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.
- 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 fee||Two-year license fee|
|Estate Agent||HKD$2,010||HKD$3,930 (Average of HKD$1,965 per year)|
|Estate Salesperson||HKD$1,280||HKD$2,510 (Average of HKD$1,255 per year)|
For further information, please reference: http://www.eaa.org.hk/en-us/Licensing/Licence-fees
- 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
- 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.
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