John Ross has commented in the Hutt News on the Top Ten changes under the new legislation - the Real Estate Agents Act - that takes effect on the 17 November 2009.  This is another great step in helping to clean up the industry.

Here are John's  Top 10:

1. There will be a 24 hour (1 working day) “cooling down” period for the vendor after a listing has been signed.
2. The vendors will be able to unilaterally cancel the listing after 90 days. This will be the default maximum listing period.
3. If the agents doesn’t give the client a copy of an “approved guide” prior to listing, the agreement will not be binding on the vendor.
4. There will be guides for the Sale and Purchase Agreement which the agent must provide to clients.
5. Deposits will have to be held in a Trust account for 10 working days.
6. Agents will be required to have three years experience out of the last 10 years to qualify to become an Agency Licensed Agent.
7. The appraisal and pricing of property must be provided in writing to the clients, must realistically reflect current market conditions and must be supported by comparable information on sales of similar property. Licensees must not mislead customers as to the price expectations of the client.
8. All licensees (agents, branch managers and salespeople) will be able to sell property by Auction without having to have an Auctioneers licence.
9. Agents will have to disclose any rebates and commissions they get (if any).
10. A licensee must not disclose confidential information relating to a client unless: (a) the client consents in writing; or (b) the licensee is required by law to disclose the information; or (c) disclosure is necessary to answer or defend any complaint.