ChatGPT could also be good sufficient to move regulation and enterprise exams within the US. However the identical can’t be mentioned on the subject of exams in Singapore.
Final month, Straits Occasions examined 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 trade should meet sure standards, 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 sequence for RES exams, we discovered pattern RES examination questions on CEA’s web site.
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 take a look at, 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), identical to within the precise RES exams (2023 onwards). Out of those 10 questions, ChatGPT solely managed to get three proper. So it failed the take a look at.
What ChatGPT bought unsuitable
After every query, the chatbot replied with its reply and rationalization. Based mostly on the reasons given, it looks like it bought them unsuitable attributable to unsuitable info.
Used the outdated TDSR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 word that within the authentic pattern questions from CEA, the choices weren’t up to date to mirror this. So in our take a look at, we’ve modified the choices to mirror the change.)
On the identical time, we word that this is because of a limitation of the chatbot.
Since its coaching knowledge was final up to date in September 2021, it will have missed the December 2021 cooling measures announcement.
This additionally implies that for now, it gained’t have the ability to give the proper reply on adjustments within the sector after September 2021.
However ChatGPT additionally struggled with property issues and laws that do not need any adjustments after the final replace of its coaching knowledge.
Incorrect definition of energy of lawyer
For example, there’s this query on the perfect association for somebody who had a gentle stroke not too long ago and wished to make sure continuity within the administration of his properties, ought to something unhealthy 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 achieve this 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 concerning the CPF housing grants?
Furthermore, ChatGPT bought the CPF housing grants mixed-up.
When requested concerning 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 appropriately.
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 modified efficient 1 January 2023. However since its coaching knowledge 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 unsuitable components 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 a substitute of the remaining S$47,000 – which was the earlier tax price.)
The very 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 word 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 bought proper
Nonetheless, ChatGPT was capable of get just a few questions proper.
There’s one query about easement and the rights on one other individual’s land, and the chatbot may clarify its reply appropriately.
It additionally bought just a few issues proper about a few HDB laws.
For example, it gave the fitting 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 may 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 includes two papers, every with 80 questions), its unsuitable explanations and coaching knowledge being final up to date in September 2021 tells us that for now, the chatbot is probably not the perfect software on the subject of answering property-related questions.
As we’ve seen from our easy take a look at, there are lots of inaccuracies in its solutions. When you can nonetheless ask the chatbot property-related queries, chances are you’ll wish to cross-reference the solutions given with different dependable sources.
Alternatively, we advocate you to confer 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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