Fake agents beware - as reported in NST by Eileen Ng & Koi Kye Lee 16/7/10
PEOPLE who impersonate real estate agents, valuers or appraisers will be fined up to RM300,000 or jailed for a maximum of three years under the amendments to the Valuers, Appraisers and Estate Agents Act.This represents more than a 10-fold increase over the current fine of RM25,000 if they are found guilty of such an offence.
They are also liable to a further penalty of RM1,000 a day, up from the current RM500, for continuing to commit the offence.
Those who abet in committing the offence will also be subject to similar penalties. Currently, the penalty is a maximum fine of RM25,000 or jail up to three years, or both.
They are also liable to a penalty of RM500 for each day during the continuance of such an offence.
The amendment bill was tabled for first reading by Deputy Finance Minister Datuk Donald Lim Siang Chai yesterday. Probationary and real estate agents, valuers or appraisers convicted of any offence involving fraud, misrepresentation or professional misconduct, can be fined by the Valuers, Appraisers and Estate Agents Board.
The penalties are:
- Prohibiting from applying to the board for registration until all conditions have been complied with.
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by Property Hub Sdn Bhd E(1)1283