Malaysia legislation
Section 24
of VALUERS, APPRAISERS AND ESTATE AGENTS (AMENDMENT) ACT 2017
Section 24
Section 23 of the principal Act is amended—
(a)
in subsection (1), by substituting for the words
“No registered valuer, appraiser or estate agent shall practise valuation, appraisal or estate agency” the words
“No registered valuer, appraiser, estate agent or property manager shall practise valuation, appraisal, estate agency or property management”;
(b)
by renumbering the existing subsection (1a) as subsection (1b);
(c)
in subsection (1b) as renumbered—
(i)
by substituting for the words “appraisal or estate agency” the words “appraisal, estate agency or property management”; and
Valuers, Appraisers and Estate Agents (Amendment)
(ii)
in paragraph (a), by substituting for the words
“appraiser or estate agency” the words “appraiser, estate agent or property manager”;
(d)
by inserting before subsection (1b) as renumbered the following subsection:
“(1a) A sole proprietorship, partnership or body corporate may apply to the Board for registration to practise valuation, appraisal, estate agency or property management in the form and manner, and accompanied by the fee, as prescribed by the Board.”;
(e)
in subsection (2)—
(i)
by substituting for the words “appraisal or estate agency” the words “appraisal, estate agency or property management”;
(ii)
in paragraph (a)—
(A)
in subsubparagraph (i)(B), by substituting for the words “registered appraisals and registered estate agents” the words
“registered appraisers, registered estate agents and registered property managers”;
(B)
in subparagraph (ii)—
(aa) in subsubparagraph (B), by substituting for the words “registered appraisals, registered valuers and registered estate agents” the words “registered appraisers, registered valuers, registered estate agents and registered property managers”; and
(bb) in subsubparagraph (C), by deleting the word “and” at the end of the subsubparagraph;
(C)
in subparagraph (iii)—
(aa) in subsubparagraph (B), by substituting for the words “registered valuers and registered appraisals” the words
“registered valuers, registered appraisers and registered property managers”; and
(bb) in subsubparagraph (C), by inserting after the semicolon at the end of the subsubparagraph the word “and”;
and
(D)
by inserting after subparagraph (iii) the following subparagraph:
“(iv) in the case of a property management practice—
(A)
solely registered property managers;
(B)
a combination of registered property managers, registered valuers, registered appraisers and registered estate agents;
or
(C)
a combination of registered property managers and any other persons or bodies corporate;”;
(iii)
in paragraph (b)—
(A)
in subparagraph (iii), by deleting the word
“and” at the end of the subparagraph;
(B)
by renumbering the existing subparagraph (iv)
as subparagraph (v); and
(C)
in subparagraph (v) as renumbered—
(aa) by substituting for the words “registered appraisers and registered estate agents”
the words “registered appraisers, registered estate agents and registered property managers”;
Valuers, Appraisers and Estate Agents (Amendment)
23
(bb) in subsubparagraph (B), by deleting the word “and” at the end of the subsubparagraph; and
(cc)
by inserting after subsubparagraph (C)
the following subsubparagraph:
“(D) in the case of a property management practice, by a majority of property managers who hold the majority interest and the voting rights.”; and
(D)
by inserting before subparagraph (v) as renumbered the following subparagraph:
“(iv) in the case of a property management practice, solely by registered property managers; and”;
(f)
by renumbering the existing subsection (4a) as subsection (4b);
(g)
in subsection (4b) as renumbered—
(i)
by substituting for the words “Notwithstanding subsection (2) or (4)” the words “Notwithstanding subsection (2), (4) or (4a)”;
(ii)
in paragraph (b), by substituting for the words
“appraisal or estate agency” the words “appraisal, estate agency or property management”;
(iii)
in paragraph (c), by substituting for the words
“appraisal or estate agency” the words “appraisal, estate agency or property management”; and
(iv)
in paragraph (d)—
(A)
by substituting for the words “appraisal or estate agency” the words “appraisal, estate agency or property management”; and
(B)
by substituting for the words “appraiser or estate agent” the words “appraiser, estate agent or property manager”;
(h)
by inserting after subsection (4) the following subsection:
“(4a) No registered property manager may, unless the Board so approves in writing, become or remain as a sole proprietor, partner, shareholder or director of more than one sole proprietorship, partnership or body corporate, as the case may be, practising property management.”;
(i)
in subsection (6), by substituting for the words
“A registered valuer, appraiser or estate agent” the words
“A registered valuer, appraiser, estate agent or property manager”;
(j)
in subsection (7)—
(i)
by substituting for the words “registered appraiser or registered estate agent” wherever appearing the words “registered appraiser, registered estate agent or registered property manager”; and
(ii)
by substituting for the words “register of Valuers,
Appraisers and Estate Agents” the words
“Register”;
(k)
in subsection (8)—
(i)
by substituting for the words “registered appraiser or registered estate agent” wherever appearing the words “registered appraiser, registered estate agent or registered property manager”;
(ii)
in paragraph (a), by substituting for the words
“registered appraiser or registered estate agent”
the words “registered appraiser, registered estate agent or registered property manager”; and
(iii)
in paragraph (b), by substituting for the words
“registered appraiser or registered estate agent”
the words “registered appraiser, registered estate agent or registered property manager”;
Valuers, Appraisers and Estate Agents (Amendment)
(l)
in subsection (9)—
(i)
by substituting for the words “registered appraiser or registered estate agent” the words “registered appraiser, registered estate agent or registered property manager”; and
(ii)
by deleting the words “of Valuers, Appraisers and
Estate Agents”;
(m)
in subsection (10), by substituting for the words
“registered valuation, appraisal or estate agency” the words “registered valuation, appraisal, estate agency or property management”;
(n)
in subsection (11)—
(i)
by substituting for the words “registered appraiser or registered estate agent” the words “registered appraiser, registered estate agent or registered property manager”;
(ii)
in paragraph (a), by substituting for the words
“registered appraiser or registered estate agent”
the words “registered appraiser, registered estate agent or registered property manager”; and
(iii)
in paragraph (b), by substituting for the words
“registered appraiser or registered estate agent”
the words “registered appraiser, registered estate agent or registered property manager”;
(o)
in subsection (12), by substituting for the words “appraiser or estate agent” wherever appearing the words “appraiser, estate agent or property manager”;
(p)
in subsection (13), by substituting for the words “appraiser or estate agent” the words “appraiser, estate agent or property manager”; and
(q)
in subsection (14)—
(i)
by substituting for the words “the valuer, appraiser or estate agent” the words “the valuer, appraiser, estate agent or property manager”; and
(ii)
by substituting for the words “registered valuer, appraiser or estate agent” wherever appearing the words “registered valuer, appraiser, estate agent or property manager”.
Amendment of section 24