEAS 2014.