Enter into the. Estate Agency Trade

Transcription

1 Enter into the Estate Agency Trade

2 About the Estate Agents Authority and the Licensing Regime The Estate Agents Authority (EAA) is a statutory body established under the Estate Agents Ordinance (EAO). It is responsible for regulating the practice of estate agency in Hong Kong, promoting integrity and competence within the industry, and facilitating training for estate agency practitioners to enhance their standards and status. As stipulated in the EAO and subject to certain exceptions, any individual or company practising estate agency work in the course of business or in the course of employment in Hong Kong must hold a valid estate agent s or salesperson s licence. Failure to do so is an offence. One of the EAA s principal functions is, through organising qualifying examinations and vetting licence applications, to ensure that only those who meet the required standards are allowed to practise in the trade. Frequently Asked Questions and Answers 1 What types of licences does the EAA issue? There are three types of licences: (i) Estate agent s licence (individual); (ii) Estate agent s licence (company); and (iii) Salesperson s licence. 1

3 Enter into Estate Agency Trade 2 What are the licensing requirements? To be granted an estate agent s licence (individual) or a salesperson s licence, a first-time applicant must: (i) have attained the age of 18 years at the date of application; (ii) have completed a Form Five education level or its equivalent; (iii) have passed the relevant qualifying examination in the 12 months immediately prior to the application; and (iv) be a fit and proper person. To be granted an estate agent s licence (company), an applicant must meet the following requirements: (i) It must be a company; (ii) It must have at least one director who is a licensed estate agent; (iii) It must have a licensed estate agent who is in effective control of the company s estate agency business; (iv) All directors engaged in its business as estate agents must be licensed estate agents; (v) Its directors must all be fit and proper persons; and (vi) The company itself must be a fit and proper person. 2

4 3 How to participate in the qualifying examinations? There are two types of qualifying examinations: the Estate Agents Qualifying Examination (EAQE) and the Salespersons Qualifying Examination (SQE). All are welcome to enrol. A candidate who passes the EAQE may apply for either an estate agent s licence (individual) or a salesperson s licence. A candidate who passes the SQE may apply for a salesperson s licence only. The qualifying examinations are administered by the Hong Kong Examinations and Assessment Authority (HKEAA) and in multiple-choice format. Candidates can choose either the Chinese or the English version of examination paper. Applications for the qualifying examinations should be submitted to the Registration Office of the HKEAA, San Po Kong Office (address: 3/F, 17 Tseuk Luk Street, San Po Kong, Kowloon) by post, in-person or by a representative. For details of the examination timetable and ways of registration, please visit the EAA s website ( 4 Does the EAA provide any preparatory courses for the qualifying examinations? The EAA does not provide any preparatory courses or publish any study materials for the qualifying examinations. However, some of the materials in the EAA website may be helpful for the preparation of the qualifying examinations. These materials can be downloaded from the EAA s website ( and some are also available for sale or for free at the EAA office. 3

5 Enter into Estate Agency Trade 5 What is the meaning of being a fit and proper person? In deciding whether an individual applicant is a fit and proper person, the EAA will consider all relevant factors which include but are not limited to the following: (i) whether the individual is an undischarged bankrupt, or has within the five years prior to application made a composition or scheme of arrangement with his creditors; (ii) whether the individual is a director or an officer of a company which is disqualified under the EAO from holding a licence, or was a director or an officer of that company when the company was so disqualified; (iii) whether the individual is a mentally disordered person or a patient within the meaning of Section 2 of the Mental Health Ordinance; and (iv) whether the individual has any criminal conviction. In deciding whether a company is a fit and proper person, the EAA will consider all relevant factors which include but are not limited to the following: (i) whether the company is in liquidation or subject to a winding-up order; and whether a receiver has been appointed to deal with it; (ii) whether the company has, in the five years prior to the application, entered into a composition or scheme of arrangement with its creditors; and (iii) whether the company has any conviction under the EAO. 4

6 6 What is the application procedure? After submitting the application with the required documents and fee, the EAA will generally process a first-time application for the estate agent s licence (individual) and the salesperson s licence in the following steps: Bank in the payment and vet the submitted application and documents Contact the applicant or the relevant parties (e.g. the educational institution or the Police) in question to verify information or documents provided by the applicant when necessary Approve the application if everything is in order, issue a licence and print an estate agent card Update the Register and the Licence List on the website which are available for public inspection Send the licence and the estate agent card to the applicant by ordinary mail or notify the applicant to pick-up at the EAA office Arrange for a notice to be published in the Gazette 5

7 Enter into Estate Agency Trade 7 Can I switch from one type of licence to another? The holder of a valid estate agent s licence (individual) may apply for a salesperson s licence. The holder of a valid salesperson s licence may apply for an estate agent s licence (individual) provided that he/she has passed the qualifying examination for estate agents. 8 What type of work can I do after obtaining a licence? The holder of an estate agent s licence (individual) may carry out the business of estate agency work or act as a salesperson for another licensed estate agent. A licensed salesperson may only perform estate agency work as a salesperson for a licensed estate agent. 6

8 9 Enter into Estate Agency Trade How much licence fees do I need to pay? Applicants may opt for a 12-month or 24-month licence. Licence fees are as follows: 12 months 24 months Salesperson s licence $1,280 $2,510 Estate agent s licence (individual) $2,010 $3,930 Estate agent s licence (company)* $2,800 $5,460 Statement of particulars of business $2,120 $4,140 * One statement of particulars of business is included. 10 After entering into the estate agency trade, is there any opportunity for training or learning? To facilitate practitioners to uphold the spirit of life-long learning, and to enhance their competence and keep them abreast of the latest professional knowledge in the trade, the EAA launched a Continuing Professional Development Scheme on a voluntary basis in Practitioners can participate in the Scheme as an individual or as an estate agency company. The EAA provides various kinds of incentive measures to encourage participation of the Scheme. Please refer to the EAA website ( for details. Contact us: Estate Agents Authority Address : 48/F, Hopewell Centre, 183 Queen s Road East, Wanchai, Hong Kong Hotline : Website : 7 The information provided in this booklet is for reference only. The information as at July 2014 shall prevail.