C1: Duty of Care & Due Diligence (C1L1S0649)
This core CPD COURSE focuses on laying the foundation for essential knowledge and enabling salespersons to develop their competencies as well as good ethics and professionalism. The courts in Singapore impose the duty of care and skills on real estate salespersons (RES) to ensure that they undertake their duties and obligations with care, due diligence and reasonable skills even if it is not expressly stipulated as a contractual term.
This course will emphasize on the process flow to assist the understanding of a particular sale process. There will also be checklists to remind RES of their basic duty of care and due diligence and a step-by-step guide to remind RES of the official resources available for due diligence checks.
Expected learning outcomes:
- Understand that the basic ‘duty of care’ is owed to any third party (or non-client) at common law (i.e. even when there is no written contractual terms) so that the best interests of principal clients can be fulfilled;
- understand that various paragraphs in the Code of Ethics and Professional Client Care (CEPCC) stipulate the duty of care and due diligence;
- understand that an acceptable standard of care is required as long as it is ‘reasonably practicable’ as demonstrated in the case scenarios.
- apply the duty of care and due diligence (hereafter ‘duty’) in ascertaining property information, from the public domain, e.g. SLA, URA, BCA, HDB, for the benefits of all parties involved.
- apply the duty in ascertaining the correct sale, resale, and sub-sale procedures, be it HDB flats or private properties, to ensure all transactions are smooth;
- apply the duty in ascertaining the rules of CPF withdrawals in the purchase of real estate; and
- apply the duty in ascertaining the correct sale process involving vulnerable clients, e.g. persons who lack legal capacity to act due to old age.