IJHSSE PAPER Estate Agency
International Journal of Humanities Social Sciences and Education (IJHSSE)
Volume 1, Issue 10, October 2014, PP 65-76
ISSN 2349-0373 (Print) & ISSN 2349-0381 (Online) www.arcjournals.org Regulation of Real Estate Agency Practice in Malaysia: An
Investigation for Nigeria
AbayomiIbiyemi1, Olayinka Ogungbemi2, Rotimi Awodiran3
1
Department of Estate Management, Faculty of Built Environment,
University of Malaya, Kuala Lumpur, Malaysia yomi1004@googlemail.com 2,3
Department of Estate Management and Valuation,
School of Environmental Studies, Lagos State Polytechnic, Lagos, Nigeria
Abstract: Nigeria and Malaysia have a similar colonial history. The Malaysian Institute of Estate Agents
(MIEA) is the recognized body representing all Registered Estate Agents. This paper focuses on real estate agency organization, education, and standards of practice in Malaysia. It employs the instrument of document review of (i) Valuers, Appraisers and Estate Agents (VAEA) Act No. 242 of 1981, incorporating all amendments up to January 10, 2014(i) (ii) Malaysian Institute of Estate Agents’ Brochure 2014 (iii)
Valuers, Appraisers and Estate Agents’ Rules of 1986 (iv) Malaysia Real Estate Agency Standards of 1999, and triangulated the reviews by direct observation of procedures and operations in selected Real Estate
Agents’ Offices in Kuala Lumpur and Selangor for fourteen working days. It found significant compliance with the Act and the Agency Standards by Appraisers, Real Estate Agents and Negotiators. The study provides evidence to the National Assembly of Nigeria to amend the Estate Surveyors and Valuers
Registration Board of Nigeria (ESVARBON) Act No.24 of 1975 for the statutory definition of an Estate
Agent;facilitate the setting up of Training Institute for prospective estate agents who are not registered estate surveyors and valuers. The study contributes a discussion that seeks to reorder estate agency practice standards for Nigeria in compliance with best practices.
Keywords:
Volume 1, Issue 10, October 2014, PP 65-76
ISSN 2349-0373 (Print) & ISSN 2349-0381 (Online) www.arcjournals.org Regulation of Real Estate Agency Practice in Malaysia: An
Investigation for Nigeria
AbayomiIbiyemi1, Olayinka Ogungbemi2, Rotimi Awodiran3
1
Department of Estate Management, Faculty of Built Environment,
University of Malaya, Kuala Lumpur, Malaysia yomi1004@googlemail.com 2,3
Department of Estate Management and Valuation,
School of Environmental Studies, Lagos State Polytechnic, Lagos, Nigeria
Abstract: Nigeria and Malaysia have a similar colonial history. The Malaysian Institute of Estate Agents
(MIEA) is the recognized body representing all Registered Estate Agents. This paper focuses on real estate agency organization, education, and standards of practice in Malaysia. It employs the instrument of document review of (i) Valuers, Appraisers and Estate Agents (VAEA) Act No. 242 of 1981, incorporating all amendments up to January 10, 2014(i) (ii) Malaysian Institute of Estate Agents’ Brochure 2014 (iii)
Valuers, Appraisers and Estate Agents’ Rules of 1986 (iv) Malaysia Real Estate Agency Standards of 1999, and triangulated the reviews by direct observation of procedures and operations in selected Real Estate
Agents’ Offices in Kuala Lumpur and Selangor for fourteen working days. It found significant compliance with the Act and the Agency Standards by Appraisers, Real Estate Agents and Negotiators. The study provides evidence to the National Assembly of Nigeria to amend the Estate Surveyors and Valuers
Registration Board of Nigeria (ESVARBON) Act No.24 of 1975 for the statutory definition of an Estate
Agent;facilitate the setting up of Training Institute for prospective estate agents who are not registered estate surveyors and valuers. The study contributes a discussion that seeks to reorder estate agency practice standards for Nigeria in compliance with best practices.
Keywords:
References: AdeniyiAkinjiyan (2014). http://realestatesurveyor.blogspot.com/2014/01/estate-agency-practicein-nigeria-need.html Haslinah, Yacob (1984) Ibiyemi, A.O and Adenipekun, M.T (2013).Self Study Approach to Self Discovery and Motivational Training for Real Estate Professionals in Nigeria.International Journal of Wikipedia(2014).https://www.google.com.my/search?q=Where+is+Malaysia&ie=utf-8&oe=utf8&rls=org.mozilla:en-US:official&client=firefox a&channel=sb&gws_rd=cr&ei=K5h5U7 DeBsytkgW95oDwCw Valuers, Appraisers and Estate Agents Act No. 242 of 1981 incorporating all Amendments up to January 10, 2014 MIEA(2014).Malaysian Institute of Estate Agents.Retrieved from:http://miea.com.my/site/ index.php?cat=4 AbayomiIbiyemi is a doctoral student of the Department of Estate Management, Faculty of Built Environment, University of Malaya, 50603Kuala