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Monday, February 16, 2009

Estate agents urge government to review Act

From left: K. Soma Sundram, Deputy Finance Minister 11 Datuk Kong Cho Ha and MIEA convention chairman Kelvin Yap at the press conference after the launch of MAREC 2009.

KUALA LUMPUR: Malaysian Institute of Estate Agents (MIEA) hopes the Government will review the Valuers, Appraisers and Estate Agents Act 1981 to give more benefits to real estate agents.

President K. Soma Sundram said Malaysia remained the only country in the world where valuers and estate agents were regulated under one legislation.

He said it was important to separate valuers and estate agents as both had contrasting views about the practice.

“The truth is that out of the 17 board members on the Board of Valuers, Appraisers and Estate Agents Malaysia, only two estate agents represent us.

“This is a great imbalance,” he said on Saturday at the launch of the Malaysian Real Estate Convention 2009 (MAREC 09).

Soma Sundram said that he made a clarion call last year to those concerned that as a long-term plan, they should seriously consider setting up the Estate Agents Board.

He said the future of estate agencies should be in the hands of real estate agents and that MIEA proposed the Finance Ministry (the Board of Valuers, Appraisers and Estate Agents Malaysia is under the purview of the ministry) considers the following structure: the Board for Valuers and Appraisers covering those whose principal calling is valuation and the Board for Estate Agents for those whose principal calling is estate agency.

The director general of valuation will be president of both boards.

“I’m confident that if this proposal is acceptable to all involved, it can become a reality in two to three years,” he said.

MIEA was established 32 years ago as an association representing registered estate agents in the country to voice matters relating to their practice.

MAREC 09 was held over the weekend with the theme Reinventing the Profession. MIEA also launched its website on Saturday.

By The Star (by Edy Sarif)

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