WHO ARE ESTATE AGENT?

In the past, due to the lucrative nature of the business, many people got involved in the real estate transactions to make quick monetary gains. This rampant and unregulated practice led to many problems of fraud, which led to its regulation. BOARD OF VALUERS, APPRAISERS and ESTATE AGENTS There are approximately 1,900 agents registered with the Board of Valuers, Appraisers and Estate Agents. The Board is the regulatory body of the estate agency profession. It comes under the purview of the Ministry of Finance and is governed by the Valuers, Appraisers and Estate Agents Act 1981. Its primary function is to regulate the valuers, appraisers and estate agents practising in Malaysia, Presently, all practising estate agents must be approved and registered with the board. The boards function are to keep and maintain the Register of Valuers and Probationary Valuers and Probationary Estate Agents and firms of Valuers, Appraisers and Estate Agents. Its tasks include: *Approving and rejecting applications for registration *Holding disciplinary proceedings against members *Prescribing a scale of fees *Regulating the professional conduct and ethics of valuers, appraisers and estate agents *Awarding scholarships As a regulatory body, the board helps ensure that the profession adheres to a general code of conduct and ethics to protect the interest of the property buyers. This code of conduct and ethics includes the following points: *A registered valuer of appraiser who acts as an estate agent for a transaction should not subsequently value the same property for the same purchaser. * a registered estate agent has a duty to protect the public against fraud, misrepresentation and unethical practices in respect of all real estate transactions. *A registered estate agent shall not accept fees from more than one client in any one transactions. *A registered estate agent's name and signature must appear on all proposals, reports and other documentations prepared by him/her, indicating his status as a registered estate agent. For more on the code of conduct and ethics, please go to: http:/www.lppeh.gov.my/codeofconduct.html MALAYSIAN INSTITUTE OF ESTATE AGENTS The malaysian Institute of Estate Agents(MIEA) is the recognized body representing all registered estate agents in the country. Formerly known as the Malaysian Association of Real Estate Agents(MAREC), it was formed in 1977 with the registrar of Societies. The name was changed on May 3,1989 to reflect a more professional image of the organization. The MIEA's vision is to unite all registered estate agents in Malaysia under an independent body to promote greater excellence and professionalism in the real estate industry, so that it achieves higher ideals and creates more profitability. Among its objectives are to; *Address critical issues that affect the industry *Cultivates a positive public perception of the profession *Safeguard and protect the interests of its members and general public *Uphold high professional standards, ethics and integrity among its members *Commit to continuous education to keep its members progressive and up-to-date to remain competitive *Raise public awareness and encourage them to only use the service of registered estate agents. Titles ESTATE AGENTS are simply registered agents with the board. They provide a service in buying, selling and leasing properties for clients so that optimum returns can be achieved. A Negotiator is a salesperson employed by a real estate firms.The real estate agents is responsible and accountable for all the actions of the negotiator. A negotiator is trained managed and supervised at all times by the real estate agent. As defined under Section 22C of the Valuers, Appraisers and Estate agents Act 1981, only registered estate agents can practice, carry on business Ar take up employment as an estate agent. They can prevail on the the court to recover any fees, charges or remuneration for their professional advice or services rendered as an estate agent. Non-registered agents cannot display any signboards or circulate any cards, letters, pamphlets, notices or advertisements that imply they are registered estate agents, nor can they undertake any work that involves real estate transactions. He/She can be punished by law, under Section 30 of the Act. On conviction of an offense under the act, he/she is liable to a fine not exceeding RM25,000 or imprisonment for term not exceeding three years, or both. He/She shall also liable to a penalty of RM500 for each day during the continuance of such offense. To avoid getting scammed, the general public can verify the authenticity of the agent by his/her registration number. Each registered agent is given a number with the prefix "E" e.g E 1719. A real estate firm also has an E number e.g E(3)0294, which is the registration number of the firm with the board. This number must appear in all forms of communication from the firm. This article is contributed by: Chan Ai Cheng *The Board of Valuers, Appraisers and Estate Agents Malaysia Suite 3B-10-3A, Level 10 Block 3B Plaza Sentral Jln Stesen Sentral 5, Kuala Lumpur Sentral, 50470 KL. Tel 03-22737839/ 7862/5584. Fax 03-22731808 Website: http://www.ippeh.gov.my/index.htm *The Malaysian Institute of Estate Agents (MIEA),88 Jln SS21/39 Damansara Utama,47400 PJ. Tel 03-77277477. Fax 03-77293693. Website: http://www.miea.com.my