Do real estate agents have to belong to the REINZ?
Membership of the Real Estate Institute of New Zealand is no longer compulsory. The 2008 Act provides that anyone who is a member of the REINZ continues to be a member until that membership is terminated in accordance with the REINZ rules or the person resigns their membership.
Do licensees have to display the letters MREINZ?
As membership of the REINZ is not compulsory for licensees, people can choose to be members and choose to display the appropriate letters.
What will happen to the Real Estate Agents Fidelity Guarantee Fund?
The 2008 Act provides for the Real Estate Agents Fidelity Guarantee Fund to be wound up and sets deadlines for deciding claims against the Fund. It is the responsibility of the REINZ Council to receive and deal with claims, and to report to the Minister of Justice when it considers all claims have been dealt with.
On receiving the Council's final report and audited accounts of the Fidelity Fund, the Minister may recommend to the Governor General that the fund be wound up by an Order in Council. Once the fund is wound up, any remaining assets of the fund continue to be the property of the REINZ. It will then be for the REINZ and its members to determine how any remaining assets are dealt with.
