PETALING JAYA: The Malaysian Institute of Estate Agents (MIEA) has expressed concern over claims of fraudulent agents, saying illegal brokers are out for quick gains.
Its president, Lim Boon Ping, said claims in the media must first be verified to establish whether these agents were registered.
“Illegal brokers are out there for quick profits and they are not trained, recognised or authorised to do any real estate transactions,” he said.
He said any misrepresentation of the term “real estate agent” might cause confusion, distrust and disrepute to the profession.
Lim said registered agents must have passed Part 1 & 2 of the real estate exams over a minimum period of two years and undergone post-practical training for an additional two years.
On completion, they have to sit for a test of professional competence before their names are registered by the Board of Valuers Appraisers, Estate Agents and Property Managers (BOVAEP).
He said real estate agents are governed by the Valuers, Appraisers, Estate Agents and Property Managers Act and have fiduciary responsibilities to their clients and adhere to a code of conduct and ethics.