12 Golden Rules of Real
Estate
Dr Sing Kong Yuen, BVMS (Glasgow), MRCVS
Date:
01 May, 2011
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Friday, April 29, 20911
REAL ESTATE AGENCY (REA) PAPER 3. Real Estate Agency
Practice & Regulations
Ethics & Client Care
I remembered this lecture more than the 12 Golden Rules of
the CEA (Council for Estate Agencies). The lecturer was
showing a power point presentation slide to illustrate
Rule No. 8 which is Ethics & Client Care - Advertisement.
The slide showed two advertisements of an agent before and
one week after the CEA was formed. The advertisement
showed the agent's photo on the left and her viewings of
the HDB flat.
The lecturer said: "This is a top agent. Every 15 minutes
from 5pm to 7.15pm, she had an apartment for sale viewing.
There were 10 viewings every 15 minutes on one Saturday
afternoon."
The mature students would have been exhausted by this
3-hour-long lecture of power point slides and after slides
did not comment. 7 Golden Rules had been preached and must
be memorised for the dreaded examinations. We had several
housing and property rules to remember too.
To lighten the solemn mood, I asked: "Is she
good-looking?". What I meant to communicate to the class
was that this was a well posed professionally taken
photograph (angle of body slightly tilted unlike most
agents' face-direct photography), long hair to below the
shoulders and a comely smile.
"What do you mean," the lecturer turned and looked at me
with atomic eyes that could annihilate me. "I am already
so old! She can be my daughter!"
I was shocked at his response. Had I implied that he was
having some hanky panky? Or was there a clash of cultures,
he being nearly 7 decades old and deadly serious in
affairs of the heart?
I kept silent but it seemed the classmates paid more
attention.
The lecturer said: "See the heading of the first
advertisement. It says 'XXX International Top All
Around No. 1 Achiever For Year 2009 - XXX USA.'"
We focus on this impressive claim. In the second
advertisement one week later, the heading was not
presented. What was the reason? I checked my lecture notes
of Estate Agency Act & Practice, Ethics & Client Care,
8/12 Rule:
CEA Regulation of Rule 8:
"ALL FORMS of an advertisement must be supported by
proof".
Then the lecturer pointed to the bottom of the first
advertisement which stated:
"Senior Marketing Director" and then to the second
advertisement which stated: "Senior Team Director". Why?
CEA Regulation of Rule 8:
ALL FORMS of an advertisement must be supported by
proof
If necessary, VETTED/APPROVED by the Estate Agent.
I would infer that the Estate Agent did not now approve of
the position of "Senior Marketing Director".
The 3rd change he showed was "Just Sold by ..." in the
first advertisement was replaced by "My Achievement for
the Year 2010". Why?
CEA Regulation of Rule 8:
All advertisements to be REMOVED if
withdrawn/sold/rented e.g. website. The lecturer's
notes did not give newspapers as an example but this type
of trumpet-blowing advertisements of past properties that
had been sold had been a common practice by the more
successful agents.
Going into more details as I write this report to attempt
to retain some knowledge for the exam, there is another
CEA Regulation of Rule 8 which states:
Advertising/Promotion/Letter MATERIALS must have
1. Name/Contact number same as in the CEA Register
2. Registration/Licence NUMBERS
3. If necessary VETTED/APPROVED by estate agent.
The 2nd advertisement did not show the
Registration/Licence Numbers. So, is the R and L numbers
compulsory in every advertisement?
If we cannot remember all the 12 Golden Rules, I hope my
classmates can at least remember Rule No. 8 due to the
reaction of the serious lecturer who would be their father
for many of them, due to the age gap.
To summarise for my revision for the May 2011 exam, here
are the 12 Golden Rules:
1. Knowledge of and compliance with applicable laws,
practice, circulars and guidelines (laws of agency,
contract, tort).
2. Due diligence and compliance with law and statutory
requirements.
3. General duty to clients and public (mislead,
misrepresent, lack of integrity and honesty, unethical
practices).
4. Not to bring discredit or disrepute to real estate
industry (I will write on an case of touting in a lawyer
setting up a real estate referral company, as reported
recently in the Straits Times)
5. Duty to clients in relation to signing of documents
(explain meaning and consequences, seek professional
advice).
6. Obligations in respect of agreements (all in writing,
no blank spaces and accurate recording).
7. Conveying offers, counter offers etc. (Counter offer is
not legally an offer or part of a contract).
8. Advertisement
9. Interpretation or translation if necessary (record
interpreted by...).
10. Duty to avoid conflict of interests
11. Recommending professional advice where appropriate.
12. Safeguarding confidential information (e.g. distress
sales).
Many of the rules of ethics and client care can be applied
to the veterinary practices too. For the real estate
agent, he or she must be careful of mis-communication
between clients and agent (all relevant contracts and
services to be in writing- Rule 6). In particular,
regarding Rule No.8, there should be no misleading
advertisements (property not accurately described),
misrepresentation (impersonating as buyer in flyers and
newspapers) or advertise without proof (e.g. claiming to
be a HDB specialist).
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