VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981

LAWS OF MALAYSIA ONLINE VERSION OF UPDATED TEXT OF REPRINT Act 242 VALUERS, APPRAISERS, ESTATE AGENTS AND PROPERTY MANAGERS ACT 1981 As at 1 August 2018 2 VALUERS, APPRAISERS, ESTATE AGENTS AND PROPERTY MANAGERS ACT 1981 … … … 4 February 1981 Date of publication in the Gazette… … … 5 February 1981 … 2 January 2018 Date of Royal Assent … Latest amendment made by Act A1550 which came into operation on … … … PREVIOUS REPRINTS First Reprint Second Reprint … … … … … … … 2001 … … … 2006 3 LAWS OF MALAYSIA Act 242 VALUERS, APPRAISERS, ESTATE AGENTS AND PROPERTY MANAGERS ACT 1981 ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. Short title and application 2. Interpretation PART II APPOINTMENT, DUTIES AND POWERS OF DIRECTOR GENERAL OF VALUATION AND PROPERTY SERVICES AND OTHER OFFICERS 3. Director General and other officers 4. Functions and duties of Director General 5. Access to lands, buildings, etc. 6. Submission of relevant information 7. Power of delegation 8. Minister may make rules PART III BOARD OF VALUERS, APPRAISERS, ESTATE AGENTS AND PROPERTY MANAGERS 9. Board of Valuers, Appraisers, Estate Agents and Property Managers 4 Laws of Malaysia Section 10. Functions of the Board 10A. Committee 11. Examiners and other staff 12. Fund of the Board 13. Auditing of accounts PART IV REGISTERS 14. Registers 15. Registrar 15A. Application for authority to practise 16. Authority to practice PART V VALUERS AND APPRAISERS 17. Registration of valuers and appraisers 17A. Registration of probationary valuers 18. Qualifications for registration of valuers and probationary valuers 19. Valuation practice 20. Restriction on registered appraisers 21. Restrictions on valuation practice 22. Special authority PART VA ESTATE AGENTS 22A. Registration of estate agents 22B. Estate agency practice 22C. Restrictions on estate agency practice 22D. Qualifications for registration of estate agents and probationary estate Agents ACT 242 Valuers, Appraisers, Estate Agents and Property Managers 5 Section 22E. Registration of probationary estate agents PART VB PROPERTY MANAGERS 22F. Registration of property managers 22G. Registration of probationary property managers 22H. Qualification for registration of property managers and probationary property managers 22I. Property management practice 22J. Restriction on property management practice PART VI FIRMS 23. Practice by firms PART VII DISCIPLINARY AND OTHER PROCEEDINGS 24. Cancellation, suspension and admonishment 25. Removal from Register 26. Reinstatement 27. Appeal 28. Appeal Board 29. Procedure for appeal PART VIII GENERAL 30. Offences 30A. Powers to investigate 30B. Search by warrant 30C. Search and seizure without warrant 6 Laws of Malaysia Section 30D. List of things seized 31. Penalty for other offences 31A. Protection against suit and legal proceedings 32. Board may make rules 33. Saving as to right of Government 34. Consequential amendments to the Registration of Surveyors Act 1967 35. Repeal FIRST SCHEDULE SECOND SCHEDULE THIRD SCHEDULE ACT 242 7 LAWS OF MALAYSIA Act 242 *VALUERS, APPRAISERS, ESTATE AGENTS AND PROPERTY MANAGERS ACT 1981 An Act to provide for the appointment of a Director General of Valuation and Property Services and for the registration of valuers, appraisers, estate agents and property managers and for matters connected therewith. [6 February 1981] BE IT ENACTED by the Yang di-Pertuan Agong with the advice and consent of the Dewan Negara and Dewan Rakyat in Parliament assembled, and by the authority of the same, as follows: PART I PRELIMINARY Short title and application 1. This Act may be cited as the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 and shall apply throughout Malaysia. Interpretation 2. In this Act, unless the context otherwise requires— “Appeal Board” means the Appeal Board established under section 28; * NOTE—Previously known as the Valuers, Appraisers and Estate Agents Act 1981. Change in short title vide section 3 of the Valuers, Appraisers and Estate Agents (Amendment) Act 2017 [Act A1550] which comes into operation on 2 January 2018–see P.U. (B) 605/2017. 8 Laws of Malaysia ACT 242 “applicant” means an individual registered valuer, appraiser, estate agent or property manager, or a registered valuation, appraisal, estate agency or property management firm, as the case may be; “authority to practice” means an authority to practice in the prescribed form issued by the Registrar under section 16; “Board” means the Board of Valuers, Appraisers, Estate Agents and Property Managers established under section 9; “Director General” means the Director General of Valuation and Property Services appointed under subsection 3(1); “firm” means a body corporate, a partnership or a sole proprietorship; “Fund” means the Fund of the Board of Valuers, Appraisers, Estate Agents and Property Managers established under subsection 12(1); “member” means a member of the Board; “Minister” means the Minister for the time being charged with the responsibility for finance; “prescribed” means prescribed by rules made by the Minister or by guidelines, standards, circulars or directives issued by the Board; “probationary estate agent” means a person who is registered under this Act as a probationary estate agent and whose name has been placed in the Register of Probationers; “probationary property manager” means a person who is registered under this Act as a probationary property manager and whose name has been placed in the Register of Probationers; “probationary valuer” means a person who is registered under this Act as a probationary valuer and whose name has been placed in the Register of Probationers; Valuers, Appraisers, Estate Agents and Property Managers 9 “property-based business” includes a hotel, motel, hostel, plantation, quarry, marina, port, golf course, cinema, stadium, sports complex and hospital; “property management” means the management and control of any land, building and any interest in the land or building, excluding the management of property-based businesses, on behalf of the owner for a fee; “property manager” means a person, a firm or a company who, on behalf of the owner of any land, building and any interest therein, manages and controls such land, building and interest; “Register” means the Register of Valuers, Appraisers, Estate Agents and Property Managers kept under paragraph 14(1)(a); “Register of Firms” means the Register of Firms kept under paragraph 14(1)(c); “Register of Probationers” means the Register of Probationary Valuers, Probationary Estate Agents and Probationary Property Managers kept under paragraph 14(1)(b); “registered appraiser” means a person whose name has been entered under Part II of the Register and to whom an authority to practice has been issued by the Board under section 16; “registered estate agent” means a person whose name has been entered under Part III of the Register and to whom an authority to practice has been issued by the Board under section 16; “registered property manager” means a person whose name has been entered under Part IV of the Register and to whom an authority to practise has been issued by the Board under section 16; “registered valuer” means a person whose name has been entered under Part I of the Register and to whom an authority to practice has been issued by the Board under section 16; 10 Laws of Malaysia ACT 242 “Registrar” means the Registrar of the Board of Valuers, Appraisers, Estate Agents and Property Managers appointed under section 15. PART II APPOINTMENT, DUTIES AND POWERS OF DIRECTOR GENERAL OF VALUATION AND PROPERTY SERVICES AND OTHER OFFICERS Director General and other officers 3. (1) There shall be appointed within the Ministry of Finance an officer to be nominated as the Director General of Valuation and Property Services and such number of Deputy Directors General, Directors and officers as may be required for the administration of this Act. (2) After a date fixed by order of the Minister published in the Gazette, no person shall be appointed to hold the office of Director General, Deputy Director General or Director unless he is a registered valuer. Functions and duties of Director General 4. (1) The functions of the Director General shall be— (a) to carry out the duties conferred on him by this Act; (b) to collect and collate— (i) such information as the Director General thinks necessary to assist officers and valuers in the making of valuation; and (ii) such information as the Director General thinks necessary on all or any property-related matters; Valuers, Appraisers, Estate Agents and Property Managers 11 (ba) to publish information collected and collated under paragraph (b), except where such information has been classified as confidential by, or on behalf of, the Government or any State Government; (bb) to provide information and advice to the Government and any State Government or any person on property-related matters; (bc) to provide education services, training services, research services and other services that are related to the functions of the Director General under this Act to the Government and any State Government or any person; and (c) generally to investigate and report to the Minister on any matter he considers likely to improve the standards of valuation, estate agency and other property services in Malaysia. (1A) For the purposes of providing research services under paragraph (1)(bc), the Director General may— (a) carry out basic or applied research; (b) provide advisory or consultation services; (c) commission or employ any person to undertake the research; (d) disburse any grant; and (e) co-ordinate the carrying out of research undertaken by the Director General or any other person. (2) The Director General shall carry out all or any of the following functions for the Government or for any State Government and may carry out such functions for any local authority, statutory body or body corporate in which the Government or the State Government has an interest and further may carry out such functions for any other person as the Minister may determine: 12 Laws of Malaysia ACT 242 (a) do the valuation of all lands and buildings including furniture, fixtures, trade stocks, plant or machinery and other effects; (b) do the valuation of lands and buildings required for feasibility studies, court proceedings, arbitration or other purposes; (c) act as estate agent including negotiating for sales, purchases, rentals and lettings by agreement, auction or tender; and (d) do property management, project management and the making or checking of inventories of furniture, fixtures, trade stocks, plant or machinery and other effects. (3) With regard to paragraphs (1)(b) and (bb), the Director General may, except where such information has been classified as confidential by or on behalf of the Government or any State Government, in his discretion supply any person or class of persons with any information collected or collated by him upon payment of such fees or charges as may be prescribed by the Minister. (3A) The information that may be supplied under subsection (3) may include— (a) the details of any sale or transfer of land, buildings and any interest therein; (b) information on the status of supply and demand of property; (c) information on the availability of financing for the purchasing or development of property; (d) information on movements in the price and rental of property; (e) information on property development (including development costs), property investment and property management in all or any of the sectors of the property market; and (f) information necessary for the development of property market indices and cost indices. Valuers, Appraisers, Estate Agents and Property Managers 13 (4) With regard to the services mentioned in paragraph