An interesting article about Malaysia.
Real estate associations are urging the public to beware of illegal brokers under the guise of technology and innovation.
The associations consisted of The Royal Institution of Surveyors Malaysia (RISM), The Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia (PEPS), Malaysian Muslim Real Estate Consultants Association (PEHAM), Malaysian Institute of Property and Facility Managers (MIPFM) and Malaysian Institute of Estate Agents (MIEA).
In a joint statement today, the associations are calling for members of the public to deal only with real estate agents and firms registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP) when engaging any person or persons to carry out real estate services which include selling, buying, renting, leasing, tenancy administration and advisory services.
The associations said the statement served as a reminder that there are people who are not estate agents but operating estate agency businesses illegally and using many forms of creative ideas to do so.
They said real estate service is gazetted as a professional service under the Valuers, Appraisers, Estate Agents and Property Managers Act 242, 1981 to protect the public.
“It is also to ensure that if anyone other than those registered carries out the work as an agent in any form or shape or manner, they will be committing an offence and can be charged in court with a fine of not more than RM300,000 and imprisonment for not more than three years or both,” the associations said.
“It is important to state that we are not against innovations and technology but we want to reinforce our stand that we cannot condone anyone, either individuals or companies in any form or shape, who do not comply to existing laws of the land where it fits as far as real estate agency practice is concerned,” they added.
The above article was provided here.
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