# Property agents may 'borrow' transactions to meet new requirement for registration renewal, despite the rules

- **Source:** Channel NewsAsia
- **Published:** 2026-08-10T22:00:00.000Z
- **Author:** Erin Liam
- **Original:** https://www.channelnewsasia.com/singapore/property-agents-borrow-transactions-minimum-requirement-licence-6305691
- **Topics:** Transactions & Deals

## Featured rationale

With about 40 per cent of agents falling below the transaction threshold, the requirement may gradually reduce inactive headcount and strengthen professional standards.

## AI summary

From 2027, Singapore property agents must complete at least three transactions over three years or pass a refresher examination to renew their registration.

## Original article

SINGAPORE: Some inactive property agents may “borrow” transactions from others to fulfil a new requirement that they must complete at least three transactions over three years to maintain their registration, some agents told CNA. Active agents said they could submit a transaction under an inactive agent’s name, even though he or she was not involved in the deal. The inactive agent would then transfer the commission to the actual agent involved. But this could undermine the Council for Estate Agencies’ (CEA) efforts to ensure that property agents maintain their currency of knowledge and provide up-to-date advice to their clients, said one expert. The regulator told CNA that about 40 per cent of property agents who have been registered with CEA since 2023 did not complete at least three residential property transactions in the preceding three years. From 2023 to 2025, the median number of residential property transactions completed by each agent per year was two. Most of the eight agents who spoke to CNA on the condition of anonymity said they were aware of this practice and acknowledged that it could be a workaround when the requirement kicks in next year. In response to CNA’s queries, CEA said that for the majority of property transactions, it would recognise one agent for each side – one for the buyer or tenant, and one for the seller or landlord. “This would be the property agent on each side of a transaction who interacted directly with the client and undertook most of the estate agency work,” the authority said, adding that it is an offence to submit false or misleading information.

“PASS THE DEAL” Property agents pointed out that because multiple people can work together on a listing, proving who carried out the actual work can be challenging. Property agents sometimes work in teams that contain senior and junior members, including some who are new to the industry. A “part-time” property agent – who transacts around once a year – said team managers could step in to help the less active agents maintain their transaction requirement. “It’s not difficult,” he said. “They can pass the deal to you … a small deal – room rental, a few hundred dollars. They ask you to go and process this order, then you complete your transaction, you got one count already.” Asked whether this practice was allowed, he said: “By right no … but if you go ‘by left’, who would know, right?” An active property agent told CNA that it would be hard to prove that the agent who lodges the transaction did not play a part in the deal. For example, they could claim that they provided marketing ideas. “If they really, really want to put up a show, then the inactive agent should at least show up once or twice so that the client knows that this particular inactive agent is actually also involved,” he said, although he added that he would not practise this. The commission could then be lodged under the inactive agent’s name, and they would also bear the corresponding income tax bill, he said. “The inactive agent has to weigh the cost. Is it worth it for (them) to pay (more) income tax just to maintain the licence? So I think most inactive agents, they may ultimately choose to drop out.” A senior agent said he would offer to "help" if approached by a junior agent in his team who could not meet the transaction requirement. “I think it's common, and will be very easy for senior agents to just park a few deals under them,” he said, adding that sellers may not care who the transaction is recorded under if the conditions of the deal have already been met. Under the new rules, agents who do not meet the minimum number of transactions can also pass a refresher examination to remain eligible for registration renewal. The senior agent said he assumed that passing the refresher examination is not going to be easy. CEA previously said the refresher exam will focus on practice-related knowledge essential for conducting estate agency work, and further details will be announced by the first half of 2029. “I'm not sure whether everyone will be helping, but I'm sure it's very easy to help them (inactive agents). There's no incentive not to help,” he said. Still, he pointed out that it would be “very easy” to clock three transactions over three years, and he did not know of any agent who would need help. He suggested that agents should be required to hit a minimum income, instead of a minimum number of transactions, as that would be harder to circumvent. CEA said that n ew property agents who have just joined the industry will not be required to complete any transactions in their first year. From their second year of registration, they will be required to meet the new requirement. This means they will need to either complete at least two transactions over the remaining two years of their registration period, or pass the exam. Agents who are unable to meet the requirement due to extenuating circumstances, such as serious medical issues or those handling complex property transactions that may take more time, may be considered for waivers on a case-by-case basis.

HEADCOUNT As of Jan 1, there were 36,816 property agents and 997 property agencies. More than 87 per cent of agents were in the top five agencies: PropNex Realty - 13,945 ERA Realty Network - 8,427 Huttons Asia - 5,760 OrangeTee & Tie - 2,518 SRI - 1,621 Mr Nicholas Mak, chief research officer from Mogul.sg, said there is a “very strong” incentive to maintain headcounts. “Even the inactive (agencies), as long as the inactive agent doesn't give them trouble, they will try to keep them,” he said. “It's for branding purposes.” For one, property developers may choose to appoint bigger agencies to market their residential launches. Some property agents may also choose to join bigger agencies because they believe that there are more career and business opportunities, he said. At the team level, there are also benefits to having a higher headcount, said one property agent. “Even now, I think there are a lot (of teams) still doing that. Like no active agent, but with the headcount, they can go up to the next level of the rank or something like that. “Two things: sales and headcount. Because there is criteria to go up to the next rank, (teams) must have certain sales with a certain team number,” she said. The property agent added that if she had an inactive associate, she would ask them to take over the lead early in a transaction with the lowest value and close the deal. “It’s nothing illegal, cause you also get approval from the owner. Like okay, this person will be serving you,” she said. In this situation, the inactive agent genuinely takes over the client and performs the estate agency work, rather than merely having the transaction recorded under their name. NOT A RISK WORTH TAKING Under the Estate Agents Act, property agencies and agents are required to submit property transaction records to CEA. It is an offence to submit false or misleading information, which includes submitting a transaction under an agent’s name when the transaction was handled by another property agent, a spokesperson from CEA said, adding that they take a serious view of such misconduct. Offenders may be prosecuted in court and jailed for up to 12 months, fined up to S$10,000 (US$7,810), or both. For certain complex transactions, such as en bloc transactions or the sale of high-end commercial or industrial properties, the spokesperson said CEA may recognise more than one agent for each side of a transaction. Agencies will need to provide supporting documents to the regulator to substantiate the involvement of their agents in completing these transactions. CEA will assess the number of agents – and which agents are to be recognised – on a case-by-case basis, the spokesperson added.

Some inactive property agents CNA spoke to said they would rather give up their licence. “I don't think this is going to work long term,” said Mr Wesley Ong, 25, a full-time university student who has not transacted since getting registered in 2024. As he was enrolled in the Real Estate Business Diploma programme before April 2020, he was exempted from taking the Real Estate Salesperson (RES) examination. He said he had not heard of this workaround before. “Maybe it can protect your licence now. But are you (going to) … keep relying on other people's transactions just to protect your licence? Then three years down the road, you still don't have any property transacted,” he said. “Ultimately, at the end of the day, you're still earning nothing. Then what’s the point?” Another agent added that she did not think active agents would go so far as to risk their registrations. “Now the government is so strict. So with those active agents, I doubt they will help in that way. It is your livelihood, your team. Why would you want to risk it for someone who is inactive? “If they fail to deliver, they just have to go and do the (refresher) exam … So it's not that there is no leeway,” she said. The agent, who works full-time in a different industry and got registered about 10 years ago, said she keeps the licence because it could “come in handy”. She suggested that agents who cannot meet the minimum transaction requirement can work under a qualified team leader, before the agent resumes independent practice. “Professionalism is actually all about knowledge, mentorship and continuous learning, not just transaction numbers,” she said. STEPPING UP MEASURES CNA reached out to the five biggest property agencies by headcount for comment. Key executive officer of ERA Eugene Lim said the agency will step up legal and compliance training to reinforce that it is an offence to falsify transaction submissions. Committing such an offence may result in CEA revoking their registration, and they will no longer be able to conduct estate agency work after that, he said. He added that CEA will start collecting commission payment information from all estate agencies from next year, and can easily match this against the transactions submitted. “If an agent is found to record a transaction under another agent’s name, he would have made a falsified submission, and that may likely constitute an offence,” he said. He added that three transactions over three years is not difficult to achieve, and that CEA recognises all types of transactions. Huttons Asia’s CEO Mark Yip said the company expects all transactions submitted by its salespersons to “accurately reflect the estate agency work carried out”. The salesperson responsible for the transaction is expected to submit the relevant documents in accordance with CEA's requirements, he added. “Our internal processes are designed to support accurate record-keeping and regulatory compliance,” he said. In terms of how the new requirements may affect headcount, he said the company expects the overall impact to be gradual, with the more noticeable effects likely to be around the next major renewal cycle. Chief agency officer of PropNex Realty Eddie Lim said the agency does not allow a transaction to be recorded under the name of a salesperson who was not genuinely appointed or involved in the transaction. The transaction submission is supported by relevant documents, including the prescribed CEA estate agency agreement or applicable appointment forms. These documents identify the appointed salesperson and are signed or acknowledged by the property owner or client and the salesperson concerned. This provides a formal record of the appointment and the salesperson responsible for representing the client. He added that any suspected inaccurate declaration or improper attribution will be reviewed under PropNex’s governance and compliance processes. In practice, salespersons may work in partnerships or teams on the same side of a transaction to provide greater value to consumers, Mr Lim said. However, only one agent can formally record the transaction to meet the currency requirement. Other team members who contribute substantially through marketing outreach, buyer engagement, market analysis, consultation, negotiations, documentation and transaction coordination cannot record the transaction, he added. “But when a consumer complaint comes in, CEA holds everyone responsible. “PropNex intends to engage CEA on how the currency requirement could appropriately recognise genuine and documentable team participation without weakening the integrity of the framework.” OrangeTee & Tie declined to comment, while SRI did not respond to queries. Mogul.sg’s Mr Mak said the workaround may undermine CEA’s governance of the property agency industry. “The ‘borrowing’ of real estate transactions among property agents not only misleads the public on the proficiency of the agents, but it also makes a mockery of the government policy and regulations,” he said. He suggested ways to plug the loophole, including raising the minimum number of transactions, strengthening auditing processes and increasing penalties for wrongdoing. “You have to make an example. Justice must be done and seen,” he added.

## Chinese translation

> Translation model: openai_codex_cli

### 尽管有规定，房地产经纪或可“借用”交易以满足注册续期新要求

从2027年起，房地产经纪必须在三年内完成至少三宗交易，或通过复修考试，才有资格续期注册。

新加坡：一些房地产经纪告诉CNA，部分不活跃的房地产经纪可能会向他人“借用”交易，以满足一项新要求，即他们必须在三年内完成至少三宗交易才能维持注册。活跃经纪表示，他们可以用不活跃经纪的名义提交一宗交易，即使后者并未参与该交易。该不活跃经纪随后会把佣金转给实际参与的经纪。但一名专家表示，这可能会削弱房地产代理理事会（CEA）确保房地产经纪保持知识更新并向客户提供最新建议的努力。监管机构告诉CNA，自2023年以来在CEA注册的房地产经纪中，约40%在此前三年内没有完成至少三宗住宅房地产交易。2023年至2025年，每名经纪每年完成的住宅房地产交易中位数为两宗。在接受CNA采访的八名经纪中，大多数在匿名条件下表示，他们知道这种做法，并承认当该要求明年生效时，这可能成为一种变通办法。CEA在回复CNA询问时表示，对于大多数房地产交易，它会认可交易每一方的一名经纪，即买方或租户一方一名，卖方或房东一方一名。该机构表示：“这将是交易每一方中直接与客户互动并承担大部分房地产代理工作的房地产经纪。”该机构并补充说，提交虚假或误导性信息属于违法行为。

“转交交易” 房地产经纪指出，由于多人可以共同处理一个挂牌项目，要证明谁完成了实际工作可能具有挑战性。房地产经纪有时以团队形式工作，团队中包括资深和初级成员，也包括一些刚进入行业的人。一名“一兼职”房地产经纪表示，团队经理可以介入，帮助不太活跃的经纪维持其交易要求；这名经纪每年大约成交一次。他说：“这并不难。”他说：“他们可以把交易转给你……一宗小交易，房间出租，几百新元。他们叫你去处理这张单，然后你完成交易，你就已经有一宗计数了。”被问及这种做法是否获准时，他说：“按理说不行……但如果你‘走偏门’，谁会知道，对吧？”一名活跃房地产经纪告诉CNA，要证明提交交易的经纪没有参与该交易会很难。例如，他们可以声称自己提供了营销点子。他说：“如果他们真的、真的想把戏做足，那么不活跃经纪至少应该露面一两次，让客户知道这名不活跃经纪其实也有参与。”不过他补充说，自己不会这样做。他说，佣金随后可以登记在不活跃经纪名下，而他们也将承担相应的所得税账单。“不活跃经纪必须权衡成本。为了维持执照而缴纳（更多）所得税，对（他们）来说值得吗？所以我认为大多数不活跃经纪最终可能会选择退出。”一名资深经纪表示，如果团队中有初级经纪无法满足交易要求并向他求助，他会提出“帮忙”。他说：“我认为这很常见，而且资深经纪要把几宗交易挂在他们名下会非常容易。”他并补充说，如果交易条件已经达成，卖方可能并不在意交易记录在谁名下。根据新规定，未能达到最低交易数量的经纪也可以通过复修考试，以继续符合注册续期资格。这名资深经纪说，他假设通过复修考试不会容易。CEA此前表示，复修考试将侧重于开展房地产代理工作所必需的执业相关知识，更多细节将于2029年上半年公布。他说：“我不确定是否每个人都会帮忙，但我肯定要帮助他们（不活跃经纪）非常容易。没有不帮的诱因。”不过，他指出，在三年内累计三宗交易会“非常容易”，他也不知道有哪名经纪需要帮助。他建议，应要求经纪达到最低收入，而不是最低交易数量，因为那会更难规避。CEA表示，刚加入行业的新房地产经纪在第一年无需完成任何交易。从注册第二年起，他们将被要求满足新规定。这意味着他们需要在注册期剩余两年内完成至少两宗交易，或通过考试。因严重医疗问题等特殊情况，或因处理可能需要更多时间的复杂房地产交易而无法满足要求的经纪，可按个案考虑豁免。

人数 截至1月1日，共有36,816名房地产经纪和997家房地产代理公司。超过87%的经纪任职于前五大代理公司：PropNex Realty - 13,945 ERA Realty Network - 8,427 Huttons Asia - 5,760 OrangeTee & Tie - 2,518 SRI - 1,621 Mogul.sg首席研究官Nicholas Mak先生表示，维持人数有“非常强”的诱因。他说：“即使是不活跃的（经纪），只要不活跃经纪不给他们惹麻烦，他们都会尽量留住他们。”他说：“这是出于品牌目的。”其一，房地产发展商可能会选择委任规模较大的代理公司来营销其住宅新盘。他说，一些房地产经纪也可能选择加入规模较大的代理公司，因为他们相信那里有更多职业和业务机会。一名房地产经纪表示，在团队层面，拥有更多人数也有好处。她说：“即使现在，我认为仍有很多（团队）在这样做。比如没有活跃经纪，但有了人数，他们就可以升到下一级职级或类似的东西。”“两件事：销售和人数。因为升到下一级职级有标准，（团队）必须在一定团队人数下达到一定销售额。”这名房地产经纪补充说，如果她有一名不活跃同事，她会让他们在一宗价值最低的交易中早早接手潜在客户并完成交易。她说：“这没有违法，因为你也得到业主批准。比如好，这个人会为你服务。”在这种情况下，不活跃经纪是真正接手客户并执行房地产代理工作，而不是仅仅把交易记录在其名下。不值得冒的风险 根据《房地产代理法》，房地产代理公司和经纪必须向CEA提交房地产交易记录。CEA一名发言人表示，提交虚假或误导性信息属于违法行为，其中包括在交易由另一名房地产经纪处理的情况下，以某名经纪的名义提交交易；他补充说，CEA严肃看待此类不当行为。违法者可能被控上法庭，判监最长12个月，罚款最高10,000新元（7,810美元），或两者兼施。发言人表示，对于某些复杂交易，例如集体出售（en bloc）交易或高端商业或工业房地产销售，CEA可认可交易每一方超过一名经纪。代理公司需要向监管机构提供证明文件，以证实其经纪在完成这些交易中的参与。发言人补充说，CEA将按个案评估经纪人数以及哪些经纪应获认可。

CNA采访的一些不活跃房地产经纪表示，他们宁愿放弃执照。25岁的全日制大学生Wesley Ong先生自2024年注册以来尚未成交。他说：“我不认为这能长期奏效。”由于他在2020年4月之前已报读房地产商业文凭课程，因此获豁免参加房地产销售员（RES）考试。他说，他此前没有听说过这种变通办法。他说：“也许现在可以保住你的执照。但你（要）……一直依赖别人的交易来保住你的执照吗？然后三年后，你仍然没有任何房地产成交。”他说：“归根结底，到头来你仍然一无所获。那有什么意义？”另一名经纪补充说，她不认为活跃经纪会做到冒注册资格风险的地步。“现在政府这么严格。所以那些活跃经纪，我怀疑他们会以那种方式帮忙。这是你的生计、你的团队。你为什么要为了一个不活跃的人去冒险？”她说：“如果他们无法达标，他们就只得去参加（复修）考试……所以并不是没有余地。”这名经纪在另一个行业全职工作，并在约10年前注册。她说，她保留执照是因为它可能“派得上用场”。她建议，无法满足最低交易要求的经纪可在合资格团队领导下工作，之后再恢复独立执业。她说：“专业精神实际上关乎知识、指导和持续学习，而不仅仅是交易数量。”加强措施 CNA联系了按人数计算的五大房地产代理公司置评。ERA主要执行官Eugene Lim表示，该代理公司将加强法律与合规培训，以重申伪造交易提交资料属于违法行为。他说，犯下此类违法行为可能导致CEA撤销其注册，之后他们将无法再从事房地产代理工作。他补充说，CEA将从明年起开始向所有房地产代理公司收集佣金支付信息，并能轻易将其与提交的交易进行匹配。他说：“如果发现某名经纪将交易记录在另一名经纪名下，他就作出了伪造提交，而这很可能构成违法行为。”他补充说，三年内完成三宗交易并不难做到，而且CEA认可所有类型的交易。Huttons Asia首席执行官Mark Yip表示，公司期望其销售人员提交的所有交易都能“准确反映所进行的房地产代理工作”。他补充说，负责交易的销售人员应按照CEA的要求提交相关文件。他说：“我们的内部流程旨在支持准确的记录保存和监管合规。”至于新要求可能如何影响人数，他说，公司预计总体影响将是渐进的，较明显的影响可能会出现在下一次主要续期周期前后。PropNex Realty首席代理官Eddie Lim表示，该代理公司不允许将交易记录在并非真正受委任或参与交易的销售人员名下。交易提交由相关文件支持，包括规定的CEA房地产代理协议或适用的委任表格。这些文件列明获委任的销售人员，并由房地产屋主或客户及相关销售人员签署或确认。这为委任以及负责代表客户的销售人员提供了正式记录。他补充说，任何疑似不准确声明或不当归属都将根据PropNex的治理和合规流程进行审查。Lim先生说，在实际操作中，销售人员可在同一交易方以合作或团队形式工作，以为消费者提供更大价值。然而，只有一名经纪可以正式记录该交易，以满足知识更新要求。他补充说，其他通过营销外联、买家互动、市场分析、咨询、谈判、文件处理和交易协调作出实质贡献的团队成员，不能记录该交易。“但当消费者投诉出现时，CEA会追究所有人的责任。”“PropNex打算与CEA沟通，探讨知识更新要求如何适当地认可真实且可文件证明的团队参与，同时不削弱框架的完整性。”OrangeTee & Tie拒绝置评，而SRI没有回复询问。Mogul.sg的Mak先生表示，这种变通办法可能削弱CEA对房地产代理行业的治理。他说：“房地产经纪之间‘借用’房地产交易，不仅会误导公众对经纪能力的判断，也是在嘲弄政府政策和法规。”他建议了堵塞漏洞的方法，包括提高最低交易数量、加强审计流程，以及加大对不当行为的处罚。他补充说：“你必须树立典型。正义必须得到伸张，也必须让人看见。”