Do I need an agent's licence if my company is licensed as an agent?
To what extent does the new legislative regime apply to commercial, industrial and rural property transactions?
Do I have to provide a written appraisal every time I enter into an agreement in respect of a land or business transaction?
Can I order copies of the Code of Professional Conduct and Client Care?
What provisions of the Act apply to residential property transactions and commercial/industrial property transactions?
Are auctions and tenders covered by the Act?
I am not on the public register of licensees – what do I do?
Can I get an electronic (PDF) version of the approved guides?
How do I get approved guides to out of town or overseas buyers/sellers?
What are the approved papers for advertising?
I have an agents licence but do not currently operate a trust account. How do I notify the Authority about the details of my auditor?
Will I lose my licence if I am not employed?
What evidence of my real estate qualifications do I need to provide when applying for a licence?
I have a letter from REINZ confirming that I have completed the Salesperson Certificate - is this sufficient evidence of my qualifications?
I am going to work for another agency - what do I do?
Does the 6 month period around sale and purchase agreements apply to salespersons returning to the industry?
Do I need an agent's licence if my company is licensed as an agent?
A salesperson or branch manager has left our agency - do I need to notify the Authority?
Do I need an agent's licence if my company is licensed as an agent?
Under the 2008 Act in order for a company to be licensed as an agent, at least one officer of the company must also hold an agent's licence as an individual. This is a change from the 1976 Act, where officers of the company had to be eligible to hold an agent's licence, but were not necessarily personally licensed.
You must ensure that you or another officer of the company holds an individual licence as an agent before the company's licence is due for renewal on 31 March 2010. If no officer of the company has an agent's licence by that time, the company will no longer be eligible to hold a licence and will not be able to carry out real estate agency work.
To what extent does the new legislative regime apply to commercial, industrial and rural property transactions?
The new regime applies equally to commercial, industrial and rural property transactions as to residential property transactions except the following provisions of the Act which apply only to residential property:
- Approved Guide to be provided before agency agreement entered into for residential property (section 127);
- Parties may cancel sole agency agreements in respect of residential property on the expiry of 90 days after agreement is signed (section 131);
- Approved Guide to be provided before contractual document relating to the proposed sale of a residential property is signed (section 133).
Any licensee who is carrying out agency work in respect of any commercial, industrial and rural property transaction must ensure that they comply with the requirements of the Act, regulations and the Code of Professional Conduct and Client Care at all times.
Do I have to provide a written appraisal every time I enter into an agency agreement in respect of a land or business transaction?
Yes - this is required by the Code of Professional Conduct and Client Care (see rules 9.5 and 9.8 (a)) which require together that the commission calculation be based on the appraised price of the land or business, and that an appraised price be given in writing. This applies to all transactions, including commercial leases. If it is not possible to provide comparable information on transactions relating to similar land in similar locations, or businesses, you should include in the appraisal that no comparable information is available.
Can I order copies of the Code of Professional Conduct and Client Care?
You can order copies of the Code from us by calling 0800 for REAA (0800 367 7322) or +64 4 471 8930. There will be a minimal charge for these to recover costs.
Copies of the Code can be ordered in bundles of 50 or boxes of 500.
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Bundle of 50: $50.00 + GST (including delivery)
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Box of 500: $500.00 + GST (including delivery)
Copies of the Code can be paid for by credit card.
What provisions of the Act apply to residential property transactions and commercial/industrial property transactions?
Anyone who is carrying out, or wants to carry out, real estate agency work must be licensed by the Real Estate Agents Authority as an agent, branch manager or salesperson, unless specifically exempted. Real estate agency transactions are defined in the Act and also include the sale, purchase or other disposal or acquisition of any business (either with or without any interest in land).
The provisions in the Act that apply only to residential property transactions are:
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Approved guide to be provided before agency agreement for residential property signed (Section 127)
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Approved guide to be provided when contractual document provided (Section 133)
Other regulatory provisions such as licensing, complaints, qualifications, audit requirements apply to both residential and commercial real estate agency work.
Are auctions and tenders covered by the Act?
Auctions and tenders are covered by the Act, regulations and practice rules. While the Code of Professional Conduct and Client Care covers real estate agency work in general it does not include specific rules in relation to auctions and tenders. However, the Authority is considering the development of specific rules for this important area of the industry.
I am not on the public register of licensees – what do I do?
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Search only by your last name - leave the other search fields blank.
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If this does not work or there are too many results, search by your first and last name only – leave the other search fields blank.
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If you have followed the steps above and still can not find yourself on the register please email us at info@reaa.govt.nz
Click here to search the public register of licensees.
Can I get an electronic (PDF) version of the approved guides?
Please provide printed copies of these guides where practical. If you have an out of town or overseas buyer or seller electronic (PDF) versions of the guides are available. You must get written acknowledgement from them that they have received the approved guide.
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Click here to download the New Zealand Residential Property Agents Agreement Guide [PDF, 182 kb].
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Click here to download the New Zealand Residential Property Sale and Purchase Agreement Guide [PDF, 182 kb].
How do I get approved guides to out of town or overseas buyers/sellers?
In this situation, you can provide them with electronic (PDF) versions of the guides. You must get written acknowledgement from them that they have received the approved guide.
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Click here to download the New Zealand Residential Property Agents Agreement Guide [PDF, 182 kb].
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Click here to download the New Zealand Residential Property Sale and Purchase Agreement Guide [PDF, 182 kb].
What are the approved papers for advertising?
Bay of Plenty Times
Daily Post
Hawkes Bay Today
Manawatu Standard
Manukau Courier
Nelson Mail
New Zealand Herald
North Shore Times
Northern Advocate
Taranaki Daily News
The Dominion Post
The Marlborough Express
The Press
The Southland Times
The Timaru Herald
Waikato Times
Wairarapa Times Age
Wanganui Chronicle
Western Leader
I have an agents licence but do not currently operate a trust account. How do I notify the Authority about the details of my auditor?
You should advise the Authority that you are not currently operating a trust account. You can do this by recording this on the auditor form and returning it to the Authority in the reply paid envelope provided. You can download another copy of this form here.
Will I lose my licence if I am not employed?
No, to work as a salesperson, you must hold a current licence. You do not have to be employed by an agent to hold a licence but you can only carry out real estate work if you are working on behalf of an agent. If you have a gap in your employment, your licence remains valid until its expiry date. You must apply to renew your licence before it expires.
What evidence of my real estate qualifications do I need to provide when applying for a licence?
You must provide a transcript of your academic record or record of achievement. You can obtain a transcript of your academic record from your course provider or the New Zealand Qualifications Authority (NZQA).
I have a letter from REINZ confirming that I have completed the Salesperson Certificate - is this sufficient evidence of my qualifications?
No. You must provide evidence from the course provider or the NZQA.
I am going to work for another agency - what should I do?
If you move to another agency, you need to let the Authority know. You should complete a change of circumstances form and send it to the Authority.
How is residential property defined?
Residential property generally means any property used, or intended to be used, mainly for residential purposes.
Does the 6 month period around sale and purchase agreements apply to salespersons returning to the industry?
This depends on whether you were issued with a deemed licence on 17 November 2009.
If you were, and you have 6 months experience or more, you will be able to prepare sale and purchase agreements and give advice on them. However if you have less than 6 months experience you will have to wait until you have completed your 6 months.
For example, if you obtained your salespersons certificate of approval on 17 September 2009 and were issued with a deemed licence on 17 November 2009, then you will be able to prepare sale and purchase agreements, and give advice on them, from 17 March 2010.
If your salesperson certificate expired before 17 November 2009 you will not have been issued with a deemed licence. This means you will have to reapply for a new salesperson licence under the 2008 Act. In this instance, even if you have 6 months or more of prior experience, you will have to wait 6 months before preparing sale and purchase agreements or giving advice relating to them.
Do I need an agent's licence if my company is licensed as an agent?
Under the 2008 Act in order for a company to be licensed as an agent, at least one officer of the company must also hold an agent's licence as an individual. This is a change from the 1976 Act, where officers of the company had to be eligible to hold an agent's licence, but were not necessarily personally licensed.
If you are the sole officer of your company, and do not currently hold an agent's licence in your own right, you need to have one under the new regime. Information on how to apply for an agent's licence is available here.
You must ensure that you or another officer of the company holds an individal licence as an agent before the company's licence expires on 31st Match 2010. If no officer of the company holds an agents licence by that time, the company will no longer be eligible to hold a licence and will not be able to carry out real estate agency work.
A salesperson or branch manager has left our agency - do I need to notify the Authority?
There is no obligation on the part of the agency to notify the Authority when a salesperson or branch manager leaves. However, if you wish the Authority to update the Public Register to show that the salesperson or branch manager no longer works for the agency you should notify the Authority. You can do this by email (from the agency's official email) or send a letter on agency letterhead to:
Real Estate Agents Authority
PO Box 25371
Wellington 6146
New Zealand
