THE EFFECTS AND IMPLICATIONS OF THE VALUERS, APPRAISERS AND ESTATE AGENTS ACT 1981 (MALAYSIA)

Abstract

There is little doubt that the valuation profession in Malaysia, though young, has gained increasing prominence. There is now a growing acceptance by both the client public and the Government of the expertise of the valuer not just in the confines of valuation but in related fields. From a beginning in 1907 following the Appraisers Enactment, the growth of the profession gained momentum in the 1960's. To ensure orderly growth, the Government took action to bring some controls over the profession. The Registration of Surveyors Act 1967 was passed to register and control all qualified valuers and quantity surveyors. This Act was unique as it was a common Act governing two professions, but sadly, this feature caused numerous problems. Due to problems and shortcomings in the 1967 Act and the various Appraisers Enactments, the Government enacted the Valuers and Appraisers Act in 1981. This dissertation proposes to study the effects and implications of this Act (as amended in 1984) on the valuation profession in Malaysia. To conclude, some outline suggestions based on the Malaysian experience will be made for Singapore which has yet to enact comprehensive legislation for this profession.