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Wednesday March 5, 2014 MYT 12:00:00 AM
Wednesday March 5, 2014 MYT 7:28:59 AM
PUTRAJAYA: Real estate agents and their negotiators need to carry an official identification tag from May 1 to distinguish them from bogus agents.
The tags, available only to registered agents and their negotiators, will contain a Quick Response (QR) code which can be verified on any QR code reader device or mobile application.
The new identification system is aimed at weeding out illegal players in the real estate industry and to increase public confidence in the profession, said the Finance Ministry’s valuation and property services department director-general Datuk Abdul Hamid Abu Bakar.
“This (registration and identification) exercise shall also minimise the number of illegal agents who may be involved in unhealthy practices which mars the credibility of the profession. This is not a licensing exercise but a form of registration by the board.
“Through this process, negotiators will be held accountable for their actions via their respective supervising registrants (real estate agents),” Abdul Hamid told a press conference here yesterday.
A real estate agent is a qualified individual who has completed an examination set by the Board of Valuers, Appraisers and Estate Agents (Bovaea).
These agents are licensed to employ up to 20 real estate negotiators to assist them in carrying out their tasks.
There are currently 1,779 real estate agents and 16,243 negotiators registered with the board.
Abdul Hamid, who is the board’s president, said that it estimated that illegal agents or negotiators could make up more than half of those in the field.
“There is no law to say that you can only buy from registered real estate agents and negotiators, as you can also buy directly from other sources, such as a property owner.
“But what we want to do is to encourage people to seek the services of the registered ones because they are governed by the law on how they carry out their services in this industry.
“The illegals are not registered so they are not subjected to the (Valuers, Appraiser and Estate Agents) Act, which means they may carry out irresponsible acts that could jeopardise the buyer’s interests,” Abdul Hamid said.
Under Section 30 of the Act, real estate valuers, appraisers and agents who commit an offence are liable to a fine not exceeding RM300,000 or imprisonment not exceeding three years or both upon conviction.
Tags / Keywords:
Property, Real estate, estate agents, housing, property
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