Dealing with Estate Agents

Identifying Real Agents & Negotiators

As of March 2014, BOVAEA (the Board of Valuers, Appraisers and Estate Agents) has implemented a new tag identification system. Under this new system, all practising Real Estate Agents and Negotiators must wear identification tags during the course of their work.

Each tag contains a QR code that verifies that person’s qualifications when scanned.

As a member of the public, you are within your rights to demand that the Real Estate Agent or Negotiator that you are working with show you their tags for verification.

Under Section 30 of the Valuers, Appraisers and Estate Agents Act 1981, any individual who commits an offense shall be liable to a maximum fine of RM300,000 or imprisonment not exceeding three years or both.

Role of Negotiators

Negotiators are salespersons who are not given explicit recognition in the Act or Rules but are informally recognized by the Board as assistants engaged by estate agents in their practice of estate agency under their immediate direction and supervision. Hence, negotiators are not authorised to act independently of the estate agency firm and when in doubt members of the public are advised to check with the Board or the estate agency firm concerned. Negotiators can only work for one estate agent at any one time and on a full time basis only.

Responsibilities of Agents / Negotiators

General Code of Conduct and Ethics for Registered Valuers, Appraisers and Estate Agents

• Every registered valuer or appraiser or estate agent are duty bound to render service to his client with absolute fidelity, and to practise his profession with devotion to the high ideals of integrity, honour and courtesy, loyalty to his country, and also to conduct business in the spirit of fairness and goodwill to his fellow professionals in the real estate industry.
• A registered valuer or appraiser who acts as an estate agent to a transaction should not subsequently value the same property for the same purchaser.
• All valuation reports must follow the format and guidelines issued by the Board from time to time.
  No registered valuer, appraiser or estate agent shall, directly or indirectly, allow or agree to allow participation by any person or company, other than a registered valuer, appraiser or estate agent in the profits of his professional work.
• It is a duty of a registered estate agent to protect the public against fraud, misrepresentation and unethical practises in respect to all real estate transactions.
• A registered valuer, appraiser and estate agent must inform his client of the nature of any business connection , interest or other affiliations he may have in connection with the service to the client.
• A registered estate agent shall not accept fees from more that one client in any one transaction.
• A registered estate agent shall not act for one party to a transaction while another registered estate agent from the same firm or related or affiliated firm, is acting for the other party to the same transaction except with the knowledge and consent of the parties concerned.
• A registered estate agent’s name and signature must appear on all proposals, reports and other documentation prepared by him indicating his status as a registered estate agent.
• A registered valuer’s, appraiser’s and estate agent’s branch offices shall be headed by a resident registered valuer or appraiser or estate agent.

Source from The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA)