How to be a REA? Q1

Ahmad has passed his SPM Examination. Explain the procedure for Ahmad to realize his ambition to become a registered estate agent.

(25 marks, 2016 Q1)

Siva Shanker on "Becoming a real estate agent" published in NST here.

In order to be registered to practice estate agency, Ahmad is required to fulfill the following stages of the examination, training and interview. Rule refers to Rules 1986. Section refers to Act, 1981.

1. Examination by the Board, or passing the recognized qualification by the Board in an exemption route.
2. Be trained properly under supervision of a registered practitioner called the Practical Experience.
3. Fulfill the requirements of passing the interview called Test of Professional Competence.

Having fulfilled the examination requirement, the next process is to apply to be registered under the Valuers, Appraisers and Estate Agents Act, 1981 first as Probationary Estate Agent (PEA) and fulfilling the practical experience part of the requirement. Thereafter, apply to sit for the Test of Professional Competence, and upon passing that, be registered under Part III of the Fourth Schedule under Rules 26 - Register of Valuers, Appraisers and Estate Agents.

The Board will issue Form I (Rule 21) Authority to Practice Estate Agency when all that is satisfied.

With this Authority to Practice Estate Agency, Ahmad can start his business activity as a Registered Estate Agent.

(As the various stages are quite lengthy, I segregate them into various postings linked above).

Section 22A Registration of Estate Agents.

(1) Subject to the provisions of this Act every person shall be entitled to have his name entered under Part III of the Register upon making application to the Board and proving to its satisfaction that-

(a) he has attained the age of 21 years and is of sound mind, good character and has not been convicted of any offence involving fraud or dishonesty or moral turpitude during the five years immediately preceding the date of his application.

(aa) he has not made a statement or affirmed or attested a document that is false or misleading in a material particular;

(ab) he has not dishonestly concealed material facts;

(ac) he has not furnished false information;

(b) he is not an undischarged bankrupt;

(c) he satisfies the requirements of section 22D*;

(d) he has made a declaration in the form and manner prescribed by the Board;

(e) he has paid the fees prescribed by the Board; and

(f) he is not under suspension from valuation or estate agency practice nor has his name been cancelled from the Register.

* Section 22D Qualifications for registration of estate agents and probationary estate agents.

(1) Subject to the provisions of this Act, no person shall be entitled to have his name entered under Part III of the Register unless he has been registered as a probationary estate agent under this Act.

(2) Any person who has passed the examinations prescribed by the Board or who has obtained qualifications which the Board recognizes as equivalent to such examinations may apply to the Board to be registered as a probationary estate agent.

(3) A probationary estate agent shall be required to obtain the practical experience and to pass the Test of Professional Competence prescribed by the Board or any equivalent test or examination recognised by the Board.

(4) Where a probationary estate agent has complied with the requirements of subsection (3), he may apply to the Board to have his name entered in the Register.

(5) A person who is not a citizen or permanent resident of Malaysia shall not qualify for registration as an estate agent or as a probationary estate agent unless he is or has been a registered estate agent before the coming into force of this section.

(However, subsection (5) might be changed to allow non-citizen to be registered) See the proposal for amendment to the VAEA 1981, dated 25 Jan, 2017 by the Board.

No comments:

Search This Blog

How do you find my articles?