Can Lazada sell houses for MahSing? Part 2.
The element qualifying a deal as carrying out real estate agency practice is whether it charges fees. S.22B (1A) VAEP Act, 1981.
Despite what we discussed yesterday, the reasons for real estate agency practice to be regulated are two.
1. Acting as stakeholder for receiving booking fee (earnest deposit).
2. Fee/commission for a service of estate agency.
If Lazada charges a fee or acts as stakeholder for receiving the earnest deposit or booking fee, then it is construed as carrying out real estate agency practice.
If Lazada does NOT, then it can be that it advertises and makes know the availability of products, but does nothing towards completion of transaction. In this interpretation, it does NOT involve in real estate agency practice. It is just a media of advertisement – like newspaper.
The question in fact is on the RM3,000 it takes for “Registration of Interest”. Do you think this “RM3,000 registration money” is a form of “earnest deposit”?