CAREER PATH - REAL ESTATE

Real Estate provides outstanding prospects for those wanting to pursue a career in the property industry. With property development continuing at a fast pace, this sector of the economy is continually in need of professionals.There are three areas which can be considered; a career with valuation and property management consultancy or with a real estate agency.

All the three sectors offer outstanding career prospects for the qualified individual.

For the three sectors, there are two broad areas of study in order to obtain professional qualifications.

For Real Estate Agents

Professional training of estate agents are in three stages :

a) Examination Part 1:

The candidate must obtain a pass in all the six subjects in an examination set by The Board of Valuers, Appraisers and  Estate Agents Malaysia. The subjects being:

• Principles of Accounting
• Building Technology I
• Principles of Economics
• Principles and Practices of Marketing
• Introduction to Law
• Property Taxation

b) Examination Part 2:

The candidate, after having passed all the six subjects in Part 1 examination will go on to sit for the Part 2 examination which consists of six subjects. The six subjects being :

• Building Technology II
• Estate Agency Law
• Laws Relating to Property
• Real Estate Agency Practice
• Principles of Valuation
• Land Economics

c) Test of Professional Competence:

After the candidate has passed the two written examinations, a post qualifying practical experience of two years with a registered estate agency is necessary before being eligible to apply for the Test of Professional Competence. After passing this test the candidate will be qualified as an estate agent and can be registered to pratice.

Entry Requirements

To qualify to take the Estate Agent's examination Part 1, the candidate must:-

• have attained the age of 17 years
• possess MCE/SPM with a minimum of 3 credit points plus 2 pass points
• have one credit point in either Mathematics, Science, Accounting or Commerce
• have a pass point in Bahasa Melayu

Registration to Practice

In Malaysia, only a Registered Estate Agent with a valid practicing certificate can practice under a firm of his own or be employed by an estate agency firm. All partners /shareholders/directors of an estate agency firm must be registered estate agents with valid practicing certificates.

In addition, property consultancy and valuation surveyors who are registered with the Board as Registered Valuers, are eligible for separate registration as Registered Estate Agents if they so choose to practice in the estate agency business.

Professional Fees

The standard maximum scale of fee chargeable by the estate agent can be obtained from the seventh schedule of the Valuers, Appraisers and Estate Agency Rules 1986.

The services provided by a real estate agent are in the buying, selling and leasing of property for clients.

For Valuation and Property Management

Professional training for the property consultancy and valuation surveyor is in two stages :

a) Examination:
An individual must obtain a pass in either examinations conducted by the Institution of Surveyors Malaysia or an equivalent professional body. Alternatively he/she has to obtain a degree certificate in the field of Valuation or Property Management or similar discipline from a local or foreign educational institution.

b) Practical Professional Training:
An individual with the requisite qualification who seeks to be a member of the Institute of Surveyors Malaysia and or be registered as a valuer with the Board of Valuers, Appraisers and Estate Agent must fulfill a prescribed period of professional training and pass the Test of Professional Competence conducted by the Board.

Details of recognised professional and educational institution of higher learning may be obtained from the Sixth Schedule of the Valuers, Appraisers and Estate Agents Rules 1986.

Registration to Practice

Only qualified property consultants and valuation surveyors are eligible for registration, and are governed by the rules and regulations of the Board and are issued with the Certificate to Practice for the purpose of identification and verification. The Certificate has to be renewed annually.

Professional Fees

The standard maximum scale of fees chargeable for the different valuation services and property management can be obtained from the Seventh Schedule of the Valuers, Appraisers and Estate Agents Rules 1986. Services provided by a property consultant and valuer are valuation, estate agency, property management, property development services and property investment consultancy.