RES Exam Paper 1 Last-Minute Revision Notes (Singapore)

Sitting the Real Estate Salesperson (RES) exam soon? This is a one-sitting, last-minute revision of Paper 1 topics: land planning, land law, interests in land, trusts and succession, contract law, agency law and the property market.

This is my personal note when I studied in 2026, not a replacement for your course notes. Read the bold terms first, then the tables, and keep the Quick tip lines for the night before the exam.

Every figure and rule here was checked against official Singapore sources (URA, SLA, IRAS, MAS and the statutes) as of November 2026. Rules change, so always confirm against the latest source before you rely on a number in practice.

Contents: Land planning and development · Land laws · Interest in land · Trusts, succession and co-ownership · Contract law · Agency law · Property market and financing · Numbers cheat sheet

1. Land planning and development

Plans and who does what

Long Term Plan: looks about 50 years ahead, reviewed every 10 years.
Master Plan: looks 10 to 15 years ahead, reviewed every 5 years. URA prepares both under the Planning Act.
Development Control Plan (DCP): the statutory detail on setbacks, building coverage, intensity and height.
Special and Detailed Control Plans (SDCP): guidelines from different authorities that support the Master Plan, covering parks and water bodies, envelope control, building height, conservation areas and landed housing areas.
Government Land Sales (GLS): SLA manages the sale of State land and issues land titles and lease administration for sites sold. SLA can appoint URA, HDB or JTC to sell State land through tender or auction.

Quick tip: open URA's online Master Plan map and look up the zoning of a few addresses you know. It is the fastest way to make "zoning" stick.

Measuring space

GFA (gross floor area) = gross plot ratio × site area. Under the harmonised rules, every agency measures floor area to the middle of the wall, all strata areas count as GFA, and voids are excluded from strata area.
Strata area defines what you own. GFA defines how much can be built.
Setback: the distance from the road boundary to the external wall.
NLA (net lettable area): the usable floor space that can be leased to tenants, measured from internal surfaces and excluding shared areas.

Charges when land value goes up

Land Betterment Charge (LBC): payable when an approval raises land value, for example a higher plot ratio, a rezoning to a higher-value use, or lifting a State title restriction. SLA issues a Liability Order and payment is due within 1 month.
Value ladder for rezoning: Commercial > Residential > Industrial.
Land premium: payable when renewing or extending a State lease, assessed by the Chief Valuer of SLA.
En bloc and redevelopment make sense when plot ratio or zoning improves, not just because a building is old.
Change of use: before you buy or lease commercial space, check that the previous use falls in the same use class. If not, apply to URA for change of use. Temporary approval does not change the permanent use.

Conservation

The guiding principle is the 3R: maximum Retention, sensitive Restoration, careful Repair. The four groups of conservation areas:

Group	Examples
Historic Districts	Boat Quay, Chinatown, Kampong Glam, Little India
Residential Historic Districts	Blair Plain, Cairnhill, Emerald Hill
Secondary Settlements	Balestier, Beach Road, Geylang, Jalan Besar, Jalan Jurong Kechil, Joo Chiat, Mount Sophia, River Valley, Tanjong Katong, Upper Circular Road, Tiong Bahru
Bungalow Areas	Good Class Bungalow Areas and Fringe (Chatsworth Park, Holland Park/Ridout Road, Nassim Road/Whitehouse Park) and Mountbatten Road

Types of residential property

Type	Minimum plot	Minimum width	Key controls
Good Class Bungalow (GCB)	1,400 sqm	18.5 m (30 m deep)	45% site coverage (35% sub-control), 2 storeys
Bungalow (detached)	400 sqm	10 m	50% site coverage (40% sub-control), 2 to 3 storeys
Semi-detached	200 sqm per unit	8 m	Envelope control
Corner terrace	200 sqm	8 m	Envelope control
Intermediate terrace	150 sqm	6 m	Envelope control

Strata landed housing (cluster housing, townhouses) has strata title, shared facilities and monthly MCST maintenance fees. Owners do not own the land directly under their unit. A cluster development combines landed-style homes with condo facilities such as a pool, gym and security.
Condominium vs flats: your course notes give a minimum site area of 4,000 sqm for a condominium and 1,000 sqm for flats, both with 50% maximum site coverage.
Maximum dwelling units in non-landed projects = GFA ÷ 85 sqm, rounded down. In nine specified areas (for example Joo Chiat–Mountbatten, Telok Kurau–Jalan Eunos and Kovan–How Sun) the divisor is 100 sqm. In the Central Area, at least 20% of units must have a net internal area of 70 sqm or more.

Quick tip: landed homes are land title; condos, townhouses and cluster houses are strata title. That one line answers many multiple-choice questions.

Foreign ownership (Residential Property Act)

A "foreigner" under the Act is anyone who is not a Singapore citizen, PRs included, plus companies with foreign ownership.

Free to buy: private apartments and condominiums. HDB flats and HDB shophouses cannot be bought.
Restricted (SLA approval needed): vacant residential land, terrace, semi-detached and detached houses, strata landed homes outside approved condominiums (townhouses, cluster houses), landed homes at Sentosa Cove, residential shophouses, places of worship, association premises and workers' dormitories.
Approval comes from SLA's Land Dealings Approval Unit. Applicants must show strong ties and a real economic contribution. For PRs, SLA generally looks for at least 5 years as a PR and an exceptional contribution. Each case is assessed individually.
Conditions: owner-occupation only (no renting out, whole or part), one restricted property at a time, and a 5-year non-disposal period. Land area is capped at 15,000 sq ft on the mainland and 1,800 sqm at Sentosa Cove.
Buying a second restricted property: allowed after the 5-year period, but the first one must be disposed of on or before legal completion of the new purchase.
If you lose PR or citizenship: sell within 2 years. If you inherit a restricted property without approval, it must be disposed of within 5 years of the owner's death.
Renting: foreigners may lease residential property for up to 7 years, including renewal options.
Foreign developers need a Qualifying Certificate (QC): finish construction within 5 years, sell every unit within 2 years of TOP or CSC, and provide a banker's guarantee of at least 10% of the land price. Missing the sales deadline costs 8%, 16% and 24% of the land price for the first, second and third extension year, pro-rated on unsold units. Developers also pay ABSD of 40% on residential land, of which 35% is remittable and 5% is not. (always update)
Shophouses and mixed-use: full commercial has no foreign restriction. In mixed-use projects, ABSD applies to the residential component. A residential shophouse is restricted and needs approval.
Home Office Scheme: register with URA (private homes) or HDB (flats). Business activity stays inside the home and up to 2 non-resident employees, partners or directors may work there.

2. Land laws

The key Acts

Act	What it covers
Residential Property Act	Foreign ownership of residential property
State Lands Act	How the State grants land and the types of estate
Land Titles Act	Registration of title, caveats, easements, covenants
Land Titles (Strata) Act	Strata living: subdividing land, issuing strata titles and share values
Building Maintenance and Strata Management Act (BMSMA)	Maintaining common property, duties of stakeholders and by-laws

Lot numbers and titles

Singapore's land is divided into 64 divisions: 34 Mukims (MK) and 30 Town Subdivisions (TS). You can see them on the cadastral map (INLIS or the free OneMap).
Lot numbers 1 to 99999 are land lots. The 7xxxx series is airspace and the 8xxxx series is subterranean. U marks a strata lot and A marks an accessory lot.

Title	Used for	Owner is called
Certificate of Title (CT)	Landed property, serviced apartments, a hotel or commercial building under one owner	Proprietor
Subsidiary Strata Certificate of Title (SSCT)	Condos, apartments, ECs, cluster houses, townhouses, strata retail, office and factory units	Subsidiary proprietor
Subsidiary Certificate of Title (SCT)	HDB flats	Subsidiary proprietor

Share value and maintenance

Share value (SV) is fixed by the Commissioner of Buildings (BCA) according to strata area and recorded in the strata roll kept by the MCST.
Subsidiary proprietors pay into the management fund and sinking fund in proportion to share value.
Formula: 5 SV for up to 50 sqm, then +1 SV for every further 50 sqm. A 300 sqm unit = 5 + 5 = 10 SV.

Who can hold land

Individuals must be 21 or older. Someone aged 18 to 20 can only contract for a lease of up to 3 years.
A private limited company or LLP can hold land. A sole proprietorship or partnership cannot, because neither is a separate legal person.

LPA vs POA

Lasting Power of Attorney (LPA): the donor appoints one or more donees while mentally capable. It keeps working if the donor later loses mental capacity. Without one, family must apply to court for a deputy, which usually costs more.
Power of Attorney (POA): lets someone sign documents such as an OTP or tenancy agreement for you, following your instructions. It does not cover loss of mental capacity. The donor signs in front of a solicitor, or before a notary public if overseas.

What does "owning land" include?

You own the surface plus the airspace and subterranean space reasonably necessary for the use and enjoyment of the land. For subterranean space, the State Lands Act sets this at 30 m below the Singapore Height Datum unless your title says otherwise.

Real vs personal property, fixtures and fittings

Real property is land, buildings, trees and things attached to land. Personal property (chattels) is movable: bed, chair, TV.
A fixture is permanently fixed (swimming pool, floor tiles) and passes to the buyer automatically. A fitting is not attached to the land (washing machine, shower head) and must be listed in the inventory to pass to the buyer.
Two tests for a fixture: the degree of annexation (how firmly attached) and the purpose (to improve the land, or for personal or trade use).
A trade fixture or chattel fixture (a bowling alley, for example) belongs to the tenant and can be removed without damaging the land.

Quick tip: put a final inspection clause and an inventory list in the OTP. It stops sellers taking expensive fittings and buyers throwing away items they should keep.

Mortgage, charge, caveat

Mortgage: secures the payment of a debt and gives the lender the statutory right to foreclose.
Charge: secures periodic payments such as rent, other than a debt.
Caveat: a notice of claim that restricts dealings with the land (covered in the next section).

3. Interest in land: easements, covenants, licences and caveats

Legal vs equitable interest

Legal interest: your name is on the title. It ranks ahead of an equitable interest.
Equitable interest: a beneficial interest without being on the title, for example a beneficiary under a will, a buyer of an uncompleted unit, or a lender holding security.
Rights of an owner: possession and enjoyment, exclusion of others, alienation (sell, gift, assign), renting out, and pledging as security. An HDB lessee needs HDB approval to sell or rent out, but can pledge the flat.
Proprietary (legal) right: can be enforced against third parties and passes to the next owner. Personal right: a permission that only binds the person who granted it.

Estates under the State Lands Act

Fee simple · estate in perpetuity (subject to State conditions, such as the State's right to minerals) · leasehold · Temporary Occupation Licence (TOL) · Tenancy Agreement (TA).

Reversionary interest: when land is leased, the original owner keeps the future interest (the reversion).
Life tenant: may use the property and rent it out during their lifetime, but cannot sell, gift or will it. The grantor holds the reversion.
Tenant: has the right to possess and exclude others only, not to sell, rent out or pledge. When a landlord sells a property with a tenant in place, he passes on the reversion and the right to collect rent for the rest of the lease.

Easements

An easement is a non-possessory right to use someone else's land, such as a right of way, and it runs with the land. The dominant tenement enjoys the benefit and the servient tenement bears the burden. Examples: right of way, light, water or electricity services, and support.

How created	Meaning
Express	In writing
Implied	By law, without a written agreement
Necessity	Landlocked land needs access
Prescription	Continuous use for 20 years

An easement needs two owners. When one person owns both plots, the right is a quasi-easement. If he later sells one plot, an implied grant gives the buyer access (the buyer becomes dominant) and an implied reservation lets the seller keep a right of way over what he sold.
Ways an easement ends: abandonment (non-use for more than 12 years), express release by the dominant owner, implied release (for example, the dominant owner blocks his own way), both plots coming under one owner, expiry of a fixed period (for example, a construction access), or a court order.

Covenants

Restrictive covenant (a promise not to do something): runs with the land and can be notified on the title. Under the Land Titles Act it lasts 20 years from notification and can be extended in 10-year steps. It ends by expiry, by variation or release (agreement), or by court order.
Positive covenant (a promise to do something, at a cost, such as painting a fence): does not run with the land. The exceptions are covenants that touch and concern the land, such as maintaining or repairing pipes, drains, fences, and retaining, party or boundary walls.
Defective title: a title with a restrictive covenant or other encumbrance. Caveat emptor does not apply, so the seller or agent must tell the buyer.

Licences

A licence is permission and gives no interest in land. It is a personal right and cannot be assigned.

Bare licence: a friend visiting your home; can be withdrawn at any time.
Licence coupled with a grant: a contractor entering to carry out work.
Contractual licence: a cinema ticket.
Licence by estoppel: the piano example. The old owner let someone leave a piano on the property, and the new owner cannot simply demand its removal.
TOL: a temporary licence from SLA to use State land, usually for short-term uses. Only SLA issues it, and it creates no interest in land.
Al fresco dining: the operator has a personal right under a licence, while pedestrians exercise a right of way. The State or landlord keeps the reversion.

Caveats

A caveat is a notice that someone claims an interest in the land. It lasts 5 years unless extended.

Who may lodge: a buyer who has exercised an option, a lender with a mortgage, CPF Board, a beneficiary, a lessee with a legal interest, the Controller of Residential Property (to stop a foreigner selling during the non-disposal period), and an MCST for outstanding maintenance.
How it comes off: on sale, on loan redemption, when the caveator dies or goes bankrupt, by court order (for example, a caveat on the wrong unit), by withdrawal, or by lapse.
A creditor who is owed commission can sue, but cannot caveat or place a charge on the debtor's property.
A will alone cannot support a caveat because it is not an instrument that has taken effect.

The land registration system

The old deeds system was replaced by the Land Titles system. A converted title may be qualified, with a caution, meaning it may still be subject to older interests. The caution lapses automatically 10 years after the title is created, and the title then becomes indefeasible.
Torrens principles: mirror (the register shows the full and accurate facts), curtain (you need not trace the history behind the register), insurance (the State guarantees the title).
Interests that may sit off the title: tenancies of 7 years or less, equitable interests, and beneficiaries' interests.

One-table summary

Concept	Type of right	Binds the next owner?	Registrable?
Easement (right of way)	Proprietary	Yes	Yes
Restrictive covenant	Proprietary	Yes	Yes (as a notification)
Positive covenant	Personal	No (with limited exceptions)	No
Licence	Personal	No	No
Lease of more than 7 years	Proprietary	Yes	Yes
Caveat	Protective notice	Blocks dealings	Yes (as a claim)

4. Trusts, succession, gifts and co-ownership

Trusts

The settlor (trustor) creates the trust, the trustee holds the legal interest, and the beneficiary holds the equitable interest. A beneficiary can lodge a caveat to protect that interest.

Type	How it arises
Express trust	Created by a trust deed
Resulting trust	You paid for the property but it is held in someone else's name
Constructive trust	Arises from fraud, theft, deceit or breach of trust
Unregistered trust	The seller holds the property for the buyer between exercise of the OTP and completion

An inter vivos trust is created during life. A testamentary trust takes effect on death.
Limits: a foreigner cannot claim a resulting trust over restricted property under the Residential Property Act, and HDB does not recognise resulting or constructive trust claims. For example, a father cannot claim his son's flat under a resulting trust when the son divorces.

Gifts

A gift is a voluntary transfer with no money consideration. The donor must intend it and the donee must accept it. It is irrevocable, unless it was a conditional gift and the condition is not met.
Stamp duty is still payable, based on market value.
Bankruptcy clawback: under the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), a gift or transfer at an undervalue made within 3 years before the bankruptcy application can be reversed so that assets return to creditors.
Since 1 November 2023, private trustees in bankruptcy (PTIBs) administer bankruptcies unless the Official Assignee (OA) agrees to act. Both have the same duties.
CPF savings are generally protected from creditors. An HDB flat is protected only if at least one co-owner is a Singapore citizen.

Succession

Testate (with a will): a grant of probate to the named executor.
Intestate (without a will): letters of administration to an administrator.
A trust deed, grant of probate and letters of administration are all instruments, meaning official documents that show a claim to land and are lodged with SLA.

Muslim inheritance (AMLA)

Term	Meaning
Faraid	Islamic inheritance law, fixed shares for specific heirs. As a general rule a son receives twice the share of a daughter.
Wasiat	A will covering up to one-third of the estate, which can go to non-Faraid heirs such as non-Muslims or charities
Hibah	A gift made during the donor's lifetime; not subject to Faraid
Baitulmal	The public treasury managed by MUIS; receives the estate if a Muslim dies with no heirs

Without a will, nothing goes to a non-Muslim relative.

Co-ownership

	Joint tenancy	Tenancy in common
Shares	Equal, no separate shares	Specific shares (can be unequal)
Four unities	Possession, interest, title and time	Possession only
On death	Right of survivorship; you cannot will your share. File a notice of death.	You can will your share; file a transmission application
Selling	All owners deal together	You may sell or transfer your own share

Joint tenancy ends by transferring your share to another party (alienation), partition, bankruptcy or a court order. Transferring a share converts the joint tenancy into a tenancy in common.

5. Law of contract and the transaction process

A valid contract needs four elements

Offer (in property, the OTP).
Acceptance: must be unqualified and communicated. A conditional reply is a counter-offer, which kills the original offer.
Consideration: something of value given for the promise, such as the 1% option fee. Past consideration is no consideration.
Intention to create legal relations.

A real estate contract also needs the 4 Ps: Property address, Parties' names, Price and Provisions (terms and conditions).

An advertisement is an invitation to treat, not an offer. It only invites negotiation.
Subject to contract means no contract yet and no intention to be bound until a formal contract is signed.
Stakeholder clause: a third party (for example a lawyer's conveyancing account or an escrow account) holds the money until the sale completes.
"And/or nominee": lets the buyer name another person to exercise the OTP.
Privity of contract: only the parties to a contract can sue each other. Privity of estate: a successor who takes over the interest, such as a buyer taking over a tenancy, can enforce it even though his name is not on the original contract.
Condition vs warranty: breach of a condition (a major term) lets you rescind and claim damages. Breach of a warranty (a minor term) only gives damages.
Postal rule: acceptance takes effect when posted. A revocation takes effect only when received.

Property transaction process (private resale)

Option fee of 1% secures the option. The seller signs and issues the OTP, usually valid for 14 days. Miss it and the fee is forfeited.
The buyer exercises by signing the acceptance copy and paying the 4% exercise fee (5% in total). The buyer now holds an equitable interest and can lodge a caveat; the seller holds the property on trust.
Stamp duty (BSD, and ABSD if it applies) is due within 14 days of exercise.
The seller's lawyer discharges the seller's mortgage and clears encumbrances. The buyer's lawyer obtains replies from the authorities. If the replies are unsatisfactory, the buyer may rescind.
A completion statement shows the sale proceeds, the balance of the price and the conveyancing fee.
On completion, the buyer pays the balance by cash, CPF or a new mortgage, receives the keys, and legal ownership passes.

Quick tip: the buyer's equitable interest begins when the option is exercised, not when the OTP is signed. Many exam questions hinge on that timing.

When is a contract void, voidable or unenforceable?

Situation	Effect
Illegal purpose	Void
Fundamental mistake, such as both parties being mistaken about the property	Void or voidable, depending on the type of mistake
Misrepresentation (a false statement of fact that induces the contract): innocent, negligent or fraudulent	Voidable
Fraud	Voidable, with a claim for damages
Duress (threats)	Voidable
Undue influence (pressure from a relationship of trust)	Voidable
Lack of capacity, such as mental incapacity	Can be set aside by the party lacking capacity
Unstamped S&P agreement	Valid but cannot be enforced in court until stamped

How a contract is discharged

Performance: the contract is completed.
Agreement: the parties mutually cancel it.
Failure of a condition: for example, the required approval is not granted.
Frustration: an event beyond both parties' control makes performance impossible or radically different, such as government acquisition or an act of God like an earthquake.
Death: if the seller dies, his estate completes the sale (or the contract may be rescinded if the contract allows).

Breach and remedies

Anticipatory (repudiatory) breach: one party announces in advance that he will not perform. Actual breach: he fails to perform on time, for example does not show up at completion.
Minor breach: a small shortfall, such as a TV smaller than promised. Material breach: a serious difference, such as a different layout.
Remedies: damages (liquidated = pre-agreed amount in the contract; unliquidated = set by the court), specific performance (the court orders you to do something) and an injunction (the court orders you to stop doing something).

6. Law of agency, duty of care and negligence

Your own deal: a salesperson who transacts a property for himself cannot collect commission, or co-broke commission, from any party.

How an agency relationship is created

Express: an agreement, usually in writing.
Ratification: the principal approves what the agent did after the fact, for example by not objecting to an appointment the agent arranged.
Estoppel: the principal leads a third party to believe someone is his agent, and cannot later deny it.

Authority of an agent

Actual authority, express: exactly what the agency agreement says.
Actual authority, implied: no express instruction, so the agent uses reasonable judgment to carry out the job.
Apparent authority: the agent has no appointment but a third party reasonably believes he does, because of what the principal said or did.
Breach of warranty of authority: the agent acts without authority and the principal does not ratify. The agent is then personally liable to the third party.

An agent's authorised acts bind the client.

Duties

Utmost good faith (uberrimae fidei).
Fiduciary duty: a position of trust and confidentiality. Think for the client and act in the client's best interest.
Duty of care: take reasonable care, and make sure the factual information you give to others, including third parties who are not your client, is accurate.
Standard: the reasonable-person test applies to everyone, but a higher standard applies to clients who are vulnerable, illiterate or disabled and cannot make a rational decision.

Tort of negligence

Negligence needs three things: you owed a duty of care, you breached it (for example by giving false factual information), and the other party suffered damage or loss.

To decide whether a duty exists, courts use two stages: proximity (physical or legal closeness) and policy considerations (for example, the PDPA may stop you from disclosing someone's personal data).

Defences:

Volenti non fit injuria: the claimant freely accepted the risk, as with a signed consent form for skydiving.
Contributory negligence: the claimant's own carelessness contributed to the loss, which reduces what he can recover.
Disclaimer: denies liability for mistakes or omissions.
Exclusion clause: limits liability for breach of contract.

Caveat emptor and defects

Caveat emptor (let the buyer beware): silence is not misrepresentation, but you must never mislead with wrong information.
Patent defect: visible on inspection. Caveat emptor applies.
Latent defect: hidden. Caveat emptor does not apply, so the duty of care applies.
Defective title (a title with an encumbrance such as a restrictive covenant): must be disclosed.

Arm's length transaction

A fair-price deal between unrelated parties. A sale far below valuation, such as for $1, is not arm's length.

7. The property market, cooling measures and financing

How the market behaves

Macro factors: political, social and economic.
Demand is elastic: it reacts quickly to news and policy changes. Supply is inelastic: adding supply takes years to show up in the market.
Property vs stock market: property has no central trading floor, information is imperfect, and the market is less competitive and less efficient. Stocks are the reverse.
Cycle: Recovery (low prices, swinging up; a good time to enter) → Peak / expansion (population and incomes grow, buyers compete and push up prices) → Decline (high prices trigger more building, supply overtakes demand) → Recession (oversupply depresses prices).
Primary market: a new launch bought directly from the developer. Secondary market: resale, plus sub-sales (selling a Buyer-Under-Construction unit before TOP), so the unit can be new or old.
Submarkets: CCR (Core Central Region, for example Raffles Place and Sentosa), RCR (Rest of Central Region, for example Queenstown) and OCR (Outside Central Region).
Data sources: REALIS (URA, paid subscription) for past transaction data. INLIS (SLA) for land titles, legal records and land boundaries.

Cooling measures (rates as at November 2026)

Additional Buyer's Stamp Duty (ABSD) reduces demand and discourages speculation. Seller's Stamp Duty (SSD) discourages quick flipping. (alway change)

Buyer	1st property	2nd property	3rd and later
Singapore citizen	0%	20%	30%
Singapore PR	5%	30%	35%
Foreigner	60%	60%	60%
Entity or trust	65%	65%	65%
Housing developer	40% (35% remittable, 5% not)	same	same

SSD holding period (property bought on or after 4 July 2025)	Rate
Up to 1 year	16%
Over 1 to 2 years	12%
Over 2 to 3 years	8%
Over 3 to 4 years	4%
Over 4 years	0%

Properties bought between 11 March 2017 and 3 July 2025 follow the older 3-year schedule of 12%, 8% and 4%.

Financing rules

SORA (Singapore Overnight Rate Average): the volume-weighted average rate of actual unsecured overnight interbank SGD transactions. Because it comes from observed transactions it is harder to manipulate, and compounded SORA smooths out daily swings.
TDSR (Total Debt Servicing Ratio) 55%: your total monthly debt repayments (mortgage, personal loans, credit cards, hire purchase) cannot exceed 55% of gross monthly income. Refinancing an owner-occupied home is exempt if the loan amount is not increased and the tenure is not extended. Other exemptions are narrower, so ask the bank.
MSR (Mortgage Servicing Ratio) 30%: applies only to HDB flats and new ECs. Mortgage repayments alone are capped at 30% of gross monthly income. For joint borrowers, use total mortgage over total gross income.

Quick tip: TDSR counts all debts and applies to every property loan. MSR counts the mortgage only and applies to HDB and new EC only.

8. Numbers cheat sheet and who's who

Topic	Number to remember
Master Plan	10 to 15 year horizon, review every 5 years
Long Term Plan	About 50 year horizon, review every 10 years
LBC payment	Within 1 month of the Liability Order
Minimum plots	GCB 1,400 sqm · bungalow 400 · semi-D and corner terrace 200 · intermediate terrace 150
Dwelling units	GFA ÷ 85 sqm (÷ 100 sqm in nine listed areas)
Share value	5 SV up to 50 sqm, then +1 per extra 50 sqm
Age to hold land	21 (18 to 20: leases up to 3 years only)
Easement by prescription	20 years of continuous use
Easement abandonment	Non-use for more than 12 years
Restrictive covenant	20 years, extended in 10-year steps
Caveat	5 years unless extended
Qualified title caution	Lapses 10 years after the title is created
Lease that must be registered	More than 7 years
Foreigner's lease limit	7 years including renewal options
Foreigner's land cap	15,000 sq ft (Sentosa Cove: 1,800 sqm)
Restricted property	5-year non-disposal · lose PR: sell in 2 years · inherited: dispose in 5 years
Foreign developer (QC)	Build in 5 years, sell in 2 years, extension 8% / 16% / 24%
OTP	1% option fee + 4% exercise fee = 5%, usually 14 days
Stamp duty after exercise	Due within 14 days
Gift clawback in bankruptcy	Transfers within 3 years before the application
TDSR / MSR	55% / 30%
SSD	16% / 12% / 8% / 4% over 4 years (bought on or after 4 July 2025)

Who's who

Role A	Role B
Mortgagor = borrower	Mortgagee = lender
Lessor = landlord	Lessee = tenant
Grantor = gives the easement	Grantee = receives the easement
Covenantor = promisor	Covenantee = promisee
Settlor = creates the trust	Trustee = holds legal interest for the beneficiary
Donor = gives the gift	Donee = receives the gift
Offeror = makes the offer	Offeree = receives the offer
Guarantor = gives the guarantee	Guarantee = the person protected

Before you walk into the exam

Read each question for who is involved (citizen, PR, foreigner, company) before you pick an answer. Many Paper 1 traps depend on it.
Match the time period in the question to the right rule: caveat 5, covenant 20, easement 12 and 20, QC 5 and 2.
When two answers look right, ask which one protects the client or the public. Agency law usually favours that answer.
Land is land title, strata is strata title, and HDB is its own rules.

Good luck, and thanks for reading. Bookmark this page and check back under the RES exam label. Paper 2 notes are here.

After the exam: what is one hour of your time worth?

Passing the RES exam gets you the licence. It does not tell you how to run a commission-only income, where one slow month can follow one great month. In that kind of work your hours are your stock, and every purchase, side errand and "quick favour" spends some of them.

That is the idea behind my book, 《你的一小时，值多少？》 (How Much Is Your Hour Worth?). It starts with one question to ask before you buy anything: how many hours of my life does this cost?

Why a property agent should read it

Lumpy income needs a simple spending test. The book's "when you want to buy something" flowchart takes you to one of four answers, the 4D framework: Do, Delay, Downgrade, Ditch. It takes a minute and works on a phone, a car, a watch or a new CRM.
It prices your time. Once you know what an hour of your work is worth, you can decide which leads, viewings and favours deserve one.
It is personal, not preachy. Part autobiography (my grandmother, my mother and me), part the method I use myself.
Short and practical. Made for people who study at night, work weekends and have no patience for a lecture.

Get it

Planned retail price S$29.90. Pre-order price S$22.90. Paperback ships in March 2027.
Join the pre-order waitlist and ask for the free first third at frugalman.garynbc.com.

This post is a study aid based on course notes and official sources as at November 2026. It is not legal, tax or financial advice, and rules change. Check the latest rules with URA, SLA, IRAS, MAS and CEA before relying on any figure. Let me know if you think I should remove any of the material.