Lecture 2 registration of estate agents

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Lecture 2 registration of estate agents

  1. 1. EMT654 - Professional Practice II 1 MOHAMAD ISA ABDULLAH,MOHAMAD ISA ABDULLAH, Department of Estate Management,Department of Estate Management, Faculty of Architecture, Planning and Surveying,Faculty of Architecture, Planning and Surveying, MARA University of Technology,MARA University of Technology, 40450 Shah Alam, Selangor Darul Ehsan, Malaysia.40450 Shah Alam, Selangor Darul Ehsan, Malaysia. Email: isa006@salam.uitm.edu.myEmail: isa006@salam.uitm.edu.my PROCEDURE REGISTRATION OFPROCEDURE REGISTRATION OF ESTATE AGENTSESTATE AGENTS LECTURE 3LECTURE 3 08/29/13 1
  2. 2. 10/20/11 EMT654 - Professional Practice II 2 General requirements of Estate Agents 1. Malaysian citizen or a permanent resident of the country. 2.The minimum entry requirement stipulated by the Rules is that candidates who desire to sit for the estate agents examination must possess a MCE/SPM certificate with not less than 5 subject passess of which at least 3 shall be credits. o One of the credits shall be in either Mathematic or Science or Commerce or Accounting. o Applications from candidates who do not possess an SPM/MCE however have obtained a higher qualification recognised by Jabatan Perkhidmatan Awam (and Malaysian Qualifications Agency (may be considered). 08/29/13 2
  3. 3. 10/20/11 EMT654 - Professional Practice II 3 General requirements of Estate Agents 3. The Estate Agent's Examination for the Part I & Part II will be held sometime around June or July of the particular year. Registration is open from 2nd January until 2nd May of the particular year. 4.The Part I and Part II exams are written exams (subjective). Each part consists of 6 subjects. The fee is RM50.00 per subject and processing fee is RM50.00. 5. Persons who have majored in property related courses and have obtained degrees of same are exempted from the estate agents written examination in varying degree. 08/29/13 3
  4. 4. 10/20/11 EMT654 - Professional Practice II 4 Registration of Estate AgentsRegistration of Estate Agents 1. After passing Part I & Part II of the Estate Agent's Written Examination, you will be required to register as a Probationary Estate Agent and simultaneously register for your Test of Professional Competence (TPC). 2. If the candidate has satisfied all the requirements of the Board then it will register the candidate as a probationary estate agent and advise on the commencement date of his practical training. 3. The candidate must possess 2 years post-qualifying practical training and experience in Malaysia under the supervision of a registered estate agent. 08/29/13 4
  5. 5. 10/20/11 EMT654 - Professional Practice II 5 Registration of Estate AgentsRegistration of Estate Agents 4. Upon completion of the 2 years post-qualifying practical training, the candidate will be required to sit for the oral examination (Test of Professional Competence). 5. Only upon passing the Test of Professional Competence, will the candidate be eligible for registration as a registered estate agent. 08/29/13 5
  6. 6. 10/20/11 EMT654 - Professional Practice II 6 Registration of Estate AgentsRegistration of Estate Agents 6. Any person desirous of getting himself registered as a registered estate agent is requested to procure a copy of the Rules & Guidelines to the Test of Professional Competence for the Estate Agency Practice by enclosing an M.O./Cheque in favour of the Board of Valuers, Appraisers and Estate Agents Malaysia for RM14.00 which amount is inclusive of postage charges. 08/29/13 6
  7. 7. 10/20/11 EMT654 - Professional Practice II 7 Registration of Estate AgentsRegistration of Estate Agents oRule 17 – form of application 1. Form A – Valuer 2. Form B – Estate Agent 3. Form A1 – Probationary valuer 4. Form B2 _ Prabationary estate agent oRule 18 – renewal of registration of probationary valuers and estate agents oRule 19 – notification to applicant – the board decision will be notified to the applicant R 08/29/13 7
  8. 8. 10/20/11 EMT654 - Professional Practice II 8 Registration of Estate AgentsRegistration of Estate Agents oRule 19 – notification to applicant – the board decision will be notified to the applicant oRule 20 – registration fee and fee for authority to practice and failure to pay fee oRule 20A– registration of prabationary valuers and estate agents oRule 20B – renewal of registration of probationary valuers and estate agents oRule 21 – authority to practice08/29/13 8
  9. 9. 10/20/11 EMT654 - Professional Practice II 9 Registration of Estate AgentsRegistration of Estate Agents oRule 22 – special authority to practice valuation – form C in 2nd Schedule and prescribed fee oRule 23 – application to renewal oRule 24 – duplicate authority to practice – form E in Second Schedule and prescribed fee oRule 25 – application for reinstatement – form F of second Schedule 08/29/13 9
  10. 10. 10/20/11 EMT654 - Professional Practice II 10 Registration of Estate AgentRegistration of Estate Agent Provision of Sec 22A (1)of the Valuer, Appraiser and Estate Agent Act 1981 1) Any person has desired to be registered estate agents under Part III of the Register have to submit application to the Board and prove to its satisfaction that:- a) Attained 21 years old and is sound mind. Good character and has not been convicted of any offence involving fraud, or dishonesty or moral turpitude during the 5 years immediately preceding the date of his application; b) He is not discharged bankrupt c) Satisfied the requirement of sec 22D of the Act d) Has made declaration in the form and manner prescribed by the board, e) Has paid the fees prescribed by the Board f) Not under suspension from valuation or estate agency practice nor his name has been cancelled from the register. 08/29/13 10
  11. 11. 10/20/11 EMT654 - Professional Practice II 11 Registration of Estate AgentsRegistration of Estate Agents Provision of Sec 22A (2)of the Act 1981 2) Any person who applies within 12 months from the date of the coming into force of this Part for registration under the register of Estate Agents shall be entitled to have his name so registered if he proves to the satisfaction of the board that :- a) Immediate before the date of coming into force of this part: i) He had been engaged in estate agent firms ii) He was a registered valuer or appraiser and that his business including estate agency practice and served his clients (3) Board may call upon that the applicant to submit the relevant documents. 08/29/13 11
  12. 12. 10/20/11 EMT654 - Professional Practice II 12 Practice of Estate AgencyPractice of Estate Agency  Based on the provisions of Sec 22B(1) of Valuer, Appraiser and Estate Agent(VAEA) Act 1981, only registered estate agent is allowed to practice estate agency profession.  According 22B(1A) clarifies that subject to the provisions of subsection 2 of this act, not allows registered estate agent to practice for property management unless,  they have been given permission by the board to practice before the effect of subsection (1A) 08/29/13 12
  13. 13. 10/20/11 EMT654 - Professional Practice II 13 Restriction Practice of Estate AgentRestriction Practice of Estate Agent Based on the provisions of the section 22C (1), the VAEA Act 1981, only registered estate agent allows to carrying out: a) business or employment practice estate agency with appropriate names containing words such as estate agents, house brokers, property agent. b) display any signboard, Distribute / Circulate card, letter, brochures, pamphlets, leaflets, notice or any form of advertisement, implying directly or indirectly. c) undertake any work specified under section 22B. d) entitled to recover any fees, charges or remuneration for any professional service 08/29/13 13
  14. 14. 10/20/11 EMT654 - Professional Practice II 14 Exemption Restriction of Estate AgentExemption Restriction of Estate Agent practicepractice Based on the provisions under section 22C (2), the VAEA Act, 1981, other parties than registered estate agent are allowed to practice estate agent estate agency: 1. land / building owners. 2. Licensed Auctioneer through public auction, and 3. Power of attorney’s holder who sell, purchase or rent which do not charge any commission, fee, reward etc upon securing transaction. 08/29/13 14
  15. 15. 10/20/11 EMT654 - Professional Practice II 15 Qualification of Estate AgentQualification of Estate Agent The provision of sec 22D of the Act   1) A person has been registered as a probationary estate agent under the Act. 2) Any person who has passed the examinations prescribed by the Board or who has obtained qualifications which the Board recognises as equivalent to such examinations.   3) A probationary estate agent are required to obtain the practical experience(PE) and to pass the Test of Professional Competence(TPC) as prescribed by the Board or any equivalent test or examination recognised by the Board.   08/29/13 15
  16. 16. 10/20/11 EMT654 - Professional Practice II 16 Qualification of Estate AgentQualification of Estate Agent The provision of sec 22D of the Act (Cont’d)    4) A probationary estate agent has complied with the requirements of act, he may apply to the Board.   5) A Malaysian citizen, unless if otherwise he is or has been a registered estate agent before the coming into force of this section. 08/29/13 16
  17. 17. 10/20/11 EMT654 - Professional Practice II 17 Procedure pertaining a practice of Estate Agents 1. Must be a Malaysian citizen or a permanent resident of the country. 2.The minimum entry requirement stipulated by the Rules is that candidates who desire to sit for the estate agents examination must possess a MCE/SPM certificate with not less than 5 subject passess of which at least 3 shall be credits. o One of the credits shall be in either Mathematic or Science or Commerce or Accounting. o Applications from candidates who do not possess an SPM/MCE however have obtained a higher qualification recognised by Jabatan Perkhidmatan Awam (and Malaysian Qualifications Agency (may be considered). 08/29/13 17
  18. 18. 10/20/11 EMT654 - Professional Practice II 18 Procedure pertaining a practice of Estate Agents 3. The Estate Agent's Examination for the Part I & Part II will be held sometime around June or July of the particular year. Registration is open from 2nd January until 2nd May of the particular year. 4.The Part I and Part II exams are written exams (subjective). Each part consists of 6 subjects. The fee is RM50.00 per subject and processing fee is RM50.00. 5. Persons who have majored in property related courses and have obtained degrees of same are exempted from the estate agents written examination in varying degree. 08/29/13 18
  19. 19. 10/20/11 EMT654 - Professional Practice II 19 Registration of Estate AgentsRegistration of Estate Agents 1. After passing Part I & Part II of the Estate Agent's Written Examination, you will be required to register as a Probationary Estate Agent and simultaneously register for your Test of Professional Competence (TPC). 2. Thereafter if the candidate has satisfied all the requirements of the Board then it will register the candidate as a probationary estate agent and advise on the commencement date of his practical training. 3. The candidate must possess 2 years post-qualifying practical training and experience in Malaysia under the supervision of a registered estate agent. 08/29/13 19
  20. 20. 10/20/11 EMT654 - Professional Practice II 20 Registration of Estate AgentsRegistration of Estate Agents 4. Upon completion of the 2 years post-qualifying practical training, the candidate will be required to sit for the oral examination (Test of Professional Competence). 5. Only upon passing the Test of Professional Competence, will the candidate be eligible for registration as a registered estate agent. 08/29/13 20
  21. 21. 10/20/11 EMT654 - Professional Practice II 21 Registration of Estate AgentsRegistration of Estate Agents 6. Any person desirous of getting himself registered as a registered estate agent is requested to procure a copy of the Rules & Guidelines to the Test of Professional Competence for the Estate Agency Practice by enclosing an M.O./Cheque in favour of the Board of Valuers, Appraisers and Estate Agents Malaysia for RM14.00 which amount is inclusive of postage charges. 08/29/13 21
  22. 22. 10/20/11 EMT654 - Professional Practice II 22 3.0 Formation of Firms3.0 Formation of Firms Provision of Sec 23 (1) of the Act 1981 No registered valuer, appraiser or estate agent shall practice valuation, appraisal or estate agency or have the right to recover in any court any fee, charge or remuneration for any professional advice or services rendered by him pursuant to his practice unless he practices as a sole proprietor of a sole proprietorship, a partner of a partnership, a shareholder or director of a body corporate registered with the board, or as an employee of such sole proprietorship, partnership of body corporate. 08/29/13 22
  23. 23. 10/20/11 EMT654 - Professional Practice II 23 3.1 Formation of Firms3.1 Formation of Firms Provision of Sec 23(2) of the Act 1981 A partnership or body corporate practicing valuation, appraisal or estate agency, as the case may be, shall not be registered by the board Unless : a)All partner of the partnership or directors and shareholder of the body corporate are :- i) valuation practice, solely registered valuers ii) appraisal practice, solely registered appraisers iii) estate agency practice, solely estate agents 08/29/13 23
  24. 24. 10/20/11 EMT654 - Professional Practice II 24 3.2 Formation of Firms3.2 Formation of Firms Provision of Sec 23(2) of the Act 1981 (Cont’d) b) The shares in the partnership or the body corporate are held :- i) valuation practice, solely registered valuers ii) appraisal practice, solely registered appraisers iii) estate agency practice, solely estate agents c) It satisfied all the conditions specified by the board 08/29/13 24
  25. 25. 10/20/11 EMT654 - Professional Practice II 25 4.0 Type of Offenses Subject to the provisions of Sec 24(1), if a valuer,appraiser or estate agent or a probationary valuer or probationary estate Agent or Agent whose name has been placed in the Register or the Register of probationary Valuers/Probationary Estate Agents, as the case may be: a) has been convicted of any offence such as froud or dishonesty or moral turpitude. b) Misrepresentation or fraud in obtaining authority/ registration of practice c) His qualification under sec 18 or 22A has been cancelled by the authority d) Failed to comply with the any provision of the act. e) Neglected to comply any order by the Board acting under any provision of the act. f) Found guilty by the Board of any professional misconduct.08/29/13 25
  26. 26. 10/20/11 EMT654 - Professional Practice II 26 08/29/13 26
  27. 27. 10/20/11 EMT654 - Professional Practice II 27 08/29/13 27
  28. 28. 10/20/11 EMT654 - Professional Practice II 28 Procedure Registration of Estate AgentsProcedure Registration of Estate Agents oRule 17 – form of application 1. Form A – Valuer 2. Form B – Estate Agent 3. Form A1 – Probationary valuer 4. Form B2 _ Prabationary estate agent oRule 18 – renewal of registration of probationary valuers and estate agents oRule 19 – notification to applicant – the board decision will be notified to the applicant R 08/29/13 28
  29. 29. 10/20/11 EMT654 - Professional Practice II 29 Procedure Registration of Estate AgentsProcedure Registration of Estate Agents oRule 20 – registration fee and fee for authority to practice and failure to pay fee – Approval authority to practice oRule 20A– registration of prabationary valuers and estate agents oRule 20B – renewal of registration of probationary valuers and estate agents oRule 21 – authority to practice estate agent – Form I 08/29/13 29
  30. 30. 10/20/11 EMT654 - Professional Practice II 30 Procedure Registration of Estate AgentsProcedure Registration of Estate Agents oRule 22 – special authority to practice valuation – form C in 2nd Schedule and prescribed fee oRule 23 – application to renewal - form K oRule 24 – duplicate authority to practice – form E in Second Schedule and prescribed fee oRule 25 – application for reinstatement – form F of second Schedule oRule 25A – ceassation of practice – form M 08/29/13 30
  31. 31. 1) Every person desires of being registered as a valuer, estate agent, probationary valuer or probationary estate agent under the Act shall apply to the Registrar in : a)Form A – Valuer b)Form B – Estate Agent c)Form A1 – probationary valuer d)Form B1 – probationary estate agent 2) All such applicant shall accompanied by the processing fee prescribed in the Third Schedule. 10/20/11 EMT654 - Professional Practice II 31 5.0 Procedure Registration of Estate Agent (Rule 17) 08/29/13 31
  32. 32. 10/20/11 EMT654 - Professional Practice II 32 5.1Submission to the Board (Rule 18) 08/29/13 32
  33. 33. 10/20/11 EMT654 - Professional Practice II 33 5.2 Procedure of Registration(Cont’d) 08/29/13 33
  34. 34. 10/20/11 EMT654 - Professional Practice II 34 6.0 Procedure6.0 Procedure Registration of Firms 08/29/13 34
  35. 35. 10/20/11 EMT654 - Professional Practice II 35 6.16.1 Registration of Firms 08/29/13 35
  36. 36. 10/20/11 EMT654 - Professional Practice II 36 08/29/13 36
  37. 37. 10/20/11 EMT654 - Professional Practice II 37 6.26.2 Registration of Firms (Cont’d) 08/29/13 37
  38. 38. According Rule 25D - Consideration of application 1) Once the Board has satisfied with the application under rule 25B base on the following matters: a) satisfies the ownership requirement under Sec 23 of the Act. b) the applicant satisfies the requirements as to its specified in the rule 25K. c) the particular documents submitted by the applicant to the Board. 2) If he Board not satisfied, the Board shall return the application to the respective applicant for: a) re-submitted with amendment. b) with the necessary particular document which need for amendment. 10/20/11 EMT654 - Professional Practice II 38 6.46.4 Registration of Firms (Cont’d) 08/29/13 38
  39. 39. 10/20/11 EMT654 - Professional Practice II 39 6.36.3 Registration Fees According Rule 25F - Registration Fee 1)The successful registration firms of application, within 90 days of the date notification, require to pay the registration fee as prescribed in the Third Schedule. 08/29/13 39
  40. 40. 10/20/11 EMT654 - Professional Practice II 40 6.56.5 Registration of Firms (Cont’d) 08/29/13 40
  41. 41. 10/20/11 EMT654 - Professional Practice II 41 Prepared by: Mohamad Isa Abdullah Department of Estate Management Faculty of Architecture Planning & Surveying, University Technology MARA, Shah Alam 08/29/13 41

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