Director, Goh Tian
Sui
B.Sc Est. Mgt. (Reading) FRICS FISM APEPS
The valuation practice
in Malaysia is governed by the Valuers,
Appraisers and Estate Agents Act 1981 (Act
242). The Act provides for the registration
of valuers, appraisers and estate agents
with the Board of Valuers, Appraisers and
Estate Agents.
Only registered valuers
(i.e. persons registered with the Board
of Valuers, Appraisers and Estate Agents
) who are issued with an authority to practise
by the Board of Valuers, Appraisers and
Estate Agents are allowed to undertake
valuations of land and buildings, including
furniture, fixtures, trade stocks, plant
or machinery and other effects for any
purpose. They are also allowed to carry
out property management.
To be a registered valuer in Malaysia, one must either be a Malaysian
citizen or a permanent resident, have a relevant degree in valuation,
property mngt., etc. from a recognised university and passed the Test
of Professional Competence conducted by the Board. The Test can only
be taken after <2 years of relevant practical experience as a pro-bationary
valuer under the supervision of a registered valuer.
Valuation fees chargeable
by registered valuers shall be in accordance
with the scale of fees as prescribed in
7th Schedule of the Valuers, Appraisers
and Estate Agents Act 1981. The Act also
empowers the Board of Valuers, Appraisers & Estate
Agents to make rules relating to the profession
such as professional ethics, standards,
etc.
Since 1st September 1998,
all registered valuers must adhere and
conform to the Malaysian Valuation Standards
issued by the Board of Valuers, Appraisers & Estate
Agents when carrying out valuations. |