Valuers, Appraisers and Estate Agents 1 LAWS OF MALAYSIA REPRINT Act 242 VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981 Incorporating all amendments up to 1 January 2006 PUBLISHED BY THE COMMISSIONER OF LAW REVISION, MALAYSIA UNDER THE AUTHORITY OF THE REVISION OF LAWS ACT 1968 IN COLLABORATION WITH PERCETAKAN NASIONAL MALAYSIA BHD 2006 2 VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981 Date of Royal Assent ... ... ... ... ... 4 February 1981 Date of publication in the Gazette ... ... 5 February 1981 PREVIOUS REPRINT First Reprint ... ... ... ... ... 2001 3 LAWS OF MALAYSIA Act 242 VALUERS, APPRAISERS AND ESTATE AGENTS 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 AND ESTATE AGENTS 9. Board of Valuers, Appraisers and Estate Agents 10. Functions of the Board 11. Examiners and other staff 12. Fund of the Board 13. Auditing of accounts 4 ACT 242 Laws of Malaysia PART IV REGISTERS Section 14. Registers 15. Registrar 15A. Application for authority to practise 16. Authority to practise PART V VALUERS AND APPRAISERS 17. Registration of valuers and appraisers 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 PART VI FIRMS 23. Practice by firms PART VII DISCIPLINARY AND OTHER PROCEEDINGS 24. Cancellation, suspension and admonishment 25. Removal from Register Valuers, Appraisers and Estate Agents 5 Section 26. Reinstatement 27. Appeal 28. Appeal Board 29. Procedure for appeal PART VIII GENERAL 30. Offences 30A. Search by warrant 30B. Search and seizure without warrant 30C. List of things seized 31. Penalty for other offences 31A. Immunity of Board 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 6 ACT 242 Laws of Malaysia Valuers, Appraisers and Estate Agents 7 LAWS OF MALAYSIA Act 242 VALUERS, APPRAISERS AND ESTATE AGENTS 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 and estate agents and for matters connected therewith. [6 February 1981] BE IT ENACTED by the Seri Paduka Baginda 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 and Estate Agents 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; "authority to practise" means an authority to practise in the prescribed form issued by the Registrar under section 16; "Board" means the Board of Valuers, Appraisers and Estate Agents established under section 9; 8 ACT 242 Laws of Malaysia "Director General" means the Director General of Valuation and Property Services appointed under subsection 3(1); "estate agency practice" means acting or holding oneself out to the public as ready to act, for a commission, fee, reward or other consideration, as an agent in respect of the sale or other disposal of land and buildings and of any interest therein or the purchase or other acquisition of land and buildings and of any interest therein or in respect of the leasing or letting of land and buildings and of any interest therein; " f i r m " means a body corporate, a partnership or a sole proprietorship; "Fund" means the Fund of the Board of Valuers, Appraisers and Estate Agents 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, 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 Probationary Valuers/Probationary Estate Agents; "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 Probationary Valuers/Probationary Estate Agents; " p r o p e r t y - b a s e d 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 therein, excluding the management of property-based businesses, on behalf of the owner for a fee and includes but is not limited to the following responsibilities: (a) monitoring outgoings for the property and making payments out of the income from the property; Valuers, Appraisers and Estate Agents 9 (b) preparing budgets and maintaining the financial records for the property; (c) enforcing the terms of leases and other agreements pertaining to the property; (d) advising on sale and purchase decisions; (e) advising on insurance matters; (f) advising on the opportunities for the realization of development or investment potential of the property; and (g) advising on the necessity for upgrading the property or for the merging of interests; "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 to maintain or increase the investment in, or physical worth of, such property; "Register" means the Register of Valuers, Appraisers and Estate Agents kept under paragraph 14(1)(a); "Register of Firms" means the Register of Firms kept under paragraph 14(1)(c); "Register of Probationary Valuers/Probationary Estate Agents" means the Register of Probationary Valuers/Probationary Estate Agents 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 practise 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 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 practise has been issued by the Board under section 16; "Registrar" means the Registrar of Valuers, Appraisers and Estate Agents appointed under section 15. 10 ACT 242 Laws of Malaysia 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 styled 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 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; (ba) to publish information collected and collated under paragraph (b), except where such information has been c l a s s i f i e d 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 Valuers, Appraisers and Estate Agents 11 (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. (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: (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; 12 ACT 242 Laws of Malaysia (e) information on property development (including development costs), property investment and property management in all or any of the sectors of the property