SUBJECT TITLE: LAW OF PROPERTY (PS 3001)
SUBJECT DESCRIPTION
This subject introduces the fundamental aspects of laws that are pertinent to the real estate industry and practice. The topics include the National Land Code, Land Acquisition Act, Local Government Act, Real Property Gains Tax and Stamp Act. The syllabus shall include any new Acts which are gazetted and implemented by the Government.
SYLLABUS CONTENT
- The National Land Code 1965
- Fundamentals of National Land Code.
- Classification and use of land.
- Disposal by the State Authority.
- Registration of title system.
- Conditions and restrictions in interest.
- Dealings under the National Land Code 1965.
- Restriction on dealings.
- Variation of use, Conversion and Subdivision.
- Amalgamation and Partitioning.
- Surrender and Re-alienation.
- Indefeasibility of title.
- Strata Titles Act 1985
- Purpose.
- Application for Subdivision of a Building.
- Registration of Strata Titles.
- Provisional block; issue of strata titles upon completion of building.
- Subdivided Building; Division and Amalgamation of parcels.
- Rights and obligations attaching to individual parcels and provisional blocks.
- Management of subdivision of subdivided buildings.
- Termination of subdivision of subdivided buildings.
- Provision of low cost building.
- Strata Title Board.
- Strata Management Act 2013 (Act 757)
- Purpose of the Act.
- Commissioner of Buildings.
- Joint Management Body.
- Joint Management Committee.
- Register of Purchasers.
- House Rules.
- Management Corporation.
- The Building Management Account.
- The Managing Agent.
- Recovery.
- Power to enter.
- The Land Acquisition Act 1960
- The purpose of land acquisition.
- Procedural aspects of land acquisition.
- Objection, appeal and constitutions of the Court.
- Evidences in the Land Reference case.
- Payment of compensation – meaning of adequate compensation.
- The definition of market value.
- Principles in determining market value of land.
- Matters to be considered in compensation.
- Matters to be ignored in determining compensation.
- The Local Government Act 1976
- Local Authority area and administration.
- Roles and functions.
- Incomes and revenues.
- Additional powers in real estate management.
- Revenue from assessment – Part XV.
- Power to impose rates.
- Meaning of holding and Rateable properties.
- Basis of assessment.
- Exemption from rates.
- Valuation List and preparation procedures.
- Objection.
- Appeal.
- Treatment on arrears and Recovery of rates.
- Rebate.
- The Real Property Gains Tax 1976
- The purpose of imposition.
- Meaning of chargeable gain, allowable loss and relief.
- Exemptions.
- Acquisition costs.
- Disposal price.
- Incidental costs.
- Assessment on residence and non-residence.
- Special provision on private residence.
- Appeal.
- The Stamp Act 1949
- Instrument chargeable with duty.
- Instruments executed outside Malaysia for transfer of property.
- Assessment of value of property under transfer or settlement.
- Duty on particular instruments – relief from stamp duty, voluntary conveyance inter vivos, duty on transfer of debts, stocks, securities, future payments and full consideration, exchange of real property, transfer of an undivided interest in property, duty on leases.
- Liability for payment of duty.
- Exemptions under Section 15.
- Adjudication of instruments.
- Time of stamping.
- Instruments not duly stamped.
- Offences and penalties.
- Income Tax Act 1967
- Charge of income tax.
- Classes of income on which tax is chargeable.
- Rates of tax.
- Residences, individual, companies and bodies of person.
- Occupation of premises for non-business purposes.
- Gross income.
- Adjusted income and adjusted loss.
- Assessment and appeals.
- Offence and penalties.
- Exemptions, remission and relief.
- Housing Development (Control and Licensing) Act 1996