Real Estate Agents Act 2008
The new regime under the Real Estate Agents Act 2008 (REAA 2008) will take full effect on 17 November 2009, replacing the Real Estate Agents Act 1976. The purpose of the 2008 Act is to protect the interests of consumers in respect of transactions that relate to real estate and to promote public confidence in the performance of real estate agency work.
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 is established that will be responsible for licensing, complaints, disciplinary action in relation to unsatisfactory conduct, industry standards, and providing information for consumers
- new complaints and disciplinary processes are introduced, 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).