New Zealand Legislation: Acts
Acts are laws made by Parliament
Reprint as at 7 July 2010
| Public Act | 2008 No 66 |
| Date of assent | 16 September 2008 |
| Commencement | see section 2 |
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.
Part 1
Interpretation and application
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
Part 2
Real Estate Agents Authority
14 Code of professional conduct and client care
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
20 Authority may prescribe fees
23 Further provisions relating to fees and levies
24 Payment of fees, levies, and fines
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
33 Authority to appoint Registrar
35 Power of Registrar to delegate
37 Persons prohibited from being licensed
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
47 Licence may not be transferred
Effect of licences and status of licensees
49 Branch manager’s or salesperson’s licence
50 Salespersons must be supervised
51 Employment status of salesperson
Cancellation, suspension, surrender of licence, etc
56 Effective date of cancellation
57 Recording of suspension of licence
58 Voluntary suspension of licence
59 Effect of suspension of licence
60 Effective date of suspension
61 Voluntary surrender of licence
66 Matters to be contained in register
67 Obligation to notify Registrar
70 When search constitutes interference with privacy of individual
Part 4
Complaints and discipline
71 Meaning of licensee in this Part
Unsatisfactory conduct and misconduct
Complaints Assessment Committees
75 Authority to appoint Complaints Assessment Committees
77 Constitution of Committees for consideration of matters before it
79 Procedure on receipt of complaint
80 Decision to take no action on complaint
85 Powers to call for information or documents
86 Compliance with requirement to provide information or document
87 Negotiation, conciliation, and mediation
89 Power of Committee to determine complaint or allegation
91 Reference of complaint to Disciplinary Tribunal
92 Application for suspension of licence
93 Power of Committee to make orders
95 Members of Committee not personally liable
96 Protection and privileges of witnesses
97 Privileges and immunities of counsel
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
104 Further provisions in relation to Tribunal and its proceedings
105 Proceeding before Tribunal
106 Representation before Disciplinary Tribunal
108 Restrictions on publication
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
115 Suspension of licence pending outcome of hearing
Appeals against decisions of Tribunal
117 High Court may make interim order
118 Duties of Registrar if interim order made
120 Appeal to Court of Appeal on question of law
Part 5
Duties relating to real estate agency work
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
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
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
154 Service of notice and documents
155 Civil remedies not affected
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
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
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
The Parliament of New Zealand enacts as follows:
