1st Safeguard: Registration of Duly Qualified Persons As Estate Agents

To safeguard public interests against unscrupulous practice of estate agency by unqualified parties and rogues in the 1970s and early 1980s , the Malaysian Parliament enacted a piece of legislation known as the Valuers, Appraisers and Estate Agents Act 1981 (the "VAE Act 1981") which may be considered as the mother of all Malaysian estate agency law.

The enactment introduced a system of registration whereby only duly qualified persons shall thereafter practise as estate agents. The Act took effect from 7 Sept.1984 onwards after the due process in Parliament and a 1-year registration period for those who were practising real estate agency as the principal calling of their vocation then.

After the aforesaid 1-yr registration period, only persons who meet the requirements stipulated in Sec 22A of the VAE Act 1981 shall be entitled for registration as real estate agents and be issued with the authority under Sec 16 to practise real estate agency.

Under Sec 22A, an applicant for such registration must:
1) have attained the age of 21 years
2) be of sound mind
3) be of good character
4) not have been convicted of any offence involving
a) fraud,
b) dishonesty or
c) moral turpitude,
during the 5 years preceding his application
5) not be an undischarged bankrupt
6) satisfies the requirements of qualifications as laid down in Sec 22D
7) have made the required declaration
8) have paid the prescribed fees for registration
9) not be under suspension from estate agency practice nor have his name cancelled from the Register of Estate Agents.

Sec 22D further stipulates that the applicant for registration as estate agent must:
1) be a citizen or permanent resident of Malaysia;
2) have passed the prescribed examinations or their approved equivalents (under Rule 44 as specified in the Sixth Schedule);
3) have been a registered probationary estate agent who has:
a) obtained the required period of Practical Experience under a supervising registered estate agent; and,
b) passed the prescribed Test of Professional Competence or its equivalent

See, how tough it can be to be a registered estate agent in Malaysia. Count yourself lucky if you are served by a registered real estate agent. Why opt to be served by unqualified persons who can "Fly by Night" and never be held accountable when you can be served by a very professional lot.

SAY NO TO UNREGISTERED OR BOGUS AGENTS - YES TO PRACTISING REGISTERED REAL ESTATE AGENTS!

Cheers,

Douglas, GT TANHALIM

P/s: Just as a doctor is not allowed to "loan" his practising "licence" to unqualified persons, the Malaysian estate agency law equally has stipulations against this practice by registered real estate agents in any forms, fronts or veils. What are the stipulations? Wanna know....Well, stay connected for my next post...

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