The key changes introduced by the new Act are:
- agents, branch managers and salespersons must all be licensed individually
- an independent Real Estate Agents Authority has been established that is responsible for licensing, complaints, disciplinary action in relation to unsatisfactory conduct, industry standards, and providing information for consumers
- new complaints and disciplinary processes including the appointment of Complaints Assessment Committees by the Real Estate Agents Authority and the establishment of an independent Real Estate Agents Disciplinary Tribunal
- new responsibilities apply to real estate agents, including duties in relation to the information that must be provided to consumers
- no longer compulsory for agents to be members of the Real Estate Institute of New Zealand (REINZ).
The new regime applies from Tuesday, 17 November 2009.
Go to the New Zealand Legislation website to read the Act.
