Who Is A Registered Estate Agent?
Registered Estate Agent is a person who has completed the necessary study, passed the Board’s exams, gone through 2 years practical training and has a license registered with the Board of Valuers, Appraisers and Estate Agents.
The license given by the Board allows the registered estate agent to legally collect commissions.
A person who have a license and who do not work under a real estate agency is known as illegal estate agents, and if caught transacting real estate deals is liable to a jail of 5 years, or a fine of RM25,000-00.
Why Engage The Services Of A Registered Real Estate Agent?
They are registered with the Board of Valuers, Appraisers & Estate Agents
They have to follow a strict code of conduct and ethics issued by the Board and subject to disciplinary action for breaching any code of conduct and ethics issued by the Board
Being well-trained, knowledgeable, qualified and experience, they know and understand the laws relating to a property transaction, aware of property prices and can give professional advice on sale, purchase, rent or lease agreement terms
They ensure transactions are carried out in the fairest and best possible manner and maximize the selling and letting opportunities for clients
Registered estate agents have a commercial, ethical and legal duty to work on behalf of their client. This means, getting the best price for the property, negotiating terms that are most favorable for owners / landlords and purchasers / tenants.
They are informed about current events, loans, economy, etc.