Rainey Collins Lawyers

Real Estate Agents Bill

By Claire Coe, Wednesday, 3 March, 2010, Agent Care

This Bill (if enacted) replaces the Real Estate Agents Act 1976.  It establishes the Real Estate Agents Authority to oversee licensing, complaints, disciplinary and enforcement processes, set industry standards, and provide information to consumers.  The Bill also:

• Creates a Disciplinary Tribunal administered by the Ministry of Justice to deal with more serious complaints.
• Sets out licensing processes and makes provisions for a public register.
• Sets more modern offence provisions with a wider range of penalties and remedies including the ability for consumers to seek compensation in cases of demonstrated financial loss.
• Increases industry entry requirements, including a requirement for ongoing training.
• Makes changes to the conduct required in the running of a real estate agency business.  New requirements relate to mandatory disclosure (including possible conflicts of interest), provision of information to consumers in specific situations, and auctions.
• Abolishes the Real Estate Agents Licensing Board.
• Removes the requirement for compulsory membership by real estate agents of the Real Estate Institute of New Zealand.

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