ILLEGAL ESTATE AGENTS

 

"ILLEGALS" as defined in the "The Valuers, Appraisers & Estate Agents Act 1981" restrictions on Estate Agency Practice - Section 22C states; No person shall unless he is a Registered Estate Agent practice or carry on business or take up employment as an Estate Agent under any name style or title containing the words "Estate Agent", "House Agent", "Property Agent", "Land Agent" or to the equivalent thereto, in any language or bearing any other word whatsoever in any language which may reasonably be construed to imply that he is a Registered Estate Agent." 
 

ANYONE OTHER THAN AN ESTATE AGENT CANNOT:

• Use or display any sign board, card or other device representing or implying that he is a Registered Estate Agent;
• Be entitled to recover in any court any fees, charges or remuneration for any professional advice or services rendered as an Estate Agent."

THE CONVICTION

 

"ANYONE WHO COMMITS AN OFFENCE IS LIABLE ON CONVICTION TO A FINE NOT EXCEEDING RM25,000 OR TO AN IMPRISONMENT FOR A TERM NOT EXCEEDING 3 YEARS OR BOTH AND SHALL BE LIABLE TO A FURTHER PENALTY OF RM500 FOR EACH DAY DURING THE CONTINUANCE OF SUCH OFFENCE". 

 

CLIENT'S ACCOUNT

Estate Agents are permitted by law to collect pahyments from clients in the name of the Real Estate firms and deposit such sums of monies in a "Client's Account". The deposit will be held by the Estate Agents as a stake Holder until the SPA is signed and/or until completion of the sale. Estate Agents are required to have a Professional Indemnity Insurance to protect the interest of their clients. 

 

 

 

 

WHAT IS AN "E" NUMBER

Every Etate Agent is assign with a number e.g. E1379 which reflects the individual Estate Agent whose name has been registered with the Board. On the other hand the firm is issued with another registration number e.g. E(3)1188 for sole prioprietorship and E(1)1329 for Sendirian Berhad.

These Registration numbers are required to be displayed in all communication tools of the firm.