In Malaysia, when you are buying, selling or renting a property you should engage an estate agent or negotiator to market your property.
How well do you know about the terms Real Estate Agent and Negotiator?
ESTATE AGENCY PROFESSION?
It means acting or holding oneself out to the Public as ready to act, for a commission, fee, reward or other consideration. An agent in respect of the sale or other disposal of land and buildings and of any interest therein, or the purchase or other acquisition of land & buildings and of any interest thereon or in respect of the leasing or letting of land and buildings and of any interest therein.
WHO IS AN ESTATE AGENT?
Is a person whose name has been entered in a Register and to whom an Authority of Practice has been issued by The Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVEAP), under Section 16 of the Act.
In order to be an estate agent, one must register him/herself as a Probationary Estate Agent and undergo a two (2) years post practical training with a registered estate agent and maintain a work diary. Having fulfilled the above, he/ she must submit two practical tasks and be interviewed (called Test of Professional Competence) by a Board panel.
After passing the TPC, he/she shall then apply to register him/herself with the Board where an ‘Authority to Practice’ will be issued. He/ She is then referred to as a registrant or registered person or a real estate agent (REA). A registered Estate Agent will be issued with a blue REA authority card.
WHO IS A REAL ESTATE NEGOTIATOR?
A Real Estate Negotiator (REN) is an individual who is employed by a Registered Real Estate Firm. They are not registered with the Board but issued with a REN tag or certified to practice. To be employed by the Real Estate firm, they must attend a two-day course on real estate and will be issued a certificate of attendance. The certificate allows the individual to seek employment either on a ‘Contract of Service’ (Employee) or on a ‘Contract for Service’ (on contract basis) with a Real Estate firm. The Real Estate firm then will apply for the REN Tag with BOVEAP who will then certify and designate a number & issued with a tag to the REN. The REN may then be employed by the firm and represent sellers, landlords, buyers & tenants in the sale and marketing of these properties. No REN can work for more than one firm.