Saturday, 1 November 2014

Real Estate Agency Industry Overview for RES candidates

RES courseAs a part of the real estate course, the candidate is expected to have a thorough overview about the real estate agency industry. Thus, the course crucially covers this aspect and gives a detailed overview about the industry.

A good knowledge about the characteristics of real estate market is important along with having a thorough knowledge about the constituent elements/parts and the players. Also, proper knowledge about the economic factors that affect the supply, demand and property prices, will help you take smarter decisions as and when required. This would also give a fair idea on the market functioning on whole or as sub market in Singapore.

To know what you would be expected to know, have a look at the brief on the same:

Real estate market and submarkets

Identify the characteristics of real estate vs. real estate investment trusts (REITS) and property stocks

Understand the characteristics of real estate market as a whole

Categorise properties into residential, commercial, and industrial according to title (land, lease or strata) form and planning parameters

Identify title/tenure of property, zoning, use and classification of property

Identify types of commercial properties, industrial and residential properties

Understand the micro‐ and macro‐factors affecting supply, demand and prices of properties

Understand the functioning of each submarket (by property types, locations, and socioeconomic characteristics, etc.).

Understand the relationship between property cycle and business cycle

Source and interpret property supply, transaction statistics/data, and other market information

Convert a 6‐digit postal code to its old district number

Real estate market players and government intervention 

Identify market players in the various property sectors, e.g. developers, investors and users.

Interpret the effect of government control and intervention in the real estate market, e.g. introduction of cooling measures

Understand the role and functions of various relevant government agencies, e.g. BCA, JTC, HDB, IRAS, LTA, MAS, SLA, URA, etc. relating to property transactions

Law of agency 

Apply the fundamental knowledge of the following in the context of real estate agency:

Meaning and creation of agency relationships

Differences between exclusive and non‐exclusive agency

Agency as a contract of the utmost good faith

Agent’s authorities as viewed by principal and third party

Rights and duties between principal and agent and to third party

Termination of agency relationships

Remedies for breach of duties by principal, agent, or third party

Along with these, you would also be expected to have a fair knowledge about ‘role and functions of salespersons and their requisite knowledge and skills’ and ‘regulation of real estate agency industry’.

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