Standard 8 2018

MALAYSIAN ESTATE AGENCY STANDARDS

Go here to read about the differences from Standard 8 MEAS 2014.

STANDARD 8

VIEWINGS/INSPECTIONS

8.1.0 INTRODUCTION

8.1.1 Viewing refers to the inspections of the property by the prospective parties before buying or renting a property.

8.1.2 Under the law of agency the agent must promote the interests of the client. The Board additionally requires that this promotion of the client’s interest is to be applied in fairness to all parties.

8.2.0 STATEMENTS OF STANDARD

8.2.1 (swap between 8.2.1 and 8.2.2) The estate agent shall not, without first obtaining approval of the Client place any form of advertisement of, or advertise, at a property any signboard advertising the property “For Sale”, “To Let” or “For To Lease”.

8.2.2 Upon commencing an instruction the firm should entertain queries regarding the property by from any prospective party.

8.2.7 3 An estate agent shall not make any factually unsupported statement of the property listed for sale, purchase, letting or renting.

8.2.3 4 The estate agent is encouraged to:

  • (a) use a Listing Fact Sheet, or an equivalent document, to record the details of each listing including the terms and conditions of sale/letting/lease and /or the inventory list if applicable, and to update it accordingly as and when required; and
  • (b) use a Property Inspection and Disclosure Form, or equivalent document, to record and disclose the pertinent facts of the property to the prospect(s) and to obtain the acknowledgement of the prospect(s) having been made known of the pertinent facts; and
  • (a) (c) document every viewing engagement by using a Viewing Form, preferably the Board’s Standard Viewing Form, and have it signed by the prospective(s) parties.

8.2.5 The Listing Agent is encouraged to be present during all viewings/inspections, including in cases of co-agency.

8.2.5 6 In cases of co-agency, the viewings and due documentation of the property must at all times be with the knowledge and under the overall supervision of the listing agent.

8.2.4 7 The estate agent shall be fair and just to all parties in negotiations and in drafting or assisting in drafting of all letters, forms and agreements.

8.2.6 8 An estate agent, unless he is a registered valuer, shall not communicate in writing, to any person, an opinion of value of a property, as it may be construed as a formal valuation within the meaning of the provisions of the Act and Rules.

8.3.0 EXPLANATIONS TO THE STANDARD

8.3.1 Standard 8.2.2 1 should get rid of the profession of “poster war” that is the bane of the profession at present.

8.3.2 Standard 8.2.3 4(c) ensures encourages that in every property inspection, a record of details of viewing by prospective parties is available.

8.3.3 An example of factually unsupportable statement in Standard 8.2.3 would be where the estate agent represents that the adjacent land is for open space whereas this statement was made without adequate knowledge or without checking with the relevant authorities.

Ref:

Verbatim from Standard 8 MEAS 2018.

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