Valuers, appraisers & estate agents acts

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  • 1. VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981, (ACT 242) By: SAIFUL NIZAM ALI M.i.P.P.M Department of Urban Studies nizam.ali1028@gmail.com ESTATE AGENCY PRACTICE (REA 2113)ESTATE AGENCY PRACTICE (REA 2113) Copyright Protected. IIT-LJMU
  • 2. The Act Copyright Protected. IIT-LJMU
  • 3. Overview of The Act. Copyright Protected. IIT-LJMU
  • 4. Members of Board. • DG of JPPH as President of Board. • 6 CRV from Public Service • 4 CRV from Private Service at least YOE > 6 yrs. • 3 REA at least YOE > 6 yrs • 3 CRV nominee by Board. Copyright Protected. IIT-LJMU
  • 5. Practice in Malaysia • Practice of EA in Malaysia starts 1942, known as brocker in local dialect pronouns as : Broker hartanah. Commission based on level difficulties. topography and location of the land. • In 1981, The Board of Valuers, Appraisers and Estate Agents Malaysia was set up in 1981 under the purview of the Ministry of Finance, Malaysia. • The setup and operation of this Board is governed by the provision of Valuers, Appraisers and Estate Agents Act 1981. • Its primary function is to regulate the Valuers, Appraisers and Estate Agents practising in Malaysia. Copyright Protected. IIT-LJMU
  • 6. Functions of B.O.V.A.E.A • To keep and maintain the Register of Valuers, Appraisers and Estate Agents, Probationary Valuers and Probationary Estate Agents and firms of Valuers, Appraisers and Estate Agents. • To approve and reject applications for registration. • To hold disciplinary proceedings. • To conduct examinations. • To prescribe Scale of Fees. • To regulate the professional Conduct/Ethics of Valuers, Appraisers and Estate Agents. • To award scholarships Copyright Protected. IIT-LJMU
  • 7. Estate Agency Practice, Registered Estate Agent & Probationary Estate Agent. • According to the Act, 1981: Estate Agency Practice :- “ means acting or holding oneself out to the public as ready to act, for a commission, fee, reward or other consideration, as an agent in respect of the sale or other consideration, as an agent in respect of the sale or other disposal of land and buildings and of any interest therein or the purchase or other acquisition of land and buildings and of any interest therein or in respect of the leasing or letting of land and buildings and of any interest therein. Registered Estate Agent ;- “ person whose name has been entered under PART III of the register and whom a authority to practice has been issued by the Board under Section 16. Probationary Estate Agent. “ person who is registered under this Act as a PEA and whose name under R.PEA. Copyright Protected. IIT-LJMU
  • 8. Registers- Under Part 4 of The Act. Section 14 •The board shall maintain - Part 1 : Personal & Business details of Valuers. - Part 2 : Personal & Business details of Appraisers. -Part 3 : Personal & Business details of Estate Agent. Copyright Protected. IIT-LJMU Back
  • 9. Section 16: ATP • Expired annually on ,every 31st December each year with prescribe fees. • License for the REA to operate business, without ATP i.e. You are driving a car with expired license and expired road tax. Copyright Protected. IIT-LJMU Back
  • 10. Part 6: Estate Agents 1. Section 22A: Registration of EA. 2. Section 22B: Estate Agency Practice 3. Section 22C: Restriction of EAP . 4. Section 22D: Qualification for REA & PEA Copyright Protected. IIT-LJMU
  • 11. Section 22A: Registration of EA. Registration of Estate agents. •must attained 21 and not convicted of any offence involving fraud and dishonesty for the last 5 years. •not undischarged bankrupt. •Satisfies section 22D. •Made declaration to Board •paid fees •not under suspension or previous cancelled from register. •Anyone who applies within 12 months from the date act coming to force has providing such service and satisfied board entitled to be registered. Copyright Protected. IIT-LJMU Back
  • 12. Section 22B: Estate Agency Practice • Upon issuance of ATP, shall authorized to undertake his EAP. • No EA shall carry on property management. • Board may agree EA to carry PM task if: - permitted to do so before 1981. - subject to TnC imposed after 1981. Copyright Protected. IIT-LJMU Back
  • 13. Section 22C: Restriction of EAP . Only REA can do: •Name at least Estate Agent, House Agent, Property Agent or Land Agent or any appropriate word that describe his duties in business. •display any signboard implying indirectly or directly that he/she is a REA. •to provide offer for sale not soliciting for business. •entitle to recover any court fees, charge or remuneration. Copyright Protected. IIT-LJMU Back
  • 14. Section 22D: Qualification for REA & PEA • Should passed exam prescribe by local board or from any institutions recognizes as equivalent to such exam may apply to local board for PEA. • Attending practical training attached with REA firms. • Fulfilling the Log Book to attend TPC. • Person not citizen or PR not qualify for registration unless has been registered before 1981. Copyright Protected. IIT-LJMU Back
  • 15. Sec 24: Cancellations Suspension & Admonishment. • has been convicted any offense fraud or moral turpitude. • contravened or failed to comply with any of the Act provisions. • refused or neglected to follow the Act. • has been found guilty for Professional negligence. Result: • Full cancellation • suspending not more than 3 years • Admonishing • Fine not more than RM 10,000 & recorded in register Copyright Protected. IIT-LJMU
  • 16. Sec 25: Removal from Register • Applied in writing. • died • certified unsound mind or adjudged bankrupt . • Cancellation under section 24. Copyright Protected. IIT-LJMU
  • 17. Reinstatement & Appeal • In such manner reinstatement is allowed under section 26 to the Board. • Appeal can be made under Section 27, if: - Board refused for registration - Dissatisfied with T&C from Board. - Dissatisfied with any order made by S24 - Reinstatement under s 26 has been refused. Copyright Protected. IIT-LJMU
  • 18. Latest Circular at 23.6.14 • Malaysia Estate Agency Standard. • Registration of Negotiators. • Increase the Negotiator's Quota • Compulsory Training Copyright Protected. IIT-LJMU
  • 19. Tutorial. With References to Valuers, Appraisers and Estate Agents Rules 1986. You are required to discuss within the classmates approximately 15 minutes inclusive Q n A session regarding this topics: 1.Examination & Practical Training Ruling of Estate Agent 2. Management and Administration of client’s account & client’s money. 3. Code of Conduct & Ethics for Estate Agents. 4. Ruling for advertisement & Marketing. Copyright Protected. IIT-LJMU
  • 20. Instruction. • Presentation Date : • Time : 15 Minutes inclusive Q n A. • Presenter : One representative only. • Submission : After presentation to iherebysubmit@gmail.com • Subject : Submission Tutorial 2 , include name and ID each members Copyright Protected. IIT-LJMU
  • 21. *** End of Lecture *** Copyright Protected. IIT-LJMU