RES FAQ
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Which is the best Real Estate Company??
Every estate agency is good in their own way. They all have different level of entry for new agents. These are based on different percentage sharing. Ultimately all agents end up with a 90/10 structure in most big firms. Some smaller firms do give better commission sharing percentages though. Just ask yourself if these smaller firms can provide you the necessary support for a new agent. Imagine out in the market mentioning a ülu"name.
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How to identify a good manager?
A good manager is not hard to find but a good manager who lasts a long time is surely hard to find. This is more of a character based question. As a manager's group gets bigger, he or she may not have the time for you any longer and that is a fact. So its good that you get trained fast and become a leader yourself We believe in teaching you how to fish and not continuing to feed you with fish everyday. Tough time don't last but tough people do!!! We make you tough!
What qualifications/requirements does a Property Agent need?
An individual needs to be 21 years old and above, Singapore Citizen or PR. Must have obtained at least 4 ‘O’ levels or its equivalent and satisfy the ‘proper & fit’ criteria by CEA.
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What is the FIRST step to becoming a licensed Property Agent?
STEP 1: Registering for the Real Estate Salesperson Course (RES)
New CEA requirements include new agents to take preparatory RES course prior to attempting the actual examinations. ONLY CEA Approved Course Providers can conduct these preparatory courses. Once an individual completes the course with a minimum of 75% attendance, they will be awarded with a Certificate.
What is the duration of the RES preparatory course and how much does it cost?
Depending on the course provider, it may be anywhere between 1 to 2 months and the cost ranges from $700 to $1100 including GST.
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Who are the approved RES course providers?
Institute of Estate Agents Contact Details: Website : www.iea.org.sg Tel No : 63231770 Email.: courses@iea.org.sg Office: 480 Lorong 6 Toa Payoh, HDB Hub East Wing, #07-02, S310480
Singapore Accredited Estate Agencies Ltd Contact Details: Tel No: 6293 6616 Website – www.saea.org.sg Email.: edu@saea.org.sg Office: 371 Beach Road, #19-05 Keypoint, S(199597)
Life Mastery Academy Pte Ltd Contact Details: Tel No: 6255 6091/ 6255 6083 Email.: RES@lifemasteryacademy.com Website – www.lifemasteryacademy.com Office: HDB Hub Biz 3, Blk 490, Toa Payoh Lor 6, #03-13, S(310490)
Real Centre Network Pte Ltd Contact Details: Website – www.realcentrenetwork.com Tel No: 9107 7773 (Eunice) / 9456 3613 (Angeline) Email.: info@realcentrenetwork.com Office: 490 Lorong 6 Toa Payoh, HDB Hub Biz 3, #03-12, S310490
RIA School of Real Estate Contact Details: Tel No: 6226 2000 / 6866 1106 Website – www.riaschool.com.sg Email.: RES@RIAschool.com.sg Office: 743 Lorong 5 Toa Payoh S(319457)
Can I not go through this course and attempt the exam directly?
Unfortunately NO. You will need to produce the RES Course Certificate to CEA’s Appointed Exam Administrators for RES Exam Registration.
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Who are the RES exam providers and what is the frequency and cost for the RES exams?
For details on the RES Exams, please visit the exam provider’s website below for more details. The fee for each RES examination is $246.10 per candidate with GST. There are a total of 2 papers.
Informatics Website: www.informaticseducation.com/iee Tel no: 6580 4582 Email: IAI@informaticseducation.com Office: 12 Science Centre Road Singapore 609080
NTUC LearningHub Website: www.ntuclearninghub.com/res-exam Tel No: 6471 2223 Email: enquiries@ntuclearninghub.com Office: 73 Bras Basah Road #02-01 Singapore 189556
How can I save on all these costs?
Both IEA and SAEA have discounted price on the RES preparatory course if you register yourself as a member. Apart from that, your eventual MANAGER may decide to absorb this fee based on your future performance. Most individual managers may poach using this method but please be clear on what you want as a new agent. Do you want managers who propose cash back option to lure you or do you need a good mentor to train you to become a TOP PRODUCER?
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What is the RES Examination Format?
2 papers each (3 hours per paper)
Paper 1:
70 MCQs and 15 short answer questions (100 marks)
Paper 2:
Part I: 60 MCQs (carries 60 marks)
Part II: 60 MCQs (max 40 marks)
With effect from the July 2011 RES examination, modular passing will be allowed. The results for July 2011 RES examination onwards will be in one of the following formats:
•Pass (P)
•Fail (F)
•Pass Paper 1; Fail Paper 2 (P1 F2)
•Fail Paper 1; Pass Paper 2 (F1 P2)
Candidates will be allowed to retake only their failed Paper from the August 2011 RES examination onwards. There shall be no retrospective consideration of results from earlier examinations taken from Jan to Jun 2011. Important Note: There is no change to the examination requirement for RES course participants to pass the RES examination within 2 years from the date of issuance of the Certificate of Completion of RES Course. If they are unable to pass the remaining Paper within the 2-year timeframe, they will have to re-take the RES course and take the full RES examination i.e. both Papers 1 and 2.
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How to pass the RES exam in one go?
We at TopPropertyAgent.com have derived a strategy based on the RES formats for each paper. We also have compiled a list of commonly asked questions with answers provided to beef you up prior to the examination. Feel free to drop us an email or call us and we will be ready to share it with you in person.
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Do you charge for the training?
Commitment is most important at TopPropertyAgent.com. As part of the TEAM, all our agents get FREE training however that may not be the case for agents who are not part of the TEAM. Nonetheless TopPropertyAgents.com has many materials and videos for FREE that may be useful to everyone.
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Why is it mandatory for a licensed agent to have Professional Indemnity Insurance, especially when it will increase the cost to the industry?
Under the new regime, all licensed estate agents must be covered under professional indemnity insurance. This will provide some measure of recourse when there are consumer claims.
Can CEA consider further raising the standard of salespersons by making it compulsory for all salespersons to be full timers instead of doing it on freelance basis?
The new regulatory regime requires all persons doing estate agency work, whether on a full-time or a part-time basis, to be registered. They must fulfill all registration requirements which include meeting fit and proper criteria must pass the CEA (Council for Estate Agencies) examination and undergo mandatory continuing professional development of 6 hours a year. They are also required to adhere to a regulatory Code of Ethics and Professional Client Care, failing which they will be subject to disciplinary actions.
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What are the qualifications that are recognized as equivalent by the Council for Estate Agencies (CEA)?
The lists of recognized and equivalent qualifications are as follows: Recognised Industry Examinations
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a. |
Real Estate Salesperson examination (RES) |
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b. |
Real Estate Agency examination (REA) |
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c. |
Common Examination for House Agents (CEHA)* |
* CEHA examination which will be recognized by CEA till end of 2012
Qualifications Equivalent to REA Examination
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How much can I earn?
The average earner earns $80,000 to $150,000 annually. The top agents earn up to $300,000 in the first year. The no.1 Sales person earn up to more than one million annually depending on your attitude and commitment, you can earn up to this comfortable range of income which is much higher than the average income in any corporation.
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Do I need to be able to drive?
Yes, it is ideal as there will be lot of movement. However, traveling by public transport is also possible as long the meetings can be organized properly.
Do I need any experience?
Not really, as long as you have a lively, outgoing personality and be comfortable dealing with customers. Although any sales experience is always of benefit.
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