TENANCY AGREEMENT; what to look out for

A typical Tenancy Agreement should include the following:

Confused about real estate legal terms? Use this 1 page guide

Confused about the various legal terms used in a real estate transaction? You'r enot alone. Use this 1 pager guide to help you.

Should I get a Real Estate Salesperson Licence?

How much does it cost?

On the road to becoming a full-fledged real estate agent, you’ll need to foot the following costs:

• Real Estate Salesperson (RES) course – generally in the $700++ region at the various centres
• RES exam – $246.10 (Paper 1 and Paper 2)
• Registration fee to become a Real Estate Salesperson – $53.30 + $230 annual fee = $283.30
• Total: A minimum of  $1,300

Is there subsidies available?

There is Skill Future credit which you can use to offset the cost of the course: 

In addition, you can also become a NTUC member to utilize UTAP scheme for $250 claim to offset the cost. 

Some agencies may offer reimbusrment of the cost if you join them as agents.

It is important to read the Terms and Conditions associated with the various subsidies available.

What is the pay like?

For buy/sell transactions, property agents typically earn commission of 1% on the property price for facilitating the buy/sell of private property, 2% on the sale of HDB property and 1% for the purchase HDB property. They are not allowed to collect commission for both sale and purchase in the same transaction.

For rental transaction, property agents typically get 1 month of rental for renting a place on a typical 2 year lease. 

Bear in mind that any amounts you spend on advertising and promotion of your services will have to come out of your own pocket, too.