Amendments to the Licensing Regulation
|Circular No. 01-16 (CR)
The Estate Agents (Licensing) (Amendment) Regulation 2001 has been passed by the Legislative Council and shall take effect on 1 January 2002. The amendments aim to provide more flexibility to the licensing requirements and to reduce the licence fees. Practitioners' attention is drawn to the following:
- 24-month licence validity period
An applicant for the grant of a licence or for the renewal of licence may opt for, in addition to the 12-month validity period, a 24-month validity period.
- Reduction of licence fees
From 1 January 2002, the licence fees are reduced by 30%. The new fees are as follows:
||New Fees (HK$)
||Existing Fees (HK$)
|Estate agent's (individual) licence
|Estate agent's (company) licence
|Statement of particular of business
- Re-entry into the Trade within 24 months
From 1 January 2002, any person who has held a fully substantiated licence (i.e., one without any examination/training condition attached thereon or, if there is such condition, he has passed the relevant examination or completed the specified training course on or before 31 December 2001) and who ceases estate agency work temporarily may re-apply for a licence within 24 months from the expiry of his last licence without having to fulfil the educational and examination requirements again.
- Switching of individual licences
The holder of a fully substantiated estate agent's licence may apply for a salesperson's licence without having to pass the salesperson qualifying examination.
The holder of a fully substantiated salesperson's licence may apply for an estate agent's licence provided that he has at any time passed the estate agent qualifying examination or, being a senior practitioner, completed a prescribed training course for estate agents on or before 31 December 2001.
Switching of individual licences is subject to the 24-month stipulation in paragraph 3 above.
- Display of information on documents and advertisements
Licensed estate agents need only state the following on any letter, account, receipt, pamphlet, brochure or other document issued by them:
- business name (not the name of the licensee);
- licence number OR statement of particulars of business number; and
- business address.
Licensed estate agents need only state item (i) and (ii) above in any advertisement issued by them which is not in the form of pamphlet or brochure.
Enquiries may be made to the Licensing Hotline of the Authority (2111 2777 or 2111 3883)