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Who is Real Estate Negotiator & Rules Governing the REN
January 21, 2021
Negotiator Certification Course (NCC) is a course for all who are interested to become a Real Estate Negotiator (REN) and to join the real estate industry. This course consists of a 2-day course that an individual must attend before joining any real estate agencies. In order to do so, all Real Estate Negotiators must be certified by undergoing through the NCC course and registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEP), with effect from the 1st of June 2014, as of issued on 26th of September 2013 by the Board’s circular 4/2013 which was in accordance. Moreover, without being a certified Real Estate Negotiator, it is against the law to practice or carry out any real estate related transactions or business deals without being certified and registered with the Board as upon conviction, there will be fine not exceeding RM300,000 or imprisonment for a term not exceeding 3 years or both for illegal brokers.
Modules that will be covered in this course will be:
- Introduction and Overview of the Property Market
- Understanding the Act and Rules
- Laws Relating to Real Estate Part 1
- Laws Relating to Real Estate Part 2
- The Malaysian Estate Agency Standards, Forms & Titles Part 1
- The Malaysian Estate Agency Standards, Forms & Titles Part 2
- The Real Estate Profession & Ethics
- The Real Estate Practice
A REN Tag is an identification tag that is issued by the Board of Valuers, Appraisers, Estate Agents & Property Managers (BOVAEP) to Real Estate Negotiators. In order to obtain the REN Tag, one must go through the Negotiator Certification Course (NCC), that is endorsed by the Board, and go through the 2 days course. The course fee is RM600.00 nett which is inclusive of the NCC Certificate of Attendance, NCC course materials, lunches & tea breaks. Upon completion of the NCC course, individuals will then receive their NCC Certificate of Attendance from BOVAEP. With this, individuals will need to be attached to any licensed real estate agency. The agency will then be able to register with the Board as a registered real estate negotiator. The NCC Certificate of Attendance is only valid up to one year from the date of issuance of the certificate as individuals will need to be attached with a real estate agency before it expires. If they are not attached to any real estate agencies by then, the NCC certificate will no longer be valid and they will need to retake the NCC course again.
The REN Tag contains important information which includes their name, IC number, REN number, company name, company registration number, quick response code (QR) and security features. Moreover, the REN Tags are to be worn by Real Estate Negotiators as it is mandatory during their conduct of business. This will ensure that they are certified and registered and the public is able to verify the information to safeguard their deals with a registered Real Estate Negotiator. Registered Real Estate Negotiators are able to verify their REN details by either scanning the QR code that is on the REN Tag, which will provide all the respective negotiator’s information, including their photographs, or search on the Board’s website under the Negotiator Search section. If found to use a fake REN tag, it is an offence and the offender may be fined not exceeding RM300,000 or imprisonment for a term not exceeding 3 years or both. Negotiators are also able to apply for a replacement REN tag by contacting the Board (BOVAEP) if the REN Tag is lost, with the payment of RM50.00 using the prescribed form.
Author: Tan Vee Vien
