Leonie's blog

The new Real Estate Agents Act comes into effect on the 17th November 2009.  This act has changes that will effect everyone working in the real estate industry.  To be in the loop - please visit the REAA Website for more details.

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).