QUESTION: Sir John, when I went to the Mall, someone handed over a real estate development flier to me. He says if I am interested, I can contact him as his name and contact number is indicated at the back of the flier. I forgot to ask if he is licensed broker or registered salesperson. How would I know if he is colorum?
ANSWER: Easy. Colorums usually don't have license numbers to indicate in their advertisements.
Section 1 paragraph (f) of the Real Estate Service Code of Ethics says that "he should indicate the license number ... in his letterhead, dry seal, signboard, billboard, advertisement of other announcement in relation to the Realty Service Practice".
It is always disadvantageous for real estate clients to deal with Colorums because they don't follow a Code of Ethics. Colorums don't have license numbers, and their usual palusot is: "we are in-house".
So, be careful. Always contact and deal with a licensed professional.
If you are a real estate SELLER, always take the advantage of being represented by a traditional Listing/Selling Agent. If you are a real estate BUYER, always take the advantage of being represented by a BUYER AGENT.