Tracking illegal real estate agents in Malaysia
He said buyers using the services of unregistered brokers are at risk of losing their money.
He said buyers using the services of unregistered brokers are at risk of losing their money.
Loh said there are reported cases of foreign agents from countries such as Singapore, Hong Kong and Japan advertising Malaysian properties for sale, both locally and abroad; and foreign developers selling properties to Malaysians without getting BOVAEP approval.
He said buyers using the services of unregistered brokers are at risk of losing their money.
"Not only are these illegal and unregistered real estate agents and negotiators
profiteering through various fraudulent activities, they are also jeopardizing the
professionalism and accountability of the real estate industry," he said.
Estate agency practices in Malaysia are governed by Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) where real estate agents must be registered while real estate negotiators must be certified by BOVAEP.
Recent legislative amendments to Act 242 (Part VIII, Section 30) states that any person who acts as an estate agent whether the primary or principal object of his business is estate agency or impersonates a registered estate agent is regarded as committing an offense and is liable on conviction to a fine not exceeding RM300,000 or to imprisonment for a term not exceeding 3 years or both and shall be liable to a further penalty of RM1,000 for each day during the continuance of such off Loh said there are reported cases of foreign agents from countries such as Singapore, Hong Kong, and Japan advertising Malaysian properties for sale, both locally and abroad; and foreign developers selling properties to Malaysians without getting BOVAEP approval.
He said buyers using the services of unregistered brokers are at risk of losing their money.
"Not only are these illegal and unregistered real estate agents and negotiators
profiteering through various fraudulent activities, they are also jeopardizing the
professionalism and accountability of the real estate industry," he said.
Estate agency practices in Malaysia are governed by Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) where real estate agents must be registered while real estate negotiators must be certified by BOVAEP.
Recent legislative amendments to Act 242 (Part VIII, Section 30) states that any person who acts as an estate agent whether the primary or principal object of his business is estate agency or impersonates a registered estate agent is regarded as committing an offense and is liable on conviction to a fine not exceeding RM300,000 or to imprisonment for a term not exceeding 3 years or both and shall be liable to a further penalty of RM1,000 for each day during the continuance of such offense.
This also applies to any person who aids and abets in the commission an offense under this Act.
"MIPEAC urge the public to come forward and lodge reports with BOVAEP and the police on any activities undertaken by illegal real estate brokers to effectively curb the problem."
This also applies to any person who aids and abets in the commission an offense under this Act.
"MIPEAC urge the public to come forward and lodge reports with BOVAEP and the police on any activities undertaken by illegal real estate brokers to effectively curb the problem."
source: nst
source: nst