RES Exam Cheat Sheet (2026) — Whole Syllabus
⬇ Download PDFThe whole RES syllabus on one page — every rate and rule: stamp duties, financing, HDB, Paper 1 law, CEA rules, transactions, leasing, formulas and exam-day tips. Figures are current as at 2026 — rates change with policy, so confirm against IRAS, HDB, CPF, CEA and MAS before relying on them in practice.
Know the numbers? Now test yourself.
The RES exam rewards applying these rates under time pressure — not just memorising them. See where you stand.
Rates, duties & financing
Buyer's Stamp Duty (BSD) — on higher of price or value
| Portion of price / value | Residential | Non-residential |
|---|---|---|
| First $180,000 | 1% | 1% |
| Next $180,000 (to $360k) | 2% | 2% |
| Next $640,000 (to $1M) | 3% | 3% |
| Next $500,000 (to $1.5M) | 4% | 4% |
| Next $1,500,000 (to $3M) | 5% | 5% |
| Amount above $3,000,000 | 6% | 5% |
Quick checkpoints: $24,600 at $1M · $44,600 at $1.5M · $119,600 at $3M. Pay within 14 days (30 if signed overseas).
Additional Buyer's Stamp Duty (ABSD) — from 27 Apr 2023
| Buyer profile | 1st property | 2nd | 3rd & subsequent |
|---|---|---|---|
| Singapore Citizen (SC) | 0% | 20% | 30% |
| Singapore PR (SPR) | 5% | 30% | 35% |
| Foreigner | 60% | 60% | 60% |
| Entity / Trust | 65% | 65% | 65% |
| Housing developer | 35% + 5%* | — | — |
*35% remittable if sold within the project timeline, plus 5% non-remittable. Residential only. FTA nationals (US, Iceland, Liechtenstein, Norway, Switzerland) are treated as SC. Married-couple ABSD refund if the first home is sold within 6 months of buying the second.
Seller's Stamp Duty (SSD) — residential
| Sold within | Bought on/after 4 Jul 2025 | Bought 11 Mar 2017 – 3 Jul 2025 |
|---|---|---|
| ≤ 1 year | 16% | 12% |
| > 1 to ≤ 2 years | 12% | 8% |
| > 2 to ≤ 3 years | 8% | 4% |
| > 3 to ≤ 4 years | 4% | 0% |
| More than 4 years | 0% | 0% |
Paid by the seller, even at a loss, on the higher of price or value, within 14 days. Industrial SSD is a separate 3-year regime (15/10/5%). Commercial property has no SSD.
Loan-to-Value (LTV) limits
| Housing loan | Max LTV | Min cash downpayment |
|---|---|---|
| 1st loan | 75% | 5% |
| 2nd loan | 45% | 25% |
| 3rd & subsequent | 35% | 25% |
| HDB concessionary loan | 75% | 0% (CPF/cash) |
LTV falls to 55% (1st loan) if the tenure exceeds 30 years (25 for HDB) or extends past age 65. Banks stress-test at a 4% floor (5% non-residential). HDB loan LTV was cut from 80% to 75% on 20 Aug 2024.
Debt servicing ratios
| Ratio | Cap | Applies to |
|---|---|---|
| TDSR | 55% | All property · all debts |
| MSR | 30% | HDB & EC-from-developer · housing loan only |
For HDB/EC both apply and the lower cap governs (MSR usually bites first).
Property tax (on Annual Value)
| Property | Tax rate |
|---|---|
| Owner-occupied home | 0% (first $12k AV) → up to 32% |
| Non-owner-occupied (rented) | 12% → up to 36% |
| Commercial / industrial | 10% flat |
Progressive on the property's Annual Value (AV). 2026 one-off rebate: 15% (owner-occ HDB), 10% (owner-occ private) — both capped $500.
CPF housing grants (2026, first-timers)
| Grant | Amount | Income ceiling |
|---|---|---|
| Enhanced CPF Housing Grant (EHG) — families | up to $120,000 | $9,000/mth |
| EHG — singles (35+) | up to $60,000 | $4,500/mth |
| CPF Housing (Family) Grant — resale | $80,000 (2–4rm) / $50,000 (5rm+) | $14,000 |
| Singles Grant — resale | up to $40,000 | $14,000 |
| Proximity Housing Grant (PHG) | $20,000 (within 4km) / $30,000 (same flat) | none |
| Step-Up Housing Grant | up to $15,000 | $7,000 |
Grants stack: a first-timer SC+SC couple buying resale near parents can combine EHG + Family + PHG = up to $230,000.
HDB essentials
- MOP: 5 years from key collection
- Income ceiling: $14,000 family · $21,000 extended · $16,000 EC
- HDB loan LTV: 75% (since Aug 2024)
- HDB loan rate: CPF OA rate + 0.1% (currently 2.6% p.a.)
- HFE letter required before OTP/loan (since 2023)
- Resale subject to EIP / SPR ethnic quotas
Other duties, GST & the exam
- Lease (tenancy) stamp duty: 0.4% of total rent (lease ≤ 4 yrs); 0.4% of 4× AAR (> 4 yrs)
- Mortgage duty: 0.4% of the loan, capped at $500
- GST: 9% (commercial property/rent; residential is exempt)
- Pass mark: 60% per paper
- Format: Section A (MCQs) + Section B (case studies)
Can you apply the stamp-duty & financing rules? Drill exam-style questions on exactly these.
Drill these topics →Paper 1 — law at a glance
Paper 1 is concepts, not numbers — know the distinctions cold.
Tenure & title
- Freehold — estate in fee simple, held in perpetuity
- Leasehold — fixed term (99 / 999 yrs), reverts to lessor
- Torrens system — title by registration (indefeasible)
- Caveat — notice protecting an unregistered interest
Co-ownership — JT vs TIC
- Joint tenancy — 4 unities + right of survivorship
- Tenancy-in-common — distinct undivided shares, no survivorship (passes by will)
- Severance converts JT → TIC
Contract essentials
- Needs: offer + acceptance + consideration + intention (+ capacity)
- Void = no contract · Voidable = valid until rescinded
- Misrepresentation: innocent / negligent / fraudulent
Agency — agent's duties
- Fiduciary: loyalty, full disclosure, account, no secret profit, obey lawful instructions, care & skill
- Actual authority (express/implied) vs apparent (ostensible)
Tenancy vs licence
- Tenancy — exclusive possession + certain term → an interest in land
- Licence — mere permission, no exclusive possession, personal only
Mortgages
- Legal vs equitable mortgage
- Lender's remedies: power of sale, possession, foreclosure, receiver
- Borrower keeps the equity of redemption
Torts
- Negligence: duty → breach → causation → damage
- Also: misrepresentation, private nuisance, occupier's liability, trespass
Planning & the market
- URA Master Plan — plot ratio / GFA; change of use needs approval
- Agencies: URA plan · SLA title · HDB public housing · CEA agents · MAS loans
CEA rulebook — regulation, ethics & AML
The rules-heavy heart of Paper 2. Know who's licensed vs registered, and the conduct traps.
Framework & who's who
- Estate Agents Act · regulator = CEA
- Estate Agent (firm) = licensed
- Salesperson (RES) = registered, under one agency at a time
- KEO — Key Executive Officer runs & answers for the agency
Registration rules
- Fit & proper · min age 21 · pass the RES exam
- One agency only · can't hold 2 registrations
- CPD required to renew · not an undischarged bankrupt
Code of Ethics & conduct
- Integrity, honesty, competence
- No misrepresentation / false or exaggerated info
- Avoid & disclose conflicts · act in the client's best interest
Money & dual representation
- Agents must NOT handle transaction money → lawyer / stakeholder
- Dual representation (same agent both sides) — prohibited
- Co-broking (one agent per side) — OK but must be disclosed
- No referral fees for moneylending
Advertising rules
- Accurate, not misleading or exaggerated
- Must show agency licence no. + salesperson reg no.
- Only with the owner's authority · no fake listings
AML — CDD, report & record
- CDD on every client: verify identity + beneficial owner; EDD for higher risk; verify source of funds
- File an STR to STRO even if the deal falls through
- Tipping-off is an offence · keep records ≥ 5 years
Transactions & conveyancing
How private deals actually complete, and the money at each step.
Private resale flow
- OTP — pay option fee ~1%
- Exercise in the option period (~14 days) → top up to 5–10%
- Completion ~8–12 wks → balance
New launch (developer)
- Booking fee 5% → S&P in ~2–3 wks
- Top up to ~20% by ~8 wks
- Progressive or deferred payment scheme
En bloc (collective sale)
- Consent 80% (>10 yrs old) / 90% (≤10 yrs)
- By share value AND strata area
- CSA → marketing → STB approval
Methods of sale & caveats
- Private treaty · auction (hammer = binding, deposit on the spot) · tender (sealed bids)
- Lodge a caveat to protect an interest — priority by order of lodgment
- Subsale = selling before completion / TOP
Money traps
- Resale: walk away pre-exercise → lose only the ~1% option fee
- New sale: don't exercise → developer forfeits 25% of the booking fee
Financial formulas
The calculations Paper 2 tests (the rate tables above give the inputs).
Loan quantum & ratios
- Loan = LTV × lower of price / valuation
- TDSR all debt ≤ 55% · MSR property loan ≤ 30% (HDB/EC)
- Stress floor 4% residential / 5% non-residential
BSD — quick formula
- ≤ $1m: 3% × P − $5,400
- $1–1.5m: 4% × P − $15,400
- $1.5–3m: 5% × P − $30,400
- > $3m: 6% × P − $60,400
Rental yield
- Gross = annual rent ÷ price × 100
- Net = (annual rent − costs) ÷ price × 100
- Costs: property tax, MCST, maintenance, vacancy
CPF & monthly instalment
- On sale: refund CPF used + 2.5% accrued interest (capped by Valuation Limit; WL = 120% VL)
- Instalment: M = P·r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), r = monthly rate, n = months
Leasing
Tenancy agreements, deposits and the clauses that get tested.
Deposits & clauses
- Security deposit ≈ 1 month per year of lease + 1 month advance rent
- Diplomatic clause — usually after 12 mths, 2 mths' notice
- Reinstatement, minor-repair, early-termination clauses
Lease duty & HDB rental
- Lease stamp duty ≈ 0.4% of total rent (≤ 4 yrs); tenant pays; e-stamp within 14 days
- HDB whole-flat rental only after MOP + approval · non-citizen quota · occupancy cap
The traps
- No exclusive possession = licence (weaker rights)
- An unstamped TA is not admissible in court
- Deposit is not the last month's rent
Exam day essentials
Format, pass mark, logistics and technique.
Format & pass mark
- 2 papers, each ~2.5 hours
- Section A: 60 standalone MCQ · Section B: 20 MCQ on shared case studies
- 60% to pass each paper · must pass both · no negative marking
Logistics
- Paper 1 Sat · Paper 2 Sun · 9.30am · SIM Clementi (461 Clementi Rd)
- Arrive 30 min early · bring NRIC + confirmation + approved calculator
Technique
- Read for NOT / EXCEPT in the stem · ~1.8 min per question
- Flag & return · answer every question (guess if unsure)
- Section B: read the case once, map the facts, then answer its linked MCQs
Quick answers
- How much ABSD does a Singapore PR pay on a second property?
- A Singapore Permanent Resident pays 30% ABSD on a second residential property, and 35% on a third or subsequent one (rates from 27 April 2023).
- What is the ABSD rate for foreigners buying property in Singapore?
- Foreigners pay 60% ABSD on any residential property. Nationals and PRs of the USA, Iceland, Liechtenstein, Norway and Switzerland are treated as Singapore Citizens under Free Trade Agreements.
- What is the Seller's Stamp Duty (SSD) if I sell within one year?
- For residential property bought on or after 4 July 2025, SSD is 16% if sold within 1 year (12% for property bought between 11 Mar 2017 and 3 Jul 2025). It tapers to 0% after the holding period.
- What are the TDSR and MSR limits in Singapore?
- TDSR caps total monthly debt at 55% of gross monthly income for any property. MSR caps the housing loan at 30% of gross monthly income and applies only to HDB flats and ECs bought from a developer.
- What is the maximum CPF Housing Grant (EHG) in 2026?
- The Enhanced CPF Housing Grant (EHG) is up to $120,000 for eligible first-timer families (income ceiling $9,000/month) and up to $60,000 for eligible singles.
Memorising rates isn't enough
The RES exam tests whether you can apply these in scenarios. Practise real case studies that put the numbers to work.
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Join @resprepsg →Tip: print this page (Ctrl/Cmd + P) for a revision sheet. Verify all figures against current IRAS/HDB/CPF/MAS sources before relying on them.