4 Interpretation

(1)

In this Act, unless the context otherwise requires,—

agency agreement means an agreement under which an agent is authorised to undertake real estate agency work for a client in respect of a transaction

agent means a real estate agent who holds, or is deemed to hold, a current licence as an agent under this Act

Authority means the Real Estate Agents Authority established by section 10

branch manager means a person who holds, or is deemed to hold, a current licence as a branch manager under this Act

client means the person on whose behalf an agent carries out real estate agency work

company means a company within the meaning of the Companies Act 1993, and includes a building society within the meaning of the Building Societies Act 1965, and a limited partnership registered under the Limited Partnerships Act 2008

contractual document, in relation to a transaction, means a document that contains or records an agreement or a proposed agreement to enter into or effect the transaction, and includes a document that contains or records an offer that, on its acceptance, gives rise to such an agreement

commission means remuneration by way of commission, fee, gain, or reward for services provided by an agent in respect of a transaction

Complaints Assessment Committee or Committee means a Complaints Assessment Committee established under section 75

crime involving dishonesty has the same meaning as in section 2(1) of the Crimes Act 1961

Disciplinary Tribunal or Tribunal means the Disciplinary Tribunal established under section 100

expenses means any sum or reimbursement for expenses or charges incurred in connection with services provided by an agent in the capacity of agent

former licensee means a person who was, but is no longer, a licensee, and includes a person who was a real estate agent, branch manager, or salesperson under the Real Estate Agents Act 1976

land includes all estates and interests, whether freehold or chattel, in real property, and includes any building and any part of a building, and any licence that is registrable under the Land Transfer Act 1952, and any occupation right agreement within the meaning of the Retirement Villages Act 2003; and, in relation to any transaction relating to land that also relates to any goods, chattels, or other property, also includes those goods or chattels and that other property

lawyer has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

licence means a licence granted under this Act to act as an agent, branch manager, or salesperson

licensee means an agent, a branch manager, or a salesperson

Minister means the Minister who is for the time being responsible for the administration of this Act

officer, in relation to a licensee that is a company,—

(a)

means every director, manager, or secretary of the company who, on behalf and in the name of the company, carries on the company’s business as a real estate agent; and

(b)

includes any person, however designated, who is responsible for the management of the company and any person who is responsible for the management of any branch of the company, or (in relation to any company that carries on any other business in addition to its business as a real estate agent) the person responsible for the management of the company’s real estate agency work

real estate agency work or agency work

(a)

means any work done or services provided, in trade, on behalf of another person for the purpose of bringing about a transaction; and

(b)

includes any work done by a branch manager or salesperson under the direction of, or on behalf of an agent to enable the agent to do the work or provide the services described in paragraph (a); but

(c)

does not include—

(i)

the provision of general advice or materials to assist owners to locate and negotiate with potential buyers; or

(ii)

the publication of newspapers, journals, magazines, or websites that include advertisements for the sale or other disposal of any land or business; or

(iii)

the broadcasting of television or radio programmes that include advertisements for the sale or other disposal of any land or business; or

(iv)

the lending of money on mortgage or otherwise; or

(v)

the provision of investment advice; or

(vi)

the provision of conveyancing services within the meaning of the Lawyers and Conveyancers Act 2006

register means the register required to be established by the Registrar under section 63

REINZ means the Real Estate Institute of New Zealand Incorporated

residential property means any property used, or intended to be used, exclusively or principally for residential purposes

salesperson means a person who holds, or is deemed to hold, a current licence as a salesperson under this Act

sole agency agreement means an agreement between an agent and a client in which the client agrees not to instruct any other agent to act for the client in respect of the transaction to which the agreement relates

transaction means any 1 or more of the following:

(a)

the sale, purchase, or other disposal or acquisition of a freehold estate or interest in land:

(b)

the grant, sale, purchase, or other disposal or acquisition of a leasehold estate or interest in land (other than a tenancy to which the Residential Tenancies Act 1986 applies):

(c)

the grant, sale, purchase, or other disposal or acquisition of a licence that is registrable under the Land Transfer Act 1952:

(d)

the grant, sale, purchase, or other disposal or acquisition of an occupation right agreement within the meaning of the Retirement Villages Act 2003:

(e)

the sale, purchase, or other disposal or acquisition of any business (either with or without any interest in land).

(2)

To avoid doubt, the sale, purchase, or other disposal or acquisition of shares comes within the definition of transaction in subsection (1) if, and only if, the shares entitle the holder to a licence that is registrable under Part 7A of the Land Transfer Act 1952.