SETIA ALAM (March 3): The number of fraud cases related to illegal real estate brokers reported last year has decreased last year from the previous year. According to information from BOVAEA, as at December 2016, there were 1,111 legal individual real estate agents and 984 real estate firms or agencies in Malaysia. There are also seven licensed property appraisal firms, 373 registered property valuation firms and seven licensed property management firms. A registered real estate agent (REA) will carry a four-digit REA number, while a real estate negotiator (REN) will have a five-digit REN number. Kho urged the public to use the BOVAEA website to verify a real estate agent’s status before entering into any transactions to protect themselves.

Source: The Edge Markets March 03, 2017 10:07 UTC