The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) was set up in 1981 under the purview of the Ministry of Finance, Malaysia. The setup and operation of this Board is governed by the provision of Valuers, Appraisers and Estate Agents Act 1981. Its primary function is to regulate the Valuers, Appraisers and Estate Agents practising in Malaysia.
Real Estate Agents (REA)
Real Estate Agents (REA) are persons whose name are registered in the register of The Board of Valuers, Appraisers and Estate Agents Malaysia (BOVAEA) and to whom an authority to practice has been issued by the Board. Under Section 22c of the Act, no person shall unless he is a registered estate agent and has been issued with an authority to practice shall carry out real estate agency practice. Each practising real estate agent is entitled to engage up to 30 Real Estate Negotiators (REN).
Real Estate Negotiators (REN)
Real Estate Negotiators (REN) are salespersons informally recognized by the Board as assistants engaged by estate agents in their practice of estate agency. They shall be under the direct supervision of the estate agent. Negotiators can only work for one estate agency firm at any one time and on a full time basis only.
Every negotiator registered with the Board are given a REN Tag which must be worn at all times during the course of business. The REN No shall be included in all their promotional and marketing materials including name cards, signboards and advertisements in print or digital media.
Probationary Estate Agents (PEA)
Probationary Estate Agents and Probationary Valuers (PV) are those who have passed part 1 & Part 2 of the Boards exam and who have been registered by BOVAEA. They will have to complete their compulsory two year post practical training and pass their Part 3 exam before they are registered as Estate Agents or Valuers. They carry a PEA/PV card to confirm their status.