Real Estate Agents (Audit) Regulations 2009

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Real Estate Agents (Audit) Regulations 2009

Rt Hon Sir Peter Blanchard, Administrator of the Government

Order in Council

At Wellington this 28th day of September 2009

His Excellency the Administrator of the Government in Council

Pursuant to sections 125 and 156 of the Real Estate Agents Act 2008, His Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council, makes the following regulations.


1 Title

2 Commencement

3 Purpose

4 Interpretation

Duties of agencies in relation to trust accounts

5 Operation of trust accounts

6 Trust account records

7 Receipt and payment of trust account money

8 Form of trust receipts

Appointment of auditor

9 Agencies must appoint auditor

10 Who may be appointed as auditor

11 Persons disqualified from appointment as auditor

12 New agency must notify appointment of auditor before receiving money

13 Agency must notify Authority of replacement if auditor disqualified or no longer engaged

Duties of agencies in relation to audits

14 General duty to provide access, information, and records

15 Duty to provide monthly list of balances and reconciliation statement

16 Duty to report in respect of each audit period

17 Duty to provide information for annual audit report

18 Duty of agency ceasing to carry on business

19 Auditor's fees

Duties of auditors

20 General duty

21 Duty to perform at least 3 examinations each year

22 Duty to provide annual audit report

23 Duty to report defaults and irregularities

Inactive trust accounts

24 Agency's duties in respect of inactive trust accounts

25 Auditor's duties when notified of inactive trust account

26 Reactivation of inactive trust account

Disclosure of information to and by auditor

27 Disclosure of information by bank to auditor

28 Disclosure of information by auditor


29 Service of notices

30 Offences

31 Revocation

Transitional provisions

32 Initial notification of auditors

33 Inactive trust accounts

Explanatory notè

Administrative information