Real Estate Agents Act 2008

Reprint as at 12 December 2012

Real Estate Agents Act 2008

Public Act2008 No 66
Date of assent16 September 2008
Commencementsee section 2
Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.

This Act is administered by the Ministry of Justice.

Contents

1 Title

2 Commencement

Part 1
Interpretation and application

3 Purpose of Act

4 Interpretation

5 Act binds the Crown

6 Persons may not carry out real estate agency work unless licensed or exempt

7 Exemption for lawyers and conveyancers

8 Exemption for licensed auctioneers

9 Exemption under regulations

Part 2
Real Estate Agents Authority

Establishment of Authority

10 Authority established

Nature of Authority

11 Authority a Crown entity

Authority’s functions

12 Authority’s functions

Membership of Authority

13 Membership of Authority

Practice rules

14 Code of professional conduct and client care

15 Continuing education

16 Consultation in relation to practice rules

17 Criteria in relation to approval of practice rules by Minister

18 Power of Minister to amend practice rules

19 Further provisions relating to practice rules

Fees and levies

20 Authority may prescribe fees

21 Operational levy

22 Disciplinary levy

23 Further provisions relating to fees and levies

24 Payment of fees, levies, and fines

Powers of intervention

25 Grounds for intervention

26 Power to take possession of documents

27 Administration of trust account in certain cases

28 Appointment of interim administrator in certain cases

29 Authority may direct audit of agent's trust account

30 Authority may inspect certain financial records

31 District Court Judge may order Authority to return documents

32 High Court Judge may give directions to administrator of trust account or cancel appointment

Registrar

33 Authority to appoint Registrar

34 Functions of Registrar

35 Power of Registrar to delegate

Part 3
Licensing

How to become licensed

36 Entitlement to licence

37 Persons prohibited from being licensed

38 Application for licence

39 Applicant must advertise application

40 Objections to issue of licence

41 Written submission in response by applicant

42 Registrar to hold hearing if notice of objection made

43 Registrar to license applicant or decline application

Provisions relating to licences

44 Special provisions in respect of partnerships and companies

45 Duty to produce evidence of issue of licence

46 Term of licence

47 Licence may not be transferred

Effect of licences and status of licensees

48 Agent’s licence

49 Branch manager’s or salesperson’s licence

50 Salespersons must be supervised

51 Employment status of salesperson

Renewal of licence

52 Renewal of licence

53 Expiry of licence

Cancellation, suspension, surrender of licence, etc

54 Cancellation of licence

55 Process for cancellation

56 Effective date of cancellation

Suspension of licence

57 Recording of suspension of licence

58 Voluntary suspension of licence

59 Effect of suspension of licence

60 Effective date of suspension

Surrender of licence

61 Voluntary surrender of licence

Temporary licence

62 Temporary licence

Register of licensees

63 Register of licensees

64 Purpose of register

65 Form of register

66 Matters to be contained in register

67 Obligation to notify Registrar

68 Alterations to register

69 Search of register

70 When search constitutes interference with privacy of individual

Part 4
Complaints and discipline

Interpretation

71 Meaning of licensee in this Part

Unsatisfactory conduct and misconduct

72 Unsatisfactory conduct

73 Misconduct

74 Complaints about licensees

Complaints Assessment Committees

75 Authority to appoint Complaints Assessment Committees

76 Panel

77 Constitution of Committees for consideration of matters before it

78 Functions of Committees

79 Procedure on receipt of complaint

80 Decision to take no action on complaint

81 Notice of decision

82 Inquiry by Committee

83 Notice to licensee

84 Procedure of Committee

85 Powers to call for information or documents

86 Compliance with requirement to provide information or document

87 Negotiation, conciliation, and mediation

88 Evidence

89 Power of Committee to determine complaint or allegation

90 Hearings on papers

91 Reference of complaint to Disciplinary Tribunal

92 Application for suspension of licence

93 Power of Committee to make orders

94 Notice of determination

95 Members of Committee not personally liable

96 Protection and privileges of witnesses

97 Privileges and immunities of counsel

98 Enforcement of orders

99 Non-payment of fines or costs

Real Estate Agents Disciplinary Tribunal

100 Real Estate Agents Disciplinary Tribunal established

101 Constitution of Tribunal for hearings

102 Functions of Tribunal

103 Services for Tribunal

104 Further provisions in relation to Tribunal and its proceedings

105 Proceeding before Tribunal

106 Representation before Disciplinary Tribunal

107 Hearings to be in public

108 Restrictions on publication

109 Evidence

110 Determination of charges and orders that may be made if charge proved

111 Appeal to Tribunal against determination by Committee

112 Application to Tribunal to review determination by Registrar

113 Notification by Tribunal

114 Enforcement of order

115 Suspension of licence pending outcome of hearing

Appeals against decisions of Tribunal

116 Right of appeal

117 High Court may make interim order

118 Duties of Registrar if interim order made

119 Determination of appeal

120 Appeal to Court of Appeal on question of law

Part 5
Duties relating to real estate agency work

Business to be identified

121 Agent to display required name information

Receipt of money and audit of accounts

122 Duty of agent with respect to money received in course of business

123 Money to be held by agent for 10 working days

124 Agent to furnish account to client

125 Agents’ trust accounts to be audited

Agency agreements

126 No entitlement to commission or expenses without agency agreement

127 Approved guide to be provided before agency agreement for residential property signed

128 Agency agreement must disclose rebates, discounts, and commissions

129 Regulations may make provisions in respect of agency agreements

130 Client may cancel sole agency agreement by 5 pm next working day

131 Parties may cancel sole agency agreements in respect of residential property 90 days after agreement is signed

Disclosure of information as to transaction and conflicts of interest

132 Licensee to give copy of contractual document

133 Approved guide to be provided when contractual document provided

134 Contracts for acquisition by licensee or related person may be cancelled

135 Client to be provided with valuation

136 Disclosure of other benefits that licensee stands to gain from transaction

137 Meaning of licensee and person related to licensee in sections 134 to 136

Part 6
Miscellaneous provisions

Subpart 1—Offences and penalties

138 General penalty

139 Forfeiture for certain offences

140 Offences to be punishable on summary conviction

Offences relating to requirement to be licensed

141 Offence to carry on business of agent, branch manager, or salesperson unless licensed or exempt

142 Offence of holding out as agent, branch manager, or salesperson unless licensed or exempt

143 Offence of employing or contracting unlicensed or non-exempt person as agent, branch manager, or salesperson

Offences relating to application for licence

144 Offence to provide false or misleading information

145 Offence to fail to notify change in circumstances

Offences relating to Authority's powers of possession and inspection of documents

146 Offence to fail to comply with requirement to give possession of documents

147 Offence to fail to comply with requirement to produce financial records

Offences relating to requirements for real estate transactions

148 Offence to fail to provide information or document

149 Offence to fail to pay person lawfully entitled to money received

150 Offence to fail to hold money

151 Offence to fail to disclose conflict of interest

152 Offence to render false accounts

Offences relating to investigation

153 Offence to resist, obstruct, etc

Subpart 2—Service

154 Service of notice and documents

Subpart 3—Civil remedies

155 Civil remedies not affected

Subpart 4—Regulations

156 Regulations

Subpart 5—Provisions relating to repeal of Real Estate Agents Act 1976

Repeal of Real Estate Agents Act 1976

157 Repeal of Real Estate Agents Act 1976

158 Transfer of assets and liabilities

159 Membership of REINZ

Winding up of Fidelity Guarantee Fund

160 Continuation of certain provisions of Real Estate Agents Act 1976

161 Claims in relation to Real Estate Agents Fidelity Guarantee Fund

162 Public notice of last day for making claims

163 Winding up of Real Estate Agents Fidelity Guarantee Fund

164 Application of Real Estate Agents Fidelity Guarantee Fund on winding up

Transitional provisions

165 Continuation in office for purposes of transitional provisions

166 Agents licensed under Real Estate Agents Act 1976

167 Salespersons and branch managers approved under Real Estate Agents Act 1976

168 Continuing effect of permits issued under Real Estate Agents Act 1976

169 Applications pending at commencement of this section to be dealt with under Real Estate Agents Act 1976

170 Continuing effect of agency agreements entered into before repeal of Real Estate Agents Act 1976

171 Continuation of pending disciplinary proceedings

172 Allegations about conduct before commencement of this section

173 Amendments to other enactments

Schedule 1
Provisions relating to Tribunal

Schedule 2
Amendments to other enactments

Reprint notes

The Parliament of New Zealand enacts as follows: