Amendment VEAP Act 1981 TPC – Law Q5

Thomas Sim E3009

Q.

There are some interesting things in the amended NEW Valuers, Appraisers, Estate Agents and Property Managers Act, 1981 (amended 2017). What are they? Can you name 6 new changes to the Act 242 in this amendment?

A.

Added 25 Oct, 2022

  1. S.22F to S.22J -  Property Manager Registration & Property Management Practice.
  2. S.22C (2)(d) - Negotiator duly recognized as assisting Registered Estate Agent in EAP. And added S.22C (2A) on definition of "Negotiator" as "a person who is employed by a registered estate agent to assist him in the estate agency practice".
  3. S.30A - A police officer not below the rank of an Inspector shall have power to investigate.
  4. S.10 (he) - Board is given the function to hold in trust the monies in a dispute between firm and client or third party.
  5. S.22B (1A) (e) - Tenancy Administration being added to EAP.
  6. S.18 (6) S.22D (5) No more restriction of Valuation and Estate Agency (and Property Management) to Foreigners. This part of the law have been deleted. As long as a foreigner could qualify in accordance to the Act, they can be registered. This includes the RENs (as foreigners are now engaged as RENs).

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https://justletak.blogspot.my/2018/03/amendment-to-vaea-act-1981.html

5 key points (refer above for better answers) are:

  1. Better definition of EAP as inside the Section, not just under Interpretation (S.2)
  2. EAP includes tenancy administration (rental collection, payment of outgoings, arrangement for minor repairs)
  3. Not allowing "Consultant" be used by others in EAP
  4. Negotiator has a firm position to assist the REA
  5. Foreigners are now allowed registration if qualified

The few reasons for the above amendment were:

The Property Managers are being registered in 2018, and being involved in tenancy administration, Estate Agency Practice has overlapping areas with property management. This involvement would add value to the landlord, hence the overlapping area is to be defined and given due recognition.

Negotiator had never been given a legal recognition in the Act 1981 before this amendment. Now, the term "Negotiator" is given due recognition in the Act, under S.22C. This section has "exception" to EAP, and now it includes "negotiator" as one of the allowable person to conduct EAP, but under the pretext of "assisting" the REA.

The foreigner being allowed for registration is inline with the introduction of TTP - Trans-Pacific Partnership, where cross-border practice be allowed in the future. However, in the 11 hours, US withdrew its signature. (Wikipedia)

Ref:

https://en.wikipedia.org/wiki/Trans-Pacific_Partnership