OPINION /// 51
MIEA CONCERNED ON INCREASING NUMBER OF PROPERTY SCAMS & MISLEADING STATEMENTS THAT ESTATE AGENTS ARE INVOLVED IN FRAUD CASES
Compiled and edited by Joey Seth
The Malaysian Institute of Estate Agents ( MIEA ) refers to recent articles that appeared in the following publications .
• September 7 , 2020 in Harian Metro titled “ 40 ditipu ejen hartanah ”
• August 28 , 2020 in The Star titled “ Property agent leaves them with major debt from unpaid bank loans ”
• August 25 , 2020 in Harian Metro titled “ Mudahnya kena tipu RM 357,000 ”
With regards to the article in The Star , MIEA clarifies that the property agent who promoted the Youth Home Scheme was not a certified Real Estate Negotiator nor are they employed by a registered real estate firm and as such , they are not authorized by law to carry out Estate Agency Practice .
“ While we are concerned about the number of scams that are increasingly taking place , we as an institute representing the 25,000 real estate practitioners across Malaysia , are concerned about the misrepresentation made in recent press reports that real estate agents are cheating clients as in the three cases above . These are inaccurate statements ”, said the President of MIEA , Lim Boon Ping .
By law , the term “ Real Estate Agent ” refers to a person who has passed Part 1 & 2 of the real estate exams over a minimum period of two years and has also undergone post practical training for an additional two years . On completion , they have to sit for a test of professional competence before their names are placed in a register by the Board of Valuers Appraisers , Estate Agents , and Property Managers and only then they are called Real Estate Agents . They are governed by ACT 242 and have fiduciary responsibilities to their clients and adhere to the code of conduct & ethics .
PROPERTY360DIGEST E-MAGAZINE ISSUE # 6