The latest update revealed that an agent from PropNex was fined for about $6,000 and worst, he was suspended for the grounds of flouting the policies when representing on behalf of elderly clients during HDB flat sale.
UPDATED: Due to breaking the rules of CEPCC or the Code of Ethics and Professional Client Care, Ng Set Leong, the property agent of PropNex Realty was suspended by the Council for Estate Agencies (CEA) and reprimanded $6,000 as a fine.
The disciplinary committee of CEA served the penalties after a thorough investigation of a 44 -year-old flouted two policies of the CEPCC when acting on behalf of senior citizen clients age 80 in selling their HDB their property.
The first offense was discovered when Ng was unable to validate the knowledge on the transaction details of the female seller considering that the client can’t read and under an advanced form of dementia.
The CEPCC urged property agents to act during business and work with the highest integrity in which Ng failed to do. He failed to secure the consent of the client positive with dementia. They are treated as a vulnerable client per CEA’s ordinance because having such condition unable them to render a sound decision related to property transactions.
The second issue was when it was discovered that Ng secured the thumbprints of the female client and used in buying, in signing real estate agency agreement and also for an exclusive estate agency compliance. Nonetheless, significant information on the said documents was left an unanswered like the price of the property, option date, and the buyer’s name.
CEPCC provisions stated an agent should not or secure anybody to sign any agreement which involves sensitive and significant information or a material term like names, dates, property address, prices, commission payable were being skipped or related space for that particular information or term is not answered or left blank.
The whole scenario was only divulged when the senior citizen couple’s children discovered on the impending sale of the property because the seller man was admitted to the hospital, therefore, the transaction was aborted.
In violating the policies on letting someone sign a document with an incomplete vital information and for breaking rules because of due diligence, Ng was given a suspension for about four to seven months accordingly. For every violation, comes $3,000 amount of fines.
The whole suspension period covers until October 19, 2017.