LECTURE 2: MALAYSIAN ESTATE AGENCY STANDARDS (MEAS) SR ZARINA SHAMSUDIN DR SABARIAH ENI DR ABDUL JALIL OMAR
THE LAW ON ESTATE AGENCY PRACTICE IN MALAYSIA 1. INTRODUCTION 2. DEFINITION 3. PART I – CORE VALUES 4. PART II – STATEMENTS OF STANDARDS 5. STANDARD 1- THE ESTATE AGENCY OFFICE 6. STANDARD 2- REAL ESTATE NEGOTIATORS 7. STANDARD 3- TYPES OF AGENCY 8. STANDARD 4- ESTATE AGENCY FEES 9. STANDARD 5- TERM OF ENGAGEMENT 10. STANDARD 6- ADVERTISEMENT & MARKETING 11. STANDARD 7- CO-AGENCY PRACTICE 12. STANDARD 8- VIEWING / INSPECTIONS 13. STANDARD 9- CLIENT’S ACCOUNT 14. PART III - FORMS
STANDARD 1 ESTATE AGENCY OFFICE The conduct of an Estate Agency business should be operate from a proper office Any office/ branch must be under the day to day control and management of estate agent No estate agent shall permit office administrator /negotiator to carry duties as an estate agent To operate an office must get the approval from the board All offices shall have proper signage – (name and registration number shall be included Must display practicing certificate Must have proper administrative system and maintenance Proper accounting system To have adequate professional indemnity etc.
STANDARD 2 REAL ESTATE NEGOTIATORS Negotiator means a person or salesperson who assists the EA in the practice of EA and who works under the direct control and supervision of the Estate Agent – FULL TIME negotiators not PART TIME negotiators, shall work with ONE firm only Not more than 30 negotiators at one time Every firm has maximally 5 estate agents EA must make sure the REN do not when offering quote a price different from that agreed upon with the client EA must ensure that REN do not sign any contractual binding document on behalf of the firm including the letter of offer, letter of engagement, letter of agency arrangement and flyers
STANDARD 3 TYPES OF AGENCY Exclusive agency instruction from principal to a single EA to act on his behalf principal may introduce but EA will do the closing. Principal must pay the fees even though EA was not the effective cause of the transaction Sole agency Similar to exclusive EA Principal may reserve the right to close deals Where the principal play an active role the principal not obligated to pay the fee or make an arrangement for a discount.
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