D08 Estate Agency Law

Will be called “Professional Practice”.

Somehow, I get confused between “Estate Agency Law” and “Real Estate Agency Practice”. The easy way to differentiate is the word “Real”. “Real Estate Agency Practice” is about application of various knowledge in real world. Hence, I reckon that the name change should be reflective of such “practical use of knowledge” – “Real Estate Agency Practice” should be changed to “Professional Practice” while “Estate Agency Law” retained as the same. However, it is not the case. The reverse is true. “Estate Agency Law” is changed to “Professional Practice” while “Real Estate Agency Practice” remains as the same.

As verbatim from “Rules and Guidelines to Part I & II Estate Agent Examination (2nd Edition – 1 Jan, 2005)”.

Sales and Purchase of land in Malaysia: The contract, conditions and particulars of sale, post contract to registration, key contract  clauses, abortive sale deposits. Advance payments, deposits, earnest money, booking interest, leasing and types of leases. Rent and rent reviews, turnover rent, escape clauses, eviction proceedings.

Regulatory bodies affecting real estate transactions, Valuers, Appraisers and Estate Agents Act and its Rules and Regulations relating to estate agency practice.

Conduct of sales by private or public auction: reserve price and rights to bid, withdrawal of lost, building agreements, memorandum of sale.