Any registered REAs or firms who commit any wrong doings will be subjected to BOVAEA disciplinary action which includes fines, suspension or deregistration.
Registered Estate Agent
Every registered firm is also required to purchase a Professional Indemnity Insurance to cover themselves against any negligence. The quantum or sum insured depends on their business volume or turnover.
Every registered firm is required to maintain a Clients Account. Every registered firm that holds or receives client’s money shall without delay pay such money into the Clients Account. All monies in the Clients Account are held by the Firm as stakeholder for their clients.
Absolutely Yes. Take a photo of the signboard and send it to BOVAEA. It is important to indicate the street name, date and time including your name and contact no. BOVAEA will verify it before sending it to Malaysia Communication and Multimedia Commission (MCMC). MCMC will then suspend and bar the mobile no.
All advertisement posted by REN must contain the Firm E registration number, Firm telephone number, Firm name and REN No besides their mobile no. Action can be taken if signboards don not follow this rule.
There is no provision for probationary REN. Any REA employing anyone other then the Certified REN is committing an offence.
Not necessary if s/he is merely doing paperwork or coordination and supporting work. However, his contact details shall not appear in all the marketing material including signboards and advertisement.
When a negotiator resigns or been terminated, he is required to surrender his REN Tag to the firm, who shall then surrender it to BOVAEA. Anyone who fails to return the REN Tag to BOVAEA will be blacklisted and no renewal or reissuance of the tag will be made.
If no replacement was found within 3 months from the date of resignation, the negotiator has to resign from the company.
The firm shall immediately notify BOVAEA in writing who normally grants a period of 3 months to find a new Registrant. If no replacement is found and further appeal to BOVAEA is rejected, the branch has to be closed or leave operation.