http://www.propertyconveyancingservices.com/ New Zealand's Property Conveyancing specialists, Property Conveyancing Services Ltd shares with NZ Real Estate agents the implications of the November 17th change in legislation known as the Real Estate Agents Act of 2008

1. PRESENTED BY PROPERTY CONVEYANCING
SERVICES LTD

2. To provide you with an overview of the Act and the implications
on you under a Regulated Industry.
You will now be governed by the Real Estate Agent Authority.
who will handle Licensing, complaints and disciplinary action.
We encourage you to continue your support of the Real Estate
Institute of NZ as they will be a valuable voice in the future in a
Representative role even though you are no longer required to be
Members.
Any breach of the Act will be heard by the Real Estate Agents
Disciplinary Tribunal. You must make yourself familiar with your
Professional Conduct and Client care Rules 2009.

3. The Act has been designed to be fair to both Consumers and
those that work in the Industry.
You need to make yourselves familiar with the following:
 Real Estate Agents (Duties of Licensees) Regulations 2009
 Real Estate Agents (Licensing) Regulations 2009
 Real Estate Agents (Audit) Regulations 2009
 Real Estate Agents (Complaints & Discipline) Regulations 2009
 Real Estate Agents Act (Professional Conduct & Client Care)
Rules 2009.

4.  Lawyers and Conveyancers.
 Licensed Auctioneers.
 Any persons exempted by Regulation under Section 156 (1)a. These
Exemptions will be case by case.

5.  Real Estate Agents License – Enables Licensee
to carry out real estate work on his/her own
account.
 Branch Manager – Enables Branch Managers
to carry out real estate work for or on behalf
of an agent.
 Salesperson – Enables a salesperson to be
supervised by a Real Estate Agent or Branch
Manager.

6.  You are over the age of 18.
 You are not prohibited under Section 37 of the Act.
 You are a fit and proper person.
 You have the prescribed qualifications.
 Have 3 years industry experience.

7. For those who currently hold Real Estate Agents Licenses
or Salesperson’s Certificates will be deemed to be licensed
under the Act and can continue to operate until the 31st March
2010.
But before this date you must make Application to the Registration
Authority for renewal of your Application to be licensed for the
coming year.
New Licenses will be valid for 1 year.

8.  Application for a new Real Estate Agents License $95.00 plus GST.
 Application to renew deemed Real Estate Agents License $95.00
plus GST.
 Annual operation Levy raised $366.00 plus GST.
 Annual Disciplinary Levy raised $33.00 plus GST.
 Payable upon renewal of License.

9.  The purpose of the Public Register is to
enable the public to make informed decisions
when choosing a Real Estate Agent or
Salesperson.
 This will cover who is Licensed.
 Contact details.
 Licensing history.
 Any disciplinary history in the last 3 years.
 Full name of Licensee.
 Business address.

10.  Class of License.
 The date the Licensee was registered on the Register.
 Expiry and or renewal of License.
 Continuing education required of Licensee.

11. The Act defines “unsatisfactory conduct” and more serious “misconduct”
The Complaints Assessment Committee will have 3 members: One will
be drawn from the Authority, and one Lawyer.
This committee will:
 Investigate complaints.
 Make decisions to take no action if it is unjustified or inconsequential.
 On it’s own initiative, investigate allegations against a Licensee.
 Promote resolution of complaints through negotiations, conciliation or
mediation.
 Make a final decision regarding a complaint.
 Lay and prosecute charges of alleged misconduct before the
Disciplinary Tribunal.

12. Business Information
 You must display in a prominent place;
 The name of the Agent.
 You are Licensed.
 If the business is not carried on in your name, the entity in which
the business is carried on.
 This information must be displayed at every shop or office.
 Your website.
 Notices, advertisements or material published by you or on your
behalf.
 On all letters, accounts, contractual documentation and any other
documents sent.

13. Deposits – All funds received in relation to the dealing must be
deposited into your trust account and only released to someone who is
entitled to receive it. The deposit can only be released early if all
parties have authorised in writing.
Furthermore the deposit must be held for a Statutory 10 working days.

14.  Prior to receiving any commission or any expenses for work in relation
to Agency work unless:
 There is a signed Agency Agreement.
 The Agency Agreement is signed by the Client and you.
 A copy of the Agency Agreement has been signed and given to the client
within 48 hrs after it has been signed.
 You will be required to disclose fees, rebate and commissions you will
receive, and the estimated amount.
 If the property is residential, before the client signs the Agency Agreement,
you must give the client a copy the New Zealand Residential Property
Agency Agreements Guide and sign confirmation they have received, read,
and understood the Guide.
 Failure to do so could result in a Complaint or furthermore an Agreement
not proceeding.

15. You can not acquire the property or carry out Agency work
unless you have the informed Consent of the Client.
 This is also applicable if another person related to you wishes to
acquire property or carry out Agency work.
 The Act further defines a related person;
 Partner of Licensee.
 Employee of Licensee.
 Branch Manager or Salesperson engaged by Licensee.
 Child, Grandchild, Brother, Sister, Nephew, Niece or any other child
cared for by the Licensee.
 Spouse, De facto or Civil union relationship.
 Parents.
 Any entity that has an interest in the Licensee or in which the Licensee
has an interest (and that entity is not listed on the NZ Stock Exchange)

16. If the Client consents you must utilise the prescribed forms.
 You must provide the client with a Valuation from an independent
Registered Valuer.
 More importantly you must give the Valuation to the Client before
seeking consent, or if the client agrees within 14 days after obtaining
consent.
 If this is not done the client can cancel the Agreement and the
Client will not be required to pay commission.

17.  Prior to any client signing an Agreement for Sale and Purchase you
must give them a copy of the New Zealand Residential Property
Sale and Purchase Agreements guide.
 The client must sign that they have received, read and understood
the Guide.
 Failure not to provide the Guide will result in Agreements being
cancelled.

18. In closing it is your responsibility to make your self familiar
with the changes which now affect your Industry.
We highly recommend you get familiar with the “Bible”
Real Estate Agents Act (Professional Conduct and
Client Care) Rules 2009.
If you require any assistance to get your head around the Act
do not hesitate to contact us.
0800 2 87878
www.PropertyConveyancingServices.com
or
www.TeamPCS.co.nz