RES exam question on Marketing & Advertising: Serene, an RES salesperson, has been engaged by an overseas developer to market units…
Serene, an RES salesperson, has been engaged by an overseas developer to market units in a new mixed-use project in London. Consider the following statements: (i) Serene must ensure her estate agency holds a valid CEA licence before marketing the foreign property. (ii) CEA requires salespersons marketing foreign properties to obtain a separate Foreign Property Marketing (FPM) licence. (iii) Serene must conduct due diligence on the developer and the project before marketing. (iv) Serene is required to disclose to Singapore buyers any ownership interest she has in the overseas developer. Which statements are correct?
- A(iii) and (iv) only
- B(i), (iii) and (iv) only
- C(i), (ii) and (iv) only
- D(ii), (iii) and (iv) only
Show answer & explanation
Answer
B. (i), (iii) and (iv) only
Explanation
Statement (i) CORRECT — marketing foreign property to Singapore buyers constitutes estate agency work under CEA regulations; the salesperson's agency must hold a valid CEA licence. Statement (iii) CORRECT — CEA practice guidelines on foreign property marketing require due diligence on the developer (financial standing, track record, legal standing of project, financing arrangements, currency risk). Statement (iv) CORRECT — salespersons must disclose personal interests in the developer or project to prospective buyers (conflict of interest obligation). Statement (ii) WRONG — there is NO separate 'Foreign Property Marketing licence' under CEA. The existing estate agency licence covers foreign property marketing subject to compliance with CEA's practice guidelines.
Study the concept behind this question: Marketing Commercial, Industrial & Conservation Properties
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