Dennis Wee Realty receives disciplinary action from CEA

By
/ EdgeProp
|
November 29, 2017 6:58 PM SGT
On Nov 24, Dennis Wee Realty received disciplinary action and a $66,000 financial penalty from the Council for Estate Agencies (CEA) for breaching the Practice Guidelines for Estate Agents and Salespersons Marketing Foreign Properties and the Code of Ethics and Professional Client Care. Dennis Wee Realty is also not allowed to transact or market foreign properties for 12 months from Nov 24.
According to CEA, Dennis Wee Realty had failed to provide a written advisory message to six sets of investors who purchased through it units at projects located in the United Kingdom, drawing their attention that risks are involved for foreign property consumers and that the transaction is subject to foreign laws and to any change in policies and rules in the United Kingdom and stating that they must also conduct due diligence.