In this Act, unless the context otherwise requires, the term ‘land’ includes all estates and interests, whether freehold or chattel, in real property.”

In considering for the purposes of this section the fitness of any person, the Magistrate shall take into account the responsibilities of land agents and the ability of that person to discharge those responsibilities, having regard to that person’s knowledge of land agency transactions and of the principles to be followed by a land agent in such transactions:

“Provided that the fact that an applicant for a licence was the holder of a licence on the date of the commencement of this subsection shall be sufficient proof of the fitness of the applicant or, as the case may be, of each person who on that date was a partner of the applicant or, where the applicant is a company, was a director or the general manager or other responsible officer of the company.”

Where any licensed land agent is a member of the Real Estate Institute of New Zealand Incorporated, then, so long as the rules of that Institute restrict the membership thereof to licensed land agents, it shall be deemed a sufficient compliance with the provisions of this section requiring the land agent to exhibit on his registered office and on every branch office and to show on any document the fact that he is licensed as a land agent if he exhibits on that office or shows on that document a statement that he is a member of that Institute.”