The Valuers, Appraisers and Estate Agents (Amendment) Act 2017 - Malaysia
The Valuers, Appraisers and Estate Agents (Amendment) Act 2017 “Amendment Act” came into force on in the beginning of 2018.The Act amended the Valuers, Appraisers and Estate Agents Act 1981 “Principal Act”.
The Amendment Act
Prior to coming into force of the Amendment Act, only a registered valuer, appraiser or estate agent duly authorized by the Board of Valuers, Appraisers and Estate Agents (as it was then known) was permitted to undertake property management.
After the coming into force of the new Part VB (Property Managers), subject to the provisions of the Principal Act, every person shall be entitled to have his name entered under Part IV of the Register of Valuers, Appraisers, Estate Agents and Property Managers (“Register”) to practise property management upon making an application to the Board of Valuers, Appraisers, Estate Agents and Property Managers (“Board”) and proving to the satisfaction of the Board that he:
Notwithstanding paragraph (i), a person who is disqualified from valuation or estate agency practice may, if the Board considers him fit to practice property management, have his name entered under Part IV of the Register as a property manager.
Under the Principal Act:
“Property management” means the management and control of any land, building and any interest in the land or building, excluding the management of property based businesses, on behalf of the owner for a fee.
“Property-based business” includes a hotel, motel, hostel, plantation, quarry, marina, port, golf course, cinema, stadium, sports complex, and hospital.
“Property manager” means a person, a firm or a company who, on behalf of the owner of any land, building and any interest therein, manages or maintains or controls such land, building, and interest.
The property management practice referred to in the Principal Act includes the following:
No person (or a firm) shall, unless he is a registered property manager and has been issued with an authority to practice under section 16 of the Principal Act:
The owner of any land, building and any interest therein who manages such land, building and interest are allowed to act as a property manager. For this purpose, “owner” in relation to any land, building and any interest in the land or building means:
A registered owner or a lessee may be an individual or a company but shall not include any shareholder in the company owning such land, building and interest in the land or building unless such land, building and interest is wholly owned by the company.
The amendment to the Principal Act allows any person (whether or not he is a registered valuer, appraiser or estate agent) to practise property management if he proves to the Board the required conditions under the Principal Act have been satisfied.
This article is presented for information purpose only and covers legal issues in a general way.
The contents are not intended to constitute advice on any specific matter and should not be relied uponas a substitute for detailed legal advice.
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