As the news highlights, people have been searching on the internet regarding the Isabelle Loo controversy. Why was the real estate broker fined?
Isabelle Loo is the Senior Marketing Director at Era Realty Network Pte Ltd. She has a deep passion for property investment, business management, and education.
Her journey in the real estate industry began after she graduated from university in 1996.
She observed the remarkable gap in property prices and thought of beaching the same gap.
Isabelle is also the founder of Aurealis Serviced Residence. She firmly believes in the importance of prudent real estate investment.
Loo considers real estate a fundamental element of a retirement portfolio and a critical factor in wealth creation.
However, recently, she has been in the news headlines as she violates governing bodies’ rules.
Continue reading to know more about the controversy.
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Isabelle Loo Controversy Explained
Isabelle Loo, a property agent at ERA Realty Network, recently became controversial.
She faced controversy for her involvement in selling flats that did not meet the required minimum occupation period (MOP).
Specifically, Ms. Loo was found to have shown a flat at Depot Road to potential buyers whose owners hadn’t lived there for the entire period.
The Housing and Development Board (HDB) has a strict rule where owners must live in their BTO flats for a set time, i.e., five years of the minimum occupation period, before selling them openly.
However, Loo broke a rule by HDB, which led to controversy.
In response to such violations, HDB had to take action in 53 cases where owners violated this rule, with 21 cases resulting in HDB reclaiming the flats.
Of these, 21 cases resulted in HDB reclaiming the flats due to non-compliance with the occupancy requirements.
The controversy involving Isabelle Loo highlights the importance of following regulations to ensure fair property transactions and maintain HDB’s policies’ integrity.
It also highlights the importance of following the rules to avoid negative consequences.
How Much Real Estate Broker Isabella Loo Was Fined
Isabelle Loo, a real estate broker, was fined $500 and convicted for her involvement in marketing a flat at 110A Depot Road.
Before Isabelle Loo, Ms. Christina Au, a real estate agent, was fined $1,000 and convicted on January 18 for marketing a Housing Development Board (HDB) flat in Yishun Street 51.
The information regarding the fined and censured comes from the public register of estate agents.
Both real agents were charged with breaching the Code of Ethics and Professional Client Care.
The public register of estate agents documents all the disciplinary actions within the real estate industry.
The Council for Estate Agencies (CEA) mentioned that Ms. Loo had violated the Code of Ethics and Professional Client Care by not following the rules of Housing Board flats.
Ms. Loo’s breach of the code and expected standards of performance set by the governing bodies for estate agents and salespersons when conducting estate agency work.
However, the agencies she was affiliated with were not named in the report. The agency was not charged with the fine and was censured.
The fine and censure imposed on Isabelle Loo emphasize the need for real estate agents to follow ethical conduct strictly.
It also highlights the importance of following the legal requirements while engaging in property transactions.