Each registrant can hire a maximum of 20 RENs. Once the Registrant achieved the maximum 20 RENs. An applications can be made to BOVAEA to increase to a maximum of 30 RENs (subject to BOVAEA approval based on previous track record). If the firm has more than one real estate agent (REA), then the numbers can be multiplied accordingly.
Registered Estate Agent
Anyone who is a Malaysian citizen or Permanent Resident (PR) of Malaysia and having met the prescribed qualifications and experienced is entitled to register themselves with BOVAEA. The prescribed qualifications are according to the list as stated in the website (www.lppeh.gov.my).
Any set-up of sales gallery or training centre shall obtain prior written consent from BOVAEA. However, if real estate transaction is allowed in the premise being used as sales gallery or training centre, it must be registered with BOVAEA and a Resident Manager is required to manage it.
Decently maintained premises to be used as business premises. It should have a separate main entrance to the premises being occupied as a registered office. Shared business centre or virtual office are not allowed to be used as a registered office.
There is no limit on the number of offices but every office has to be registered with the Board. Each office must be managed by a Resident Manager who must be a registered person.
Yes, non-registered person/s or corporation is allowed to own shares but not exceeding 49% equity of the firm. To allow this to happen, a holding company must be established which must be 100% owned by the registered persons only. This holding company is then required to own not less than 51% of the registered firm. A majority of the directors in the registered firm must be a registered person. (Example, if the registered firm has 5 directors, 3 of them must a registered person)
Anyone who is registered with the Board as mentioned above is entitled to set-up a real estate agency firm. The firm can be either operated as a sole-proprietor, partnership or body corporate (Sdn Bhd). For sole-proprietor, the proprietor of the firm must be a registered person with BOVAEA. For partnership, both the partners must be registered person. For body corporate, at least two of the directors must be a registered person. Any of these set-up as approved by the Board are called the registered firm.