Changes to Real Estate Code of Conduct Announced

 
 
13/12/2012

The rules that govern New Zealand’s twelve and a half thousand real estate agents are changing announced Real Estate Agents Authority (REAA) Chief Executive, Kevin Lampen-Smith today.


The Professional Conduct and Client Care Practice Rules (Code of Conduct) set the minimum standards required of agents and are used as a reference point for discipline.

“The current Code of Conduct is working well. However after three years it is time for it to be updated so that it continues to protect buyers and sellers and improve standards in the real estate industry” said Mr Lampen-Smith.

“The new Code of Conduct has been developed in consultation with the industry, consumers and the wider public and comes into effect on 8 April 2013.”

“Changes include having to explain to clients when an agency agreement ends, recommending to all parties that they get legal advice before signing agency or sale and purchase agreements and having to explain to a prospective client that how they chose to sell their property can impact on the benefits the agent receives.“

“There is also a new rule that is designed to help protect sellers from the risk of paying two commissions and new rules for buyers’ agents” continued Mr Lampen-Smith.

“These are positive changes for both the industry and consumers. The new Code of Conduct, along with continuing education, helps ensure a professional industry and informed buyers and sellers. We are excited to be taking this next step in improving industry standards.”

More information about the new Code of Conduct and what has changed can be found on our website.

The Real Estate Agents Authority (REAA) is the independent, government regulatory body for the real estate industry in New Zealand. The REAA provides independent oversight of the real estate industry, ensures a high standard of service and professionalism within the industry, and provides increased protection for buyers and sellers of real estate. The REAA is a Crown entity, established under the Real Estate Agents Act 2008.

Download this media release (.pdf 238KB).


Contact:
Ngaire Vanderhoof
(04) 815 8466