How long is the validity period of the EAQE/SQE license?

May 12, 2021

Do I need to renew my license every year? Where should I apply for a license renewal?

Huh? Isn’t the EAQE/SQE test result a license?!

Passing the EAQE or SQE is one of the licensing conditions for obtaining a real estate agent/salesperson license. The EAQE and SQE exams are held by the Institute of Professional Education and Knowledge(PEAK). VTC PEAK is a statutory organization that provides professional education and training in Hong Kong. It is also an accredited organization for conducting EAQE and SQE examinations. However, after completing the exam, students need to apply for a license from the Estate Agents Authority (EAA) instead of VTC PEAK, because VTC PEAK only conducts the exam and is not responsible for license application.

The Estate Agents Authority is responsible for overseeing the compliance matters of the entire real estate industry, including processing the license applications of real estate practitioners and supervising the real estate business of estate agencies. However, the Estate Agent Authority does not arrange examination matters, nor does it hold examinations. Before entering the industry to process real estate sales or leasing, in addition to passing the exam, you also need to meet other licensing requirements, such as age, education, work experience, and criminal record in accordance with the “Fit and Proper” guidelines issued by the Estate Agents Authority. As well as various requirements such as financial status, in order to apply for a license.

Will the real estate license issued by the EAA expire?

The previous article mentioned that after successfully applying for a license, as long as the license is not terminated or revoked, there is no need to retake the exam and the license can remain valid. However, to maintain a valid license does not mean that it can be done once and for all after a successful application. In fact, there are some basic requirements one must abide by in order to keep their license’s validity. As long as the following requirements are met and the license is continuously renewed, the license can always be retained.

  1. License Fee $$$

Both salesperson and an estate agent, being a licensed individual, have to pay a license fee to the Estate Agents Authority every year or every two years. Paying two years at a time will be a little cheaper. The license fee can be paid by cash, EPS or cheque.

 One year license feeTwo-year license fee
Estate AgentHKD$2,010HKD$3,930 (Average of HKD$1,965 per year)
Estate SalespersonHKD$1,280HKD$2,510 (Average of HKD$1,255 per year)

For further information, please reference: http://www.eaa.org.hk/en-us/Licensing/Licence-fees

  1. Continuous training is not mandatory!

In the securities and insurance industry, continuing professional development (CPD) is mandatory. If the CPD requirements are not met, one’s license may be suspended or revoked. But in the real estate industry, CPD is not compulsory, though the Estate Agents Authority encourages licensees to do so. There is no legal responsibility for failure to complete any CPD, and there will be no penalties or displeasing consequences if a person does not participate in any CPD. However, if the person has completed the CPD recommended hours set by the Estate Agents Authority, the practitioner will be awarded a certificate and Symbol, and if he/she keeps completing the recommended hours of CPD, he will also receive a silver or gold Symbol of excellence. For further information, please read: https://www.eaa.org.hk/en-us/CPD-Scheme/CPD-Attainment-Symbol

  1. Continue to comply with the ” Fit and Proper ” guidelines issued by the Estate Agent Authority 

In addition to complying with the requirements of this guideline before applying for a license, it is necessary to maintain the standards of candidates suitability after obtaining a license, such as the person must not currently or recently filed for bankruptcy, possessing appropriate abilities and skills. Otherwise, it will affect whether you can continue working as a licensee in the real estate business. For details, please refer to: http://www.eaa.org.hk/en-us/Licensing/Licensing-requirements/Fit-and-proper-individual

How long after the license expires will I have to retake the exam?

In the real estate industry, as long as the guidelines are met and the license is continuously renewed, even if an individual licensee resigns as a staff member at an estate agency, the license will not be invalidated. However, once the license expires or is suspended, the person needs to re-apply for a license  within two years, otherwise they will need to retake the exam after two years.

How can we help?

2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for EAQE and SQE in Chinese and English. We also offer 1 on 1 tutorial services. Besides, we have also made free bibles and free tutorial videos for EAQE and SQE and posted on public channels such as Youtube/ Bilibili/ Tencent/ Iqiyi. 2CExam has been an exam training expert for years. Should you need any help please visit www.2cexam.com or contact us through:

Phone +852 2110 9644 Email: [email protected] Wechat: hk2cexam WhatsApp: +852 9347 2064

Please support us by leaving comments and likes if you think this article helps you!

You can scan or click on the QR codes to visit our social media.

Latest Article

Categories

過往文章

Contact US

Interesting Articles

Why can’t you learn the practise questions by rote when studying for the IIQE Insurance Exam?

May 25, 2022

Students who have taken/ who are going to take the IIQE should know the study note is a several-hundred pages, paragraph form booklet illustrating the exam coverage. Not to mention the length of the text, the expression of concepts requires readers’ intense concentration. So some candidates think that doing only the practise questions should be…

Why can’t you learn the practise questions by rote when studying for the HKSI Licensing Examination (LE)?

May 18, 2022

Students who have taken/ who are going to take the HKSI LE should know the HKSI study note is a several-hundred pages, paragraph form booklet illustrating the exam coverage. Not to mention the length of the text, the expression of concepts requires readers’ intense concentration. So some candidates think that doing only the practise questions…

How to register for the IIQE Insurance Intermediary Qualifying Examination?

May 11, 2022

The IIQE exam should be registered at PEAK instead of the Insurance Regulatory Bureau. The IIQE exam places are quite sought-after. If students have an urgent need to take the exam, students should decide to register as soon as possible. The test period will be issued on a day between the 12th to 17th of…

How to register for the HKSI LE Securities and Futures Practitioner?

May 4, 2022

The HKSI LE exam must be registered at HKSI, but not the SFC. There are two methods for registration. The most popular one is online registration, followed by in-person registration. How to register for HKSI exam Register online: 1. To register for the exam, you must first register as a member of HKSI 2. Click…

Losing Friends and Family Is Inevitable Once Joined the Insurance Industry? 10 Benefits of Working in The Insurance Industry That Can Overturn Your Stereotypes

April 20, 2022

Must people in the insurance industry lose their friends and family? NO! It is not that you won’t have friends when you join the insurance industry. In fact, it depends on whether you use the correct method to sell. When you only care about commissions and don’t care about the needs of your customers, selling…

What kind of jobs can I get after I pass the IIQE Hong Kong Insurance Exam?

April 13, 2022

After passing the IIQE (Insurance Intermediary Qualifying Examination) in Hong Kong, students can start looking for jobs. What job options are there? Bank Relationship Manager (RM) / General Banking Officer (GBO) / Personal Banking Officer / Assistant Relationship Manager (ARM) Some sales positions in the bank, including Relationship Manager (RM) and their assistant – Assistant…

What job opportunities can I get in Hong Kong after passing the HKSI LE securities exam?

April 7, 2022

First, I would like to clarify that some people do not take the HKSI Licensing Examination (also known as LE exam) to find a job, but just to learn more about the financial/ securities market and equip themselves with the necessary knowledge in a compact and more organised way. This article will not cover information…

10 Benefits of Working in the Securities Industry Which Can Bring You a Whole New Perspective

March 30, 2022

Is there an insufficient supply of positions in the securities industry? There are contradictory opinions on the internet. Some say that the financial industry is in demand for talents; others say that the financial industry has burst, and there are too many monks with only a little porridge. From my experience in the recruitment industry…

Is the Securities, Insurance or Real Estate Industry Better? Comparing Incomes amongst Finance Industries

March 22, 2022

Securities and Banking  According to statistics on the Internet and our experience, in Hong Kong, even for some common junior or middle-level positions in the financial/ securities industry, such as risk analyst, research analyst, and compliance officer, the average base salary is between HK$20,000 and 30,000 per month. Many people who have sufficient work experience…

What is updated in 2022 in IIQE Paper 1 Insurance Exam Study Manual? Is the 2017 or older version sufficient for the upcoming exams?

March 18, 2022

The 2021 version of IIQE Paper 1 was officially applicable to exams in 2022 Insurance Authority has taken over the supervision of the insurance industry for more than two years. The IIQE Paper 1 (Insurance Intermediary Qualification Examination) finally put the new regulatory structure in the study manual, and the new study manual can be…