In these Standards, unless the context otherwise requires:-
"Act"
means the Valuers, Appraisers and Estate Agents Act 1981 (as amended).
"Acting for two parties"
means acting as estate agent for the vendor and purchaser or the landlord and tenant in the same estate agency transaction.
"Advertisement"
means any material or product used in the mass media or electronic media and any published material of any kind whatsoever issued or exhibited by or on the authority of a registered valuer appraiser or estate agent, primarily designed to promote the registered valuer's or estate agent's business.
"Appointment/Engagement"
means the act of appointing/engaging an estate agency firm by a particular Client.
"Associateship or Affiliation"
means any business arrangement between two or more parties or firms which leads to the parties or firms having mutual and or reciprocal interest in their company or firm.
"Binding Contract"
means a contract for the sale and purchase, leasing or letting of a property that is legally enforceable.
"Board"
means the Board established under the Valuers, Appraisers and Estate Agents Act 1981.
"Branch Manager"
means an estate agent who heads and manages a branch office of a firm, on a day to day basis and who at the same time is not in charge of or manages any other estate agency office or branch of the firm.
"Client"
means a person who appoints/engages a firm and is responsible for the payment of the firm's fees in respect of the services rendered by the firm.
"Client's Account"
means a current or deposit account in the name of the firm at a bank in the title of which account the word "client" appears, or a separate account opened in the name of the person designated in writing by a client over which the firm has power of withdrawal on the signature of the sole-proprietor or any partner, co-director or any other authorized person connected with the firm.
"Client's Money"
means money held or received by a firm on account of a person for whom the firm is acting either as estate agent or in any other capacity including that of a stakeholder but shall not include money to which the only person beneficially entitled is the firm itself; or money held in an account by the firm jointly with a third party, not being a client, and over which the firm does not have a power of withdrawal on the signature of the sole-proprietor or any partner, co-director or any other authorized person connected with the firm.
"Commission"
means remuneration or professional fees earned upon effectively bringing about a certain estate agency transaction to its conclusion and is paid to the Estate Agent/Negotiator.
"Conditional Agreement"
means an agreement subject to either a condition precedent or a condition subsequent.
"Conflict of Interest"
means a conflict between an estate agent's obligation to the client and/or any other party and his self-interest which may likely affect the estate agent's independent professional judgment.
"Contract"
means a promise or set of promises, which the law will enforce.
"Contract of Service"
means an employment of a Negotiator on a full-time basis with a basic salary and either with or without commission.
"Contract for Service"
means an engagement of a Negotiator on a full-time basis, whose commission shall not exceed the amount as prescribed by the Board.
"Co-Agency"
means where the appointed firm which is the listing agent, enters into an arrangement with another estate agency firm that has a prospective party to conclude the transaction and share the fees in a pre-agreed formula.
"Default"
means the failure of a person to perform a legal obligation or default arising from any breach of trust, embezzlement, fraud or wrongdoing committed by that person.
"Disclosure"
means a full declaration made promptly and confirmed in writing at the first available opportunity and "disclose" shall have the same meaning.
"Earnest Deposit"
means an initial payment made by a prospective party to indicate serious interest in purchasing or renting a property and it may or may not form part of the final agreed purchase price or rent or security deposit in the case of a tenancy and may be forfeitable depending upon the terms and conditions of the agreement.
"Estate Agency Agreement"
means any agreement between the client and the firm in respect of a sale, purchase, letting, leasing or renting of a property.
"Estate Agency Practice"
means acting or holding oneself out to the public or to any individual or firm as ready to act, for a commission, fee, reward or other consideration, as an agent in respect of the sale or other disposal of land and buildings and of any interest therein or the purchase or other acquisition of land and buildings and of any interest therein or in respect of the leasing or letting of land and buildings and of any interest therein including the act of making known of the availability of land, building or any interest therein for such sale or other disposal, purchase or other acquisition, leasing or letting.
"Estate Agency Transaction"
means the process of selling, buying, leasing, letting or renting a property through an estate agent, from the point in time of granting instructions to the estate agent to the point in time where the sale or purchase or letting or leasing or renting is concluded.
"Estate Agent"
means a person whose name has been entered under Part III of the Register (Section 22A VAEA Act 1981 & Fourth Schedule, Rule 26 of VAEA Rules 1986*) and to whom an authority to practice has been issued by the Board under Section 16.
*Added/inserted by own account, not originally appearing in MEAS.
"Fees"
means fees prescribed under the Seventh Schedule of the Valuers, Appraisers and Estate Agents Rules 1986.
"Firm"
means a body corporate, a partnership or a sole-proprietorship that is registered under the Act.
"Flyer"
means a handbill, properly done and distributed with the purpose of promoting the sale or purchase or leasing or letting or renting of a property for which an estate agent has an instruction to sell or buy or lease or let or rent from a client.
"Forfeiture"
means the act of forfeiting any deposit be it earnest or security deposit in the event of non-completion of an estate agency transaction.
"Form"
means a form set out in Part III of these Standards.
"Instructions"
means terms and conditions of an estate agency appointment or engagement.
"Listing"
means the securing from a Client instructions to sell or buy or lease or let or rent a property.
"Listing Agent"
means an estate agent who has obtained a listing and has been given the rights to sell or buy or lease or let or rent the property by the client.
"Marketing"
means the act of promoting a property or project so that the public becomes aware of its availability and benefits.
"Misrepresentation" includes:-
The positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true;
Any breach of a duty which, without an intent to deceive, gives an advantage to the person committing it, or anyone claiming under him by misleading another to his prejudice or to the prejudice of anyone claiming under him; and causing, however innocently, a party to an agreement to make a mistake as to the substance of the thing, which is the subject of the agreement.
"Misleading"
means making a statement that is false or errorneous in any material particular knowing it to be false or intentionally omitting or authorizing the omission or accession of any matter.
"Multiple Listing"
Occurs when the listing estate agent has an arrangement with other estate agents to exchange listings. Normally the listing estate agent obtains an exclusive right to sell or buy or let or rent but permits other estate agents to show the property to prospective buyers, with the understanding that if a sale is made through the efforts of the co-agent other than the listing estate agent who obtained the listing, the agency fee is split between the two firms on a pre-arranged basis.
"Negotiator"
means a person who is either employed or engaged on a "contract of service" or on a "contract for service" by a firm to list and market properties and shall always be under the immediate direction and supervision of an estate agent.
"Non-disclosure"
means omission or suppression or concealment of material facts.
"Option"
means a right given by the grantor usually the vendor/landlord to the grantee the purchaser/tenant to purchase/rent the property within a stipulated time in a prescribed manner.
"Part Payment"
Is a payment, which constitutes a portion of the purchase price or rental.
"Personal Interest"
means a vested interest in a state of affairs usually with an expectation of personal gain.
"Premium"
means any additional consideration paid by the tenant to the landlord over and above the rent reserved.
"Probationary Estate Agent"
means a person who is registered with the Board as a Probationary Estate Agent and is required to comply with the Act, the rules, the Standard, Guidelines, Circulars and all other lawful decision of the Board.
"Prospective Party"
Refers to a third party who is interested to purchase, rent or lease a property which is put into the market by the firm.
"Rent"
means a payment to a tenant to the landlord under the terms of a lease or a tenancy agreement. Such payment may be annually, monthly, weekly or for such period as is otherwise agreed to.
"Rules"
means the Valuers, Appraisers and Estate Agent Rules 1986.
"Service Tax"
means the tax imposed by the government in accordance to the Service Tax 1975.
"Signboard"
means a board bearing a sign or notice advertising a property.
"Soliciting"
means to ask for or invite estate agency instructions.
"Stakeholder"
means a firm which holds the money that has been deposited by a purchaser or tenant for the purchase or rental of a property and would be released to the vendor or landlord upon completion of all the terms and conditions of the agreement in which he himself claims no interest.
"Third party"
means any other person who may become linked in some way with a particular estate agent transaction.