Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) & Rules [As At 15th May 2024]

Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) & Rules

[As At 15th May 2024]

Detailed contents of Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) & Rules :

The Malaysian law known as the Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) governs the professional activities of those working in the valuation, appraisal, estate agency, and property management fields. A set of Regulations that provide comprehensive instructions on how to put the Act into effect augment the Act. Some of the Act's and Regulations' most important clauses are listed below:

1. Term Definitions: The Act defines a number of terms that are used throughout the legislation, including "property," "estate agent," "appraiser," "valuer," "property manager," and others. These terms are defined in further detail in the Rules, which also offer advice on how to interpret them.

2. Registration and Licensing: All valuers, appraisers, estate agents, and property managers must be registered with and licenced by the Board of Valuers, Appraisers, Estate Agents, and Property Managers in accordance with the Act. The Regulations outline the registration and licencing processes as well as the qualifications and specifications for each type of professional.

3. Code of Conduct: All registered professions are required to abide by a code of behaviour under the Act and Rules. In their interactions with clients, the general public, and other professionals, professionals are required to abide by the ethical norms and principles set forth in the code of conduct. It addresses topics including conflicts of interest, privacy, and openness.

4. Disciplinary Procedures: The Act mandates that registered professionals who violate the code of conduct or commit other violations face disciplinary action. The Regulations provide out the steps for carrying out disciplinary actions, which can lead to fines, licence suspensions, or revocations for professionals.

5. Professional Indemnity Insurance: The Act and Rules mandate the upkeep of professional indemnity insurance for all registered professionals in order to safeguard their clients from losses brought on by professional negligence or misconduct.

6. Standards and Guidelines: The Act and Rules define standards and guidelines for how valuation, appraisal, estate agency, and property management operations should be carried out. These rules and regulations, which are intended to guarantee the calibre and consistency of professional services, are set by the Board.

7. Continuous Professional Development: To maintain and enhance their knowledge and abilities, registered professionals are required under the Act and Rules to participate in continuous professional development. The requirements for continuous professional development are outlined in the Regulations, along with the minimum number of training hours needed and the permitted categories of training.

Overall, Malaysia's Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) and the rules that go along with it offer a thorough framework for policing the professional activities of those working in such fields. The legislation strives to advance the interests of customers and the general public as well as to guarantee the honesty, competence, and accountability of these experts.

Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242) & Rules Contains:

Valuers, Appraisers, Estate Agents and Property Managers Act 1981 (Act 242)
Valuer, Appraisers and Estate Agents Rules 1986
Valuation and Property Services Rules 1999