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What is Real Estate? The New Collins Dictionary defines Real Estate as land, including the buildings or improvements on it and its natural assets, e.g. minerals, timber, etc. Whereas, Property is defined as something of value, either tangible such as land or intangible such as copyrights. What do Real Estate Agents do? Real Estate Agents carry out:
The property industry is one of the major movers of the national economy contributing yearly sizeable portion of the GDP. Its turnover was RM27.9 billion and RM34.4 billion in the years 1998 and 1999 respectively. Loans to the property sector was 23% and 17.8% ot total loans by the banking industry in the years 1998 and 1999 respectively. The sector spins-off jobs and employment to about 200 other industries such as architecture, engineering, cement plants, brick-layers, electricians, plumbers, carpenters, landscapers, etc. As a professional in the Real Estate sector your career opportunities are wide and plentiful, e.g. you could eventually be a property developer, marketing manager, in-house property manager, analyst with a security firm, writer, lecturer, etc. Why will the Real Estate market continue to grow? Real Estate grows in direct correlation with the growth of:
Scale of fees chargeable by Real Estate firms:
To be qualified as a Real Estate Agent one has to sit for 12 Papers under the Part 1 and 2 written examinations set by the Board of Valuers, Appraisers & Estate Agents (BVAEA). This can be done either part time or full time. After passing, the candidates must work in an Estate Agent firm for a minimum of 2 years and then submit two more practical task papers under the Test of Professional Competence which will be conducted with a oral interview involving 4 principle areas of the Practice. During this 2 year post-practical, the candidate must also submit 6 monthly Work Diaries outlining their activities. Once you have passed all the above, you will, subject to satisfactory conduct during your employment period, be issued with an Authority to Practice and be registered with BOVAE as a Real Estate Agent. You can then apply to set up a firm if you wish to, otherwise become a partner, manager, etc/ of an existing firm or even remain just as an employed Real Estate Agent. There are now about 1,700 persons who are qualified to practise Estate Agency in Malaysia. Of these about 1,200 are in Practise whilst the rest are predominantly working in the government, with developers, practising as Valuers or Appraisers, etc. Source: MIEA |
  
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