Quiz REV111 _12 November 2024_ 1B&1K

Estate management is the art and science of directing and supervising interest in land and landed property with the aim of securing optimum return which may not be financial but may be in term of ________________________

• social benefit

• status

• prestige

• political

The diversified areas of estate management discipline in Malaysia are:

• Real Estate Agency & Property Management

• Real Estate Investment Appraisal & building surveying

• Facility Management & Quantity Surveying

• Project Management & Land Surveying

• Property Auction & Designing Building

JPPH advises the Federal Government, State Government, Statutory Body and Local Authority in Malaysia on matters relating to the valuation of real estate and property services. The scope of valuation by JPPH are Land, Building and Plant and Machinery include the following purposes:

• Real Property Gains Tax, Estate Duty, Stamp Duty, Land Acquisition

• Land Acquisition, Government Housing Loan, Alienation of Land

• Change In Category Of Land Use, Purchase / Sale

• Purchase / Sale, Stamp Duty

JPPH also has a research and training centre known as the __________

• Real Estate Agent (REA)

• National Property Information Centre (NAPIC)

• National Institute of Valuation (INSPEN)

• BOVAEA (Malaysia Board of Valuers, Appraisers and Estate Agents Malaysia)

BOVAEA is a body under the ______________

• Malaysian Ministry of Finance

• The Valuation and Property Service Department (JPPH)

• National Institute of Valuation (INSPEN)

• National Property Information Centre (NAPIC)

• The Royal Institution of Surveyors Malaysia

BOVAEA is a body under the Malaysian Ministry of Finance, and some of its tasks include ___________________________

• proving and rejecting applications for registration

• conducting examinations

• holding disciplinary proceedings

• regulating the professional conduct of Valuers, Appraisers, Estate Agents and Property Managers.

What is a Real Estate Agent (REA)?

• REA is registered with BOVAEA

• REA is registered with JPPH

• REA is registered with RISM

• REA is registered with RICS

• REA is registered with Ministry of Finance

What is a Real Estate Negotiator (REN)?

• REN less studying and less training compared to REAs, they also have to be tied with a registered real estate firm in order to work in the industry.

• A real estate negotiator is to work under registered REAs.

• A real estate negotiator is also registered with BOVAEA.

• The main difference between a REN and REA is that a REA is registered with BOVAEA, while a REN is not, albeit this person is certified to practice.

How do I become a Registered Valuer in Malaysia?

• Graduated in Real Estate Management.

• Obtain 2 years of working experience under a registered valuer.

• take the Professional Competency Test for Valuers.

• Graduated in Land Administration.

What exactly is BOVAEA ?

• also known as the Lembaga Penilai, Pentaksir, Ejen Harta Tanah & Pengurus Harta (LPPEH)

• is the body tasked with regulating the Valuers, Appraisers, Estate Agents and Property Managers in Malaysia.

• under the purview of Malaysia’s Ministry of Finance, with its operation governed by the Valuers, Appraisers, Estate Agents and Property Managers Act 1981.

• Maintaining the Register of Valuers, Appraisers, Estate Agents, Property Managers, Probationary Valuers and Probationary Estate Agents (PEA) as well as firms of Valuers, Appraisers and Estate Agents.

• The BOVAEA keeps two registers — one for Valuers/Property Managers, while the other is for Real Estate Agents (REA).