The Valuers, Appraisers and Estate Agents (Amendment) Act 2017 Passed

The Valuers, Appraisers and Estate Agents (Amendment) Act 1981 has come into force on 2 Jan 2018. The primary aim of the Amendment Act is to expand the scope to regulate property managers. With the Amendment Act, the previous Valuers, Appraisers and Estate Agents Act 1981 is now be known as The Valuers, Appraisers, Estate Agents and Property Managers Act 1981.

Key Changes:

• the Board of Valuers, Appraisers and Estate Agents is renamed as the Board of Valuers, Appraisers, Estate Agent and Property Managers) (“VAEA Board”) which is responsible to keep and maintain separate registers for registered property managers, probationary property managers and firms carrying on practice as property managers;

• “Property management practice” means the management and control of any land, building and any interest in the land or building, excluding the management of property-based businesses, on behalf of the owner for a fee. This includes:

(a) management and maintenance of the building and facilities attached to the building; and

(b) making or checking of inventories of furniture, fixtures, trade stocks, plant or machinery.

Who might be affected?

• If you are a registered valuer or appraiser before the commencement of the Amendment Act, you will be entitled to register as a property manager without payment of any fee;

• If you are a registered estate agent permitted to undertake property management before the commencement of the Amendment Act, you will be entitled to register as a property manager.

• If you are any other qualified persons who fulfil the prescribed criteria set (as below), you may apply within the 12 month moratorium period (commencing 2 January 2018) to be registered as a property manager.

Criteria:

(a) 21 years old, sound mind, good character.

(b) is not an undischarged bankrupt;

(c) has not made a misleading or false statement or affirmation.

(d) has not dishonestly concealed material facts;

(e) has not furnished false information;

(f) made a declaration in the form and manner prescribed by the Board;

(g) paid the fees; and

(h) not under suspension from valuation or estate agency practice nor has his name been cancelled from the Register.

In short, The Amendment Act 2017 gives consumers or property owners the opportunity to file complaints to the VAEA Board if any registered property managers do not perform their duties to the extent of committing malpractices.