Scope of Malaysian Valuers, Appraisers and Estate Agents Act expanded to expressly regulate property managers
27 April 2018
With the coming into force of the Malaysian Valuers, Appraisers and Estate Agents (Amendment) Act 2017 (“Amendment Act”) on 2 January 2018, the scope of the Valuers, Appraisers and Estate Agents Act 1981 (“VAEA”) has been expanded to expressly regulate property managers.
The Amendment Act has made the following changes to the existing regime:
- The newly renamed Board of Valuers, Appraisers, Estate Agent and Property Managers must keep and maintain separate registers for registered property managers, probationary property managers and firms carrying on practice as property managers;
- The term “property management practice” now expressly includes the management and maintenance of the building and facilities attached to the building, and the making or checking of inventories of furniture, fixtures, trade stocks, plant or machinery or other effects;
- Any person who was a registered valuer or appraiser before the Amendment Act came into force will be entitled to register as a property manager without paying a fee;
- Any registered estate agent will be entitled to register as a property manager if he was permitted to undertake property management before the Amendment Act came into force;
- All qualified persons who fulfil the prescribed criteria set out in the Amendment Act may apply within the 12-month moratorium period (which commenced on 2 January 2018) to be registered as a property manager; and
- A registered valuer, probationary valuer, registered estate agent or probationary estate agent no longer has to be a citizen or permanent resident of Malaysia. It is open to foreign individuals to apply for and be registered as a registered valuer, registered estate agent and registered property manager in accordance with the provisions of the VAEA.