19 Jun '14, 8am

The irony is agents are the one who pays due to CEA. How are our funds used to protect us?

A fine imposed on a former property agent has been reduced from $18,000 to $8,000 on appeal, after Judicial Commissioner See Kee Oon agreed with the defence’s claim that it was disproportionately high, said media reports. He also noted that the starting point for the quantum imposed by the district judge, who relied on cases involving unregistered estate agents performing the work of an estate agent, is not “entirely appropriate”. The first to be prosecuted for moneylending offences under the Council for Estate Agencies (CEA), Ghazali Mohamed Rasul was a former registered agent with PropNex Realty. In 2011, he received a kickback of $150 from a moneylender he had introduced to a client who was having financial problems and wanted to sell his flat. Ghazali was then charged with two counts of moneylending offences under the CEA, with four other similar charges taken into con...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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