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EPP (2019) - LECTURE 7 - MIEA

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Published by fidah Hazzah, 2019-12-15 23:38:02

Lecture 7-MIEA

EPP (2019) - LECTURE 7 - MIEA

MALAYSIAN INSTITUTE OF ETHICS AND PROFESSIONAL PRACTICE
ESTATE AGENTS CEA 3013

UNDERSTANDING RELATED PROFESSIONAL
BODIES – Malaysian Institute of Estate
Agents (MIEA)

 1) Introduction / history

 Background

 2) Objective and administration

 vision, missions and objectives

 3) Grade and category of membership
 4) Professional conduct and disciplinary procedures
 5) Constitution and bylaws

Q – How does MIEA as a professional body complement the Board?
- How does MIEA benefits its members in particular, the estate agents?
- How does MIEA’s role and function differ from RISM?

Malaysian Institute of Estate Agents (MIEA)
Unit C-27-05, Three 2 Square,
No. 2, Jalan 19/1,
46300 Petaling Jaya, Selangor Darul Ehsan
Tel: +603-7960 2577
Fax: +603-7960 3757
Email: [email protected]

Established under the Society's Act in 1974 and the membership
comprises over 700 Registered Estate Agents.

The only recognised body representing Estate Agents in the country. It's
activities are directed towards benefiting membership and enhancing
professionalism among members.

History and Background

 is the recognized body representing all Registered Estate
Agents in the country.

 officially registered on April 14, 1977 as Malaysian
Association of Real Estate Agents (MAREA),

 P.P. Ernest Cheong was the inaugural president of MIEA.
 The name "Malaysian Association of Real Estate Agents"

(MAREA) was then changed to "Malaysian Institute of Estate
Agents" (MIEA) on May 3, 1989. The institutes official new
name was to bring it more in line as a professional body,
interested in maintaining the standards of the profession so
that it would no longer be treated any less than other
professions.
 the coming into force of the Valuers, Appraisers and Estate
Agents Amendment Act on the 6th of December 1984, and
the active property market and development trends, the
Association decided to change the image from that of a
trade association to a professional institute.

New MIEA Logo introduced in 2008 Backdrop of Twin towers, KL tower
A reflection of the development of the
property sector in Malaysia and that as
members we need to keep pace with its
progress.
Three blocks comprising of a commercial,
industrial & residential building.
It reflect the multitude of properties Estate
Agents are engaged in selling.
An Arc shaped moon
It indicates unity of the membership and
progressive Actions.
Navy Blue Colour
Portrays MIEA as an institute that upholds
professionalism, integrity & Values.
The Red MIEA wordings
Shows vibrant, forward looking and
enthusiastic membership.
MIEA name
Being at the base reflects the strong
foundation and strength provided by the
institute to the profession supported by the
objects of the institute.
Yellow Box
The richness of the profession in helping the
public acquire wealth.

 Real Estate is an important part of everyone and it is the basis of
all wealth.

 Real Estate Agents play a cardinal role in helping the public at
large to invest and divest in properties

 The estate agents biggest and single most challenge is to be
united. The council, the members and the negotiators to work in
unison

 Estate agents must take pride and take ownership of the practice
by working together for the common goal of the profession

 The Institute must be relevant to the members by meeting their
expectations. The programmes and activities will all be aligned
towards this goal.

 members must also be relevant to the institute by participating in
the committees, programmes and to give ideas and feedback.

Global Alliances

Has formed alliances and bilateral relationships with
international real estate associations

- National Association of Realtors (N.A.R) of the United
States of America

- Thailand Real Estate Association (TREA)

- Real Estate Institute of Western Australia (REIWA)

- Association of Singapore Realtors (IEA)

- Real Estate Institute of New Zealand

- Philippine Associations of Realtors Boards (PAREB)

Objectives:

 To unite those engaged in the Estate Agency Practice
for the purpose of extending beneficial influence on
the profession and related interests.

 To promote and maintain a high standard of conduct
amongst members in accordance with the Code of
Ethics of the Institute.

 To improve the technical and general knowledge of
persons engaged in the profession.

 To develop and foster and maintain relations between
members of the Institute and to provide a platform for
the networking and exchanging of ideas and opinions
amongst practitioners.

Objectives (cont/-):

 To provide for the upholding of the honour, reputation
and status of members.

 To provide for the training, education, examination of
persons practicing or intending to practice as estate
agents, or who are otherwise employed or engaged in
the profession.

 To represent members in discussion and dialogues with
other trade/industry bodies and Government agencies.

 To safeguard and protect the interest of the general
public against fraud by practitioners or illegal agents.

 To elevate and encourage the maintenance of a high
level or professionalism amongst practitioners.

The Council of Management:

 direct and manage the affairs of the Institution.
 is the sole authority for the interpretation of Articles and Byelaws of

the Constitution
 President – Siva Shanker
 Immediate Past President – Nixon Paul
 Deputy President / Professional Practice
 Honorary Secretary General
 Honorary Treasurer
 Vice President / Business Development – MASPEX
 Vice President /State Branches
 Councillor / Education & Training
 2 Councillor Representative to the Board
 Councillor / D'ream Bulletin & Special Projects
 Councillor / Membership
 Councillor / ICT & MLS
 Chairmans - Johor, Penang, Sabah, Sarawak

Membership

 (a) Honorary Members (9)

 (b) Fellows of MIEA (16)

 (c) Founding Members of MIEA

 the first group of 37 members were officially given the designation of
Founding Members Ordinary (FMO).

 (d) Member

 Ordinary member – Real estate agents registered with BOVEA

 Entrance Fee @ RM200.00

 Registration Fee @ RM10.00

 Annual Subscription @ RM200.00

 Successful recommendation of AF member - foc

 Affiliate member – negotiators and students/employees of real
estate industries

 Entrance Fee @ RM200.00

 Registration Fee @ RM10.00

 Annual Subscription @ RM80.00

 (e) CREN – certified real estate negotiator

CREN

 Any negotiator who have completed MIEA 2-day Negotiators' Training
Course with a minimum of six (6) months working experience is eligible to
apply to be certified as a Certified Real Estate Negotiator by submitting
the following documents to MIEA.

 An appointment letter from their respective firm
 Records of Sales and Rental transactions for the past 6 months
 2 passport size photographs
 A duly completed application form
 A photocopy of the certificate of completion of MIEA Negotiators' Training

Course
 Payment of an application fee of RM50.00 and yearly subscription fee of

RM80.00

 All participants will be invited to attend a test to assess their knowledge
and skills. Upon passing the test, the candidate will be certified. This
certification will allow the negotiator to carry the designation - C.R.E.N.

 Purpose is to ensure negotiators are professionally trained by educating,
training and developing negotiators to have the knowledge and the skill
to represent their firm and the public at large professionally.

Objectives of Membership

 To Unite estate agents for the purpose of extending beneficial influence on the
profession and related interests

 To Promote and maintain a high standard of conduct amongst members in
accordance with the Code of Ethics of the Institute.

 To Improve the technical and general knowledge of persons engaged in the
profession.

 To Develop and foster and maintain relations between members of the Institute
and to provide a platform for the networking and exchanging of ideas and opinions
amongst practitioners.

 To Provide for the upholding of the honour, reputation and status of members.

 To Provide for the training, education, examination of persons practicing or
intending to practice as Estate Agents, or who are otherwise employed or engaged
in the profession.

 To Represent members in discussion and dialogues with other trade/industry
bodies and Government agencies.

 To Safeguard and protect the interest of the general public against fraud by
practitioners or illegal agents.

 To Elevate and encourage the maintenance of a high level or professionalism
amongst practitioners.

Benefits of membership

 Recognition
become part of an organization that upholds the integrity of the profession, a common
platform for airing views to benefit each other

 Affiliation - local & international
associations as far as the USA, Australia & the Asean countries

 Free bulletin
bi-monthly bulletin D'REAM containing the latest happenings in the industry and market

 Website
An interactive website to get the latest updates and to connect with members and to
display properties for sale among members

 Legal advice
Free legal advice for members through a panel of MIEA's lawyers. Any member can get
free advice on any real estate issues

 Education & training
access to learning and education through many educational and training programmes at
members rate

 Source of information
The Institute has a wealth of real estate information and members can update themselves
with these information

 Marketing & networking
With members there is trust & one can market themselves and provide the network for
the negotiators

 Seminar discounts
Our seminars and conventions attract hundreds of participants. Only members
benefit from the discounts given

 Library & resources
We have a comprehensive library for members and they can borrow books,
make duplicate articles, brochures, forms and other relevant real estate
information

 Social avenue
We organize many social events including bowling, karaoke, annual dinner and
this gives members of the fraternity a social avenue

 Arbitration
In the event of disputes between members, the Institute have avenues for
arbitration thereby solving issues without going to the courts

 Government legislation updates
Members are updated with changes in the legislation on real matters

 Professional awards
Starting 2008 all members can vie for the real estate industry awards for
recognition and service standards

 Annual conventions
The major event in MIEA's calendar is Malaysian Real Estate Convention
(MAREC), an event not to be missed by estate agents. A saving for members on
registration fees

 Maybank Property Watch Privileges

Core Values of Real Estate Agents According to MIEA (Professional Conduct)

Knowledge of and Compliance with the Law
Estate Agents shall abide by, and be fully conversant with, the Valuers, Appraisers
and Estate Agents Act 1981 and Rules 1986, and have a sound knowledge of all
relevant laws, statutory provisions and procedures applicable to estate agency
practice and/or its business activities.

Continuous Professional Development Program
Estate Agents shall follow a required program for the continuous systematic
maintenance, improvement and broadening of knowledge and skills regarding all
laws, proposed legislations, governmental regulations, public policies, current market
conditions and matters affecting the real estate agency practice in order to execute
their professional and technical duties to their Clients and the Public competently.

Conduct of Registered Estate Agents in safeguarding the best interests of their
Clients by acting with Fairness and Integrity

Estate Agents shall exercise reasonable care in adhering to the principles of fair
competition by conducting themselves in an impartial and just manner to all parties
involved in an estate agency transaction so as to uphold the professional status and
reputation of the profession

Provision of quality services with Courtesy, Fairness and Integrity
Estate agents are duty bound to render quality services to their Clients with
absolute fidelity, and to practise their profession with devotion to the highest ideals
of integrity, honour and courtesy, and also to conduct their business activities in the
spirit of fairness and goodwill to the Public and to his fellow professionals in the real
estate industry.

Transparency and Accuracy of Statements
Estate agents shall exercise a reasonable duty of care to protect the Public
against error, fraud, misrepresentation, concealment of pertinent facts and
unethical practices in any real estate transaction for which terms of
engagement have been accepted.

Personal Interests and Relationships to be disclosed
Estate agents shall disclose any past, present or foreseeable future interests and/or
relationships, either with the Client or the property being transacted, that could lead
to, or be construed as, possible conflicts of interest, when accepting any terms of
engagement for sale, purchase, let, rent or lease.

Acting within the Law
Estate agents shall disclose any past, present or foreseeable future interests and/or
relationships, either with the Client or the property being transacted, that could lead
to, or be construed as, possible conflicts of interest, when accepting any terms of
engagement for sale, purchase, let, rent or lease.

Ten Points Commitment to Professionalism

1. Commited to Professionalism.
2. Uphold integrity & maintain ethic standards
3. Clients come first - be proactive with value and add services
4. Expose illegal's & those leasing authority to practice
5. Honour Co Agency agreements
6. Get Written and Exclusive listings
7. Register & Certify all Negotiators
8. No poster war
9. Office & E numbers, MIEA logo on all point of sale
communications
10. Be united, relevant & progressive in all our actions


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