In relation to an earlier article released by PropSocial that you can read about here, this is another article to further help our readers recognise what type of agent they are dealing with when buying a property. Most often these are the six types of agents that you will come across when buying a home, which you will have no idea how they differ.
Tip: In as deceiving as the name sounds, a Probationary Estate Agent (PEA) is an individual who has undergone many exams and not necessarily have passed. They are amongst the most elite of Real Estate Agents with the most experience and qualifications.
i. Registered Valuers (V)
A Valuer is able to do valuation, property management and estate agency. His/ her registration number with the Board of Valuers, Appraisers and Estate Agents (BOVAEA) is denoted by V followed by a few digits.
In the exercise of his professional practice, the registered valuer is bound by various guidelines and practice directions issued by the Board such as the Manual of Valuation Standards.
ii. Registered Appraisers (A)
Appraisers are registered under Part V of the Act because of their long experience and earlier registration under the various Appraisers Acts. Appraisers can, and are allowed to, practise valuation and property management but unlike the Valuers they are restricted in practise by geographical areas and value. An Appraiser’s registration number with BOVAEA is denoted by A followed by a few digits.
Under section 20 of Act 242, there are restrictions imposed on registered appraisers such as being subject to a total capital value and restriction of practice to a particular State/ States. The Valuers however are not subject to the same restrictions.
iii. Registered Estate Agents (E)
Only those who are registered under the Board can act as Estate Agents. They provide a service in buying, selling, leasing properties for clients so that, optimum returns can be achieved. An estate agent’s registration number with BOVAEA is denoted by E followed by a few digits.
iv. Probationary Valuers (PV)
These are those who have passed the initial Examinations and have now formally registered with BOVAEA to sit for further examination – Test of Professional Competence (TPC) for Valuers. A Probationary Valuer’s registration number with BOVAEA is denoted by PV followed by a few digits.
v. Probationary Estate Agents (PEA)
These are those who have passed the Written Estate Agents Examination Part I and II and have now formally registered with BOVAEA to sit for further examination – Test of Professional Competence (TPC) for Estate Agents. A Probationary Estate Agent’s registration number with the BOVAEA is denoted by PEA followed by a few digits.
A negotiator as defined by the MEAS is 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. By this it means that a negotiator cannot work independently and must be always under the supervision of an estate agent.
Currently, it is mandatory for anyone who wishes to become a negotiator to undertake the 2 Day Negotiator Certification Course (NCC), which is an intensive two day training course. This is a prerequisite to formal registration as a negotiator with BOVAEA where one will be given a tag together with a REN Number - REN follow by 5 digits.
This article is a neat summary of different property agent titles there are in the real estate market. We hope that this clears up any confusion that any of you might have. Happy property buying!