Saturday, September 5, 2009

LICENSING FOR REAL ESTATE

In Malaysia, Real Estate is a regulated profession, in the sense that there must be a formal educational qualification followed by supervised and regulated working experience and a Test of Professional Competence (TPC), before one can be registered and given an Authority to Practice by the Board of Valuers, Appraisers and Estate Agents, [http://www.lppeh.gov.my/], the regulatory Board set up by Parliament to administer, regulate, oversee and generally ensure the observance of the code of ethics and enforce the practice standards for all registered persons.

The normal route to an educational qualification before the TPC, is through an undergraduate degree from a recognised university in the recognised disciplines for Valuers, Property Managers and Property Consultants and a diploma level qualification for Estate Agents.

This route is available in Malaysia for school leavers, be they Sijil Pelajaran Malaysia holders, or Sijil Tinggi Pelajaran Malaysia holders. Those wanting to do the same courses can also enrol in universities in the United Kingdom, United States, Singapore, Australia and New Zealand, which remain popular countries for tertiary education in real estate.

Those who wish to study in Malaysia and do not have the opportunity to enter a university in Malaysia, can still do it in Malaysia.

The Institution of Surveyors, Malaysia (ISM), [www.ism.org.my], representing the umbrella for the surveying professions of Land Surveying, Quantity Surveying, Building Surveying and the Property Consultancy and Valuation Surveying (PCVS), has been conducting examinations leading to a professional qualification in the related areas.

Of concern and importance to this blog is the Direct Final Examinations (DFE) of the PCVS (http://www.ism.org.my/index.php?option=com_content&view=article&id=18&Itemid=4. )These are examinations that are conducted by the ISM once a year.
Who are eligible to sit for these examinations:

1 those who possess an undergraduate degree from a recognised university by JPA
2 those who are 27 years of age and have not less than 5 years working experience under a registered valuer
3 those who are registered estate agents and have not less than 5 years post license experience

These people can apply to sit for the DFE of the PCVS.

The DFE comprises 10 papers. Candidates can take any number of papers at each sitting. Once a paper has been passed then that paper need not be repeated. The candidate is generally given 6 years to pass all the papers. Passing marks are 50%. All examination papers are 3 hour papers and candidates will have to answer 5 out of 7 or 8 questions. Generally all questions carry equal marks. The examination subjects are:

1 Law of Property
2. Principles of Town and Country Planning
3 Land Economics
4 Urban Economics
5 Applied Valuation 1
6 Applied Valuation 11
7 Property Management 11
8 Building Technology 11
9 Building Maintenance and Management
10 Land Administration and Taxation

Further information of the ISM Examinations can be obtained from the ISM http://www.ism.org.my/ or from me muarm@yahoo.com.

mani

6 comments:

  1. I personally attended the classes conducted by them for PCVS direct final and find it very useful in the work. Great job by Dato' Mani and Dr Ting.

    From See Kok Loong of Metro Homes Sdn Bhd

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  4. This link will also boost our think tank on Malaysia real estate world. It brings you an article on the differences between an Estate Agent and a Negotiator. House Shares

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  5. ooopps sorry here's the link, http://wealthmasteryacademy.com/whats-difference-estate-agents-negotiators/

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