Property Hub Sdn Bhd

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:

- admonishing or imposing a maximum fine of RM10,000, or both (up from the current RM5,000) and recording in either the Register of Firms, Register of Valuers, Appraisers and Estate Agents or Register of Probationary Valuers/Probationary Estate Agents;

- imposing a fine not exceeding RM25,000 (an increase from the present RM10,000), recording it in the appropriate register and suspension from practice until the fine is paid; and,


- Prohibiting from applying to the board for registration until all conditions have been complied with.

The amendments also provide that any person who commits any offence for which no other penalty is expressly provided for is liable on conviction to a maximum fine of RM200,000, a 20-fold increase from the current RM10,000.

The amendments also seek to allocate additional functions to the board, including the power to prescribe rules to take professional indemnity insurance and to prescribe directives, circulars, guidelines and standards.

To Posterous, Love Metalab