This topic will give you a great deal of information about the Real Estate Agents Act 2008.
PRESS RELEASE - November 17 2009
"Wellington, Nov 16 NZPA - Real estate agents will be under a thicker magnifying glass as the newly established Real Estate Agents Authority begins operations tomorrow.
Among the many changes, the REAA will allow property buyers and sellers to look up industry licensees on a public register. The system will outline when they were first licensed, or whether they've had any disciplinary action against them in the last three years.
All are designed "to promote public confidence in the industry," said Kristy McDonald QC, chairwoman of the REAA.
The REAA is a crown entity regulating real estate agents, branch managers and salespersons under the Real Estate Agents Act 2008 and takes over from the Real Estate Institute of New Zealand as the regulatory body of the industry.
REINZ, which will now become a membership service, welcomes the new Act and sees it as a positive move, said national president Peter McDonald.
"It's an opportunity for the real estate industry to lift its public perception."
The Act was introduced by Labour MP Clayton Cosgrove as the associate minister of justice last year and was one of the last pieces of legislation passed by the previous government.
Mr Cosgrove said the new Act "aims to promote and protect the interests of consumers in real estate transactions by raising industry standards, improving licensing requirements and procedures and providing mandatory disclosure obligations".
The change was made over concerns that the previous regime was self-regulatory, said Ms McDonald.
"There wasn't an independent complaints and disciplinary process. There was concern about a lack of information for consumers and inadequate mechanism to raise industry standards.
"The Real Estate Agents Authority will provide independent oversight of the real estate industry," she said.
Under the new authority, agents, branch managers and salespersons are required to be licensed individually.
Anyone who holds a licence, prior to November 17, will be deemed to be licensed under the new Act until their licence expires.
The REAA will also be responsible for
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