Can ChatGPT move the Actual Property Salesperson (RES) examination?
6 min read
ChatGPT could also be good sufficient to pass law and business exams in the US. However the identical can’t be stated in the case of exams in Singapore.
Final month, Straits Occasions tested the chatbot with PSLE questions. And it failed the English, Maths and Science papers.
It looks like that’s not the one examination in Singapore that OpenAI’s ChatGPT can’t move. As a property portal, we at 99.co can’t assist however marvel if ChatGPT can move the Actual Property Salesperson (RES) examination.
Those that want to enter the true property business should meet certain criteria, together with passing the RES examination. The passing mark is 60%.
(Psst…for brand spanking new RES brokers, you will get our agent account free for 3 months! Discover out extra right here.)
Whereas we don’t have ten-year collection for RES exams, we discovered sample RES exam questions on CEA’s website.
So we used these 10 inquiries to quiz ChatGPT, giving them context beforehand that these are RES examination questions in Singapore. Whereas it’s not a complete check, it gave us an thought of the chatbot’s functionality to reply examination questions and clarify property-related issues in Singapore.
The questions are all multiple-choice questions (MCQ), similar to within the precise RES exams (2023 onwards). Out of those 10 questions, ChatGPT solely managed to get three proper. So it failed the check.
What ChatGPT received fallacious
After every query, the chatbot replied with its reply and rationalization. Based mostly on the reasons given, it looks like it received them fallacious resulting from fallacious info.
Used the previous TDSR
That is demonstrated by ChatGPT’s reply to a query on mortgage necessities, explaining that the Whole Debt Servicing Ratio (TDSR) is 60%.
Nevertheless, with the December 2021 cooling measures, the TDSR has been lowered from 60% to 55%.
(We be aware that within the authentic pattern questions from CEA, the choices weren’t up to date to mirror this. So in our check, we’ve modified the choices to mirror the change.)
On the similar time, we be aware that this is because of a limitation of the chatbot.
Since its coaching information was final up to date in September 2021, it might have missed the December 2021 cooling measures announcement.
This additionally implies that for now, it gained’t be capable to give the proper reply on adjustments within the sector after September 2021.
However ChatGPT additionally struggled with property issues and rules that do not need any adjustments after the final replace of its coaching information.
Fallacious definition of energy of lawyer
As an example, there’s this query on the best association for somebody who had a gentle stroke lately and wished to make sure continuity within the administration of his properties, ought to something dangerous occur to him.
Choices are a mixture of those: a long-lasting energy of lawyer, energy of lawyer, proudly owning the property in joint tenancy, and proudly owning the property in tenancy-in-common.
The chatbot’s reply is lasting energy of lawyer and energy of lawyer. Whereas it gave the proper definitions of lasting energy of lawyer, joint tenancy and tenancy-in-common, it didn’t accomplish that for energy of lawyer.
An individual with an influence of lawyer can solely signal on behalf of the donor, however not handle their properties.
Confused in regards to the CPF housing grants?
Furthermore, ChatGPT received the CPF housing grants mixed-up.
When requested in regards to the most CPF grant quantity a Singaporean purchaser shopping for a BTO flat for the primary time can get, its reply was S$120,000. Which wasn’t even among the many 4 choices offered.
It defined that the individual is eligible for the Extra CPF Housing Grant of S$40,000 and Enhanced CPF Housing Grant of S$80,000.
Whereas there have been beforehand Extra CPF Housing Grant and Particular CPF Housing Grant, each have since been changed by Enhanced CPF Housing Grant in September 2019.
(Sure, the CPF housing grants will be complicated, even for a few of us once we first began writing about property. However this chatbot must be good sufficient to know the change, proper? Proper?!)
ChatGPT can also’t do math
Maybe what’s most amusing to us is that the chatbot can’t do easy calculations accurately.
One of many questions we requested is on the property tax payable for somebody who owns one owner-occupied home and one rental residential property (aka non-owner occupied property).
By no means thoughts if it doesn’t use the up to date tax charges for its calculation.
(Property tax charges have since changed effective 1 January 2023. However since its coaching information was final up to date in September 2021, it used the tax charges beforehand relevant from 2015 to 2022.)
By no means thoughts if it utilized the fallacious formulation to calculate the tax price.
(For an owner-occupied residential property with an annual worth of S$65,000, it utilized a 4% tax price on the remaining S$57,000 as an alternative of the remaining S$47,000 – which was the earlier tax price.)
The actual fact is, it found doing easy maths. Identical to it did for the PSLE maths papers.
To calculate the property tax for non-owner occupied residential property with an annual worth of S$42,000, this was their calculation (once more, we be aware that it’s utilizing the tax price efficient 2015):
(S$30,000 x 10%) + (S$12,000 x 12%) = S$2,600
If we use the tax price efficient 2015, the tax payable for the rental property ought to have been S$4,440!
What ChatGPT received proper
Nonetheless, ChatGPT was in a position to get a couple of questions proper.
There’s one query about easement and the rights on one other individual’s land, and the chatbot might clarify its reply accurately.
It additionally received a couple of issues proper about a few HDB rules.
As an example, it gave the suitable precedence scheme when prompted on the scheme a pair with a child can apply for to get their BTO flat earlier.
And when requested a query associated to renting out an HDB flat, it might clarify that the proprietor might want to apply to HDB for permission beforehand, or danger getting penalised.
What does this imply for the property scene in Singapore?
Whereas we solely examined ChatGPT with 10 questions (the precise RES examination contains two papers, every with 80 questions), its fallacious explanations and coaching information being final up to date in September 2021 tells us that for now, the chatbot will not be the very best device in the case of answering property-related questions.
As we’ve seen from our easy check, there are a lot of inaccuracies in its solutions. Whilst you can nonetheless ask the chatbot property-related queries, you could need to cross-reference the solutions given with different dependable sources.
Alternatively, we advocate you to discuss with official sources like HDB’s or IRAS’ web sites, or property portals like 99.co. Or you’ll be able to all the time ask your property agent.
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