INTRODUCTION TO THE PRACTICE OF REAL ESTATE AGENCY Sr Zarina Shamsudin BPE 33403
THE LAW ON ESTATE AGENCY PRACTICE IN MALAYSIA Valuers, Appraisers and Estate Agent Act 1981 (Act 242) amended. Section 22c- the restrictions on estate agency practice in Malaysia (refer to the provision). Malaysian Estate Agency Standards
DEFINITIONS 1. Estate Agents Person registered With Board of Valuers, Appraisers and Estate agents Includes Probationary Estate Agents 2. Negotiator Person or salesperson Who assists Who works under his direction and supervision. 3. Principal Person who engages the services of an estate agent who is responsible for the payment of the estate agent’s fees.
CONDITIONS TO QUALIFY; Minimum age required is 21 years old Registered as probationary estate agent Passes the Board’s examination or possesses recognized qualification
ESTATE AGENCY PRACTICE “Acting/ holding oneself out to the public as ready to act, for a commission , fees , reward or other considerations , as an agent in respect of the sale or other disposal of land and buildings and any interest therein or the purchase or other acquisition of land and buildings of any interest therein or in respect of the leasing or letting of land and buildings and of any interest therein including the act of making known of the availability of land, building or any interest therein for such sale or other disposable, purchase or other acquisition, leasing or letting. (Amended 2011). The Valuers, Appraisers and Estate Agents Act 1981.
FUNCTIONS OF ESTATE AGENT Sales Lettings / Leasing (different between let/ lease??) Buying / Renting Acting as (Buyers agency/ Tenant agency) MOST MANAGE THE AGENCY FIRM
HOW TO BE A GOOD REAL ESTATE AGENT ?? Estate Agents Knowledge Ethics Skills Networking
REAL ESTATE NEGOTIATOR (REN) Property Sales-Professional working under the supervision of a Real Estate Agent in a Registered Real Estate Agency Firm
THE ROLES OF REN It is important & an undeniable fact that Negotiators are the people who are out there in the field
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- Sales occupations, Estate agent, estate agents