What do agents have to display in their office, signage and advertising material?
Under the 2008 Act real estate agents must display in a prominent place:
- the name of the agent.
- the fact that the agent is licensed under the Act.
- if the agent's business is not carried on in the agent's name, the name under which the business is carried on in.
This information must be displayed:
- at every office or shop maintained by the agent for the purpose of the business.
- on every website maintained by the agent for the purpose of the business.
- on all notices, advertisements or other material published by or on behalf of the agent in the course of the business.
- on all letters, accounts, contractual documents, agreements, and other documents sent, handed out, entered into or published by the agent in the course of the business.
The new Act is not prescriptive about the exact wording of the information required to be displayed. The following are some examples that are acceptable to demonstrate the fact that the agent, as an individual or company, is licensed under the 2008 Act. These examples are illustrative only:
Agent as an individual:
Jo Smith, licensed under the Real Estate Agents Act 2008
Agent as a company:
ABC Realty Ltd, licensed under the Real Estate Agents Act 2008
Branch Managers and Salespersons:
A branch manager or salesperson may wish to include in their advertising that they are a licensed branch manager or salesperson but this is not required by the Act.
Under the Act, "agent" is a class of licence and a person with a branch manager's or salesperson's licence cannot advertise that they are an agent. It is an offence for someone to say that they are a licensed agent, branch manager or salesperson if they do not hold the relevant class of licence.
What does a company have to display on street 'for sale' signs? Does the licence number have to be displayed?
The Act does not specify any requirements with regard to street signs and the like. Companies could choose to display a licence number (either that of the company and /or of the agent or salesperson acting as the primary contact for enquiries) on signs and other company documentation if they wished.
Do licensees have to display the letters MREINZ?
Membership of the Real Estate Institute of New Zealand is not compulsory for licensees under the new Act. People can choose to be members if they wish but are not required to do so. If they choose to be members, they can display the appropriate letters.
