Registered Estate Agent FAQ
Who can register themselves as Estate Agents?
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).
Having attained the qualification, the person must register himself as a Probationary Estate Agent and undergo a two (2) years post practical training with a registered estate agent and maintain a work diary. Having fulfilled the above, he has to submit two practical tasks and to be interviewed by Board panel (called Test of Professional Competence). After passing the TPC, s/he shall then apply to register himself with the Board where an Authority to Practice Estate Agency called Form I will be issued. He is then called a registrant or registered person or a real estate agent (REA).
Who can set-up a real Estate Agency Firm?
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.
Can a non-registered person or corporation allowed to own shares in the registered firm?
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)