Over the years, the Malaysian public in seeking quick monetary gains has involved themselves in Real Estate transactions. As defined in the Valuers, Appraisers and Estate Agents Act 1981 under Section 22C:
Restrictions on estate agency practice which states
1. No person shall unless he is a Registered Estate Agent:
Practice or carry on business or take up employment as an Estate Agent under any name style or title containing the words “Estate Agent”, “House Agent”, “Property Agent”, “Land Agent” or to the equivalent thereto, in any language or bearing any other word whatsoever in any language which may reasonably be construed to imply that he is a Registered Estate Agent.Use or display any sign board, card or other device representing or implying that he is a Registered Estate Agent.Be entitled to recover in any court any fees, charges or remuneration for any professional advice or services rendered as an Estate Agent.Some bad practices of illegal estate agents are:
Collecting more than the prescribed feesMisrepresenting of facts, information which can cause legal complicationsSelling a property at an increase valueAbsconding with moneyAnyone who commits an offence is liable on conviction to a fine not exceeding RM25,000 or to imprisonment for a term not exceeding 3 years or both and shall be loable to a further penalty of RM500 for each day during the continuance of such offence.
Source: MIEA
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