Committee (CIC) will first study the
complaint and then call in the registrant(s) for
an inquiry to first establishwhether there is a
‘prima facie’ case. The time frame depends on
the circumstances of each case.”
MARCH 14, 2014
Please email your feedback and
queries to:
T
ype
‘Malaysia real
estate scams’ online
and youwill
understandwhy
serious actionwas required
to regain public confidence
inMalaysian real estate.
According to BOVAEA
(Board of Valuers,
Appraisers and Estate
Agents)Malaysiamember
Alex J Gomez the
association has been
receiving an average of
60 complaints amonth, on
unethical practices carried
out by negotiators who are
attached to registered real
estate agencies and firms.
“BOVAEA does not have
the
authority to ‘handle’
these people or firms
not
registeredwith the Board;
except lodge police reports
on verified cases,” Gomez
informs.
To address this issue and regain
people’s confidence in the real estate
industry, BOVAEA recently introduced
a new tag identification system.
Organisation president Datuk Abdul
Hamid Abu Bakar informed a press
gathering, that over the years, the local
real estate industry had acquired a
negative image due to the unethical and
unprofessional manner inwhich “illegals”
– illegitimate and unauthorised REA
(real estate agents) and REN (real estate
negotiators) – were going about
their business.
“With the new tag system, the public
can spot the difference between a fake
REN froma registered one. Just scan
the QR code on the identification tag
with a device like a smartphone, and
youwill receive all the details about the
REN. Compare this to the details on the
tag and the REN’s namecard; they
should tally.” He also urges the public to
take a confident stand
and be conscious of
their rights.
“Take action and
lodge a report with
BOVAEA or call us if
you needmore
information or
clarifications. Once
the system is
enforced, all RENs
MUST
wear their tags
. It will be
an offence not to,” Abdul
Hamid adds. With help
froma conscious public,
BOVAEA hopes toweed
out and negate these
unlicensed, shady-
dealing individuals,
who are tainting the
image of the local real
estate industry.
The new system
requires all REAs and
RENs to be registered
with BOVAEA. It was established
to address three core objectives:
1) To improve and elevate the professionalism
and accountability of all negotiators in the
real estate industry;
2) To curb the activities of “illegal” agents in
themarket; and
3) To educate the general public to
only
engagewith registered
real estate
agents and negotiators.
Under this registration
regulation, a REAwill be
allowed to engage or hire a
maximumof 20 RENs. Each
RENwill be held accountable
for his real estate business
dealings. He or she is not
required to have any licence but
will need to have attended the
one-day course which is held
nationwide by approved course
providers, to receive the Certificate
of Attendance. This certificate,
together with the registration
application formmust be submitted
to BOVAEA. Once registration is
received and approved, BOVAEA
will issue an identification tag
which certifies that the REN is
registeredwith BOVAEA and
allowed to conduct sanctioned
real estate dealings.
For REAs, it is compulsory to
have completed the examinations
conducted by BOVAEA. REAs will
also need to be registeredwith
BOVAEA to obtain the authority to:
provide real estate services including
buying, selling and leasing
properties for clients;
and to hire up to 20 RENs to
execute real estate services
under his or her direction.
BOVAEA registration
for RENs was conducted
fromOctober 2013 and ended
on Feb 28 this year.
Nationwide implementation of
the tag system is targeted to
take effect fromMay. The REN
tag will display the REN and
REA registration numbers and
personal details. The security
features include the QR code,
the holographic filmand the bar
code. All RENs will be required
to visibly display their tag
while conducting their real
estate business.
To ensure this practice is
enforced, BOVAEA boardmember
Eric Limcautioned real estate industry
players: “Under Section 30 of the Valuers,
Appraisers and Estate Agents Act 1981,
anyone who commits an offence is liable for
conviction. (Fine not exceeding RM300,000
or imprisonment not exceeding three years,
or both).”
Gomez adds that theMalaysian Real Estate
Agency Standards has been amended andwill
come into force sometime this year. He urges
the public to visit BOVAEA’s website (at
lppeh.gov.my) for additional information on
this new system. “BOVAEA is the legislative
body for all Valuers, Appraisers &Estate
Agents. The secretariat at BOVAEA is
entrusted tomanage and implement this
systemof registering RENs. All complaints
will first be verified and the complainants
informed on the
progress of the case on
a periodic basis.”
Gomez also states
that REAs can be
charged under the
current rules for any
infringement, as the
casemay be, on the
advice of BOVAEA
solicitors. “The RENs
can nowbe called in
together with their
supervising registrant
to answer any
enquiries. BOVAEA
has been dealing
with complaints
from the date of the
enforcement of the
ACT. The Complaints
Investigating
DID YOU KNOW?
As at Feb 28, 2014,
BOVAEA has 1,789
registered and bona
fide REAs and more
than 16,243 RENs.
Have
tag
,will talk
>BOVAEA raising industry standards and regainingpublic confidence
in real estate
The difference between
REA
(real estate agent) and
REN
(real estate negotiator)
• A REA is an individual who has attained
the requirements and/or completed
the examination conducted by
BOVAEA, and who is registered under
BOVAEA.
• A REA is licensed to:
a) Provide real estate services including
buying, selling and leasing properties
for clients, and
b) Hire up to 20 real estate negotiators
(RENs) to carry out real estate
services under his or her supervision.
• A REN is an individual who does not
have the licence fromBOVAEA. He is
employed or engaged to assist the REA
to execute real estate services.
“With the new tag system,
the public can spot the
difference between a fake
REN froma registered one.
Just scan the QR code on
the identification tag with a
device like a smartphone,
and you will receive all the
details about the REN.”
Datuk Abdul HamidAbu Bakar
BOVAEApresident
Top: BOVAEAmember
Gomez.
Right (from left): Malaysian
Institute of Estate Agents
(MIEA) president Siva Shanker
with BOVAEApresident
Abdul Hamid and board
member Eric Lim.
BOVAEA (Board of Valuers, Appraisers
and Estate Agents)
• Set up in 1981 under the purview of theMinistry of Finance.
• Its operation is governed by the provision of the Valuers,
Appraisers and Estate Agents Act 1981.
• Function is to:
1) Regulate the professional conduct/ethics of Valuers,
Appraisers and Estate Agents practising inMalaysia;
2) Approve and/or reject applications for registration;
3) Keep andmaintain the Register of Valuers, Appraisers and
Estate Agents, Probationary Valuers and Probationary Estate
Agents, and firms of Valuers, Appraisers and Estate Agents;
4) Hold disciplinary proceedings;
5) Conduct examinations;
6) Prescribe Scale of Fees; and
7) Award scholarships.
CUT AND KEEP
