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Becoming Estate Agent?

To THOSE interested in the Estate Agent Examination by Self-Study, please go to WEBSITE: ESTATEAGENTEXAM.COM WHO IS AN ESTATE AGENT? […]

To THOSE interested in the Estate Agent Examination by Self-Study, please go to WEBSITE:

ESTATEAGENTEXAM.COM

WHO IS AN ESTATE AGENT?

In Malaysia, Registered Estate Agents (REA) are professionals prescribed by the Law – Valuers, Appraisers, Estate Agents and Property Managers Act, 1981, to act and carry out Real Estate Agency Practice. The names are REA or PEA. A Probationary Estate Agent (PEA) is a person under training to become a REA.

There are many who call themselves “Brokers” out there dealing with properties. Unlike general public perception – these “brokers” are in fact, illegal agents!

Then, there are big numbers of Real (NOT registered) Estate Negotiators (Juru-Runding). They are NOT REA. However, they are assistants employed or engaged by REA Firms in carrying out the daily activities of estate agency practice. This is specified in:

S. 22C (2) (d) a negotiator may assist the registered estate agent in the estate agency practice.

SO, WHAT IS “ESTATE AGENCY PRACTICE”?

S.22B Estate agency practice

(1A) A person undertakes estate agency practice if he acts as an agent, or holds himself out to the public or to any individual or firm as ready to act as an agent, for a commission, fee, reward or other consideration –

(a) in respect of any sale or other disposal of land and buildings and of any interest therein;
(b) in respect of any purchase or other acquisition of land and buildings and of any interest therein;
(c) in respect of any leasing or letting of land and buildings and of any interest therein;
(d) in making know of the availability of land, building, or any interest therein for such sale or disposal, purchase or acquisition, or leasing or letting referred to in paragraph (a), (b) or (c), as the case may be; and
(e) in respect of any tenancy administration including rental collection, payment of outgoings, arrangement for minor repairs and handing over and taking over the possession of a property of any land and buildings and of any interest therein.

Hence, to act in accordance to the law, an estate agent should have been registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers, Malaysia (BOVEAP) and issued a “License”. This license is sometimes called “E License”. By law, this license number is to be written below the name of the Registered Estate Agent (REA), e.g. E.9876 when signing off official documents.

With this “E License”, this REA can then set up a firm of Real Estate Agency by applying to BOVAEP for an Authority to Practise (S.16 VAEP Act, 1981). This is a Firm Registration Number – sole proprietorship is given a E(3) number, e.g. E(3)9876.

SO, HOW TO BECOME A REA?

It is a long journey. Firstly the examinations, then the practical training and lastly the Test of Professional Competence (TPC) – Interview.

EXAMINATION:

You can basically do one of the three routes:

  1. University courses in a Degree – See recognized qualification in Board website HERE
  2. PMVS Examination – by Royal Institution of Surveyors, Malaysia – Property Management, Valuation and Estate Agency Surveying Division
  3. Board Estate Agents Examination (BOVAEP EA Exam) – Diploma of Estate Agency (I did this – I passed Part II in 2017 Exam)

* In the spirit of education the Board had given accreditation to some institutions to conduct internal courses for equivalent to BOVAEP EA Exam. This is a special route for those who are already involved in estate agency (as REN). They sign up for this internal courses and qualify for the same recognition. One of the examples is Certificate in Estate Agency by Institut Penilaian Negara (INSPEN).

TRAINING:

A Probationary Estate Agent (PEA) is to undergo a period of 2 years full-time practical training supervised by a Registered Estate Agent (REA). This is shortened to 1 year if the candidate has a degree equivalent to a Valuer or a qualified practitioner from overseas.

TEST OF PROFESSIONAL COMPETENCE (TPC):

A PEA who has completed practical training, work diary, 2 tasks and having fulfilled all criteria for interview will be called for TPC. This is an INTERVIEW with a Panel of Interviewers from government and private sector, comprising of practitioners and persons of position in the profession.

Having passed the TPC, the candidate is registered under 4th Schedule – Register of Valuers, Appraisers, Estate Agents and Property Managers – under Part III of the Register (Estate Agents).

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