πΌ Real estate agents licensing
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[history] => The Land Agents Act 1912 was the first law to regulate the work of land agents. When the Act commenced on 1 January 1913, land agents were required to obtain a licence to do business, and there were penalties for non-compliance with this requirement and for misuse of trust funds.1
The Act defined a land agent as “a person whose business, either alone or as part of or in connection with any other business, was to sell or otherwise dispose of land or any interest in land on commission otherwise than by auction.” Any agent who wanted to obtain a licence had to submit an application form to the Clerk of the Magistrates’ Court (which became the District Courts in 1980) in the district that the agent resided in, together with a fidelity bond of £500 from an approved insurance company, or other approved sureties for the same amount. The application was required to state the place.
Some land agents felt that the 1912 act did not provide adequate protection for licensed agents, and did not prevent undesirable people from becoming agents. They also wanted to improve the public reputation of agents, which had been damaged by some shady land deals. These concerns led to the establishment of a national organisation for land agents. Regional associations of land agents and auctioneers in Wellington, Auckland and Waikato banded together to form the Dominion Estate Agents and Land Auctioneers Association in 1915. Other regional associations joined, and in 1923 the association was renamed the Real Estate Institute of New Zealand (REINZ).2
One of REINZ’s main aims was for better regulation of the activities of agents. There were some minor changes in the Land Agents Act 1921–22, and the Land Agents Act 1953 recognised the institute and allowed it to manage the professional activities of its members. However, the first major change came with the Real Estate Agents Act 1963. This made it compulsory for licensed real estate agents to be members of REINZ, which was given powers to determine industry standards, set examinations and discipline members. Under the Real Estate Agents Act 1976 an independent licensing board was set up, but REINZ retained its role in regulating the real estate industry.3
In 2007 the Government proposed to restructure the real estate industry. Numerous complaints had been made by buyers and sellers of property about being ripped-off by real estate agents, and that self regulation by the industry saw lengthy and ineffective procedures for dealing with agents that broke the rules.4 The Government issued a public consultation paper, 'The Government's Preferred Options for Reform of the Real Estate Agents Act 1976'. The report identified a number of issues that needed to be addressed, including:
- a need for more independent oversight of entry standards, conduct and complaints handling than is provided under the current self-regulatory system;
- consumers do not have sufficient information about how to make complaints;
- the lack of independence and transparency in the complaints process, and the inadequacy of penalties;
- the need for consumers to get more information to enable them to make informed decisions when buying or selling property.5
As a result, the Real Estate Agents Act 2008 replaced the 1976 Act. It removed the regulatory powers of the REINZ and established the Real Estate Agents Authority, a Crown entity that was independent of the real estate industry. It became responsible for licensing people who worked in real estate (licensees), setting rules to govern their conduct, dealing with complaints and allegations about licensees, and providing information for consumers.
- Real Estate - History, Te Ara - The Encyclopedia of New Zealand, updated 26 November 2010, http://www.TeAra.govt.nz/en/real-estate/2 (accessed 17 August 2011).
- ibid.
- ibid.
- Real estate agents bill passed by Parliament, 5 September 2008, The National Business Review online, http://www.nbr.co.nz/article/real-estate-agents-bill-passed-parliament-34859 (accessed 17 August 2011).
- Questions and Answers - A Guide to the Real Estate Agents Act 2008, Ministry of Justice website, http://www.justice.govt.nz/policy/commercial-property-and-regulatory/real-estate-reform/questions-and-answers (accessed 17 August 2011).
Show History
The Land Agents Act 1912 was the first law to regulate the work of land agents. When the Act commenced on 1 January 1913, land agents were required to obtain a licence to do business, and there were penalties for non-compliance with this requirement and for misuse of trust funds.1
The Act defined a land agent as “a person whose business, either alone or as part of or in connection with any other business, was to sell or otherwise dispose of land or any interest in land on commission otherwise than by auction.” Any agent who wanted to obtain a licence had to submit an application form to the Clerk of the Magistrates’ Court (which became the District Courts in 1980) in the district that the agent resided in, together with a fidelity bond of £500 from an approved insurance company, or other approved sureties for the same amount. The application was required to state the place.
Some land agents felt that the 1912 act did not provide adequate protection for licensed agents, and did not prevent undesirable people from becoming agents. They also wanted to improve the public reputation of agents, which had been damaged by some shady land deals. These concerns led to the establishment of a national organisation for land agents. Regional associations of land agents and auctioneers in Wellington, Auckland and Waikato banded together to form the Dominion Estate Agents and Land Auctioneers Association in 1915. Other regional associations joined, and in 1923 the association was renamed the Real Estate Institute of New Zealand (REINZ).2
One of REINZ’s main aims was for better regulation of the activities of agents. There were some minor changes in the Land Agents Act 1921–22, and the Land Agents Act 1953 recognised the institute and allowed it to manage the professional activities of its members. However, the first major change came with the Real Estate Agents Act 1963. This made it compulsory for licensed real estate agents to be members of REINZ, which was given powers to determine industry standards, set examinations and discipline members. Under the Real Estate Agents Act 1976 an independent licensing board was set up, but REINZ retained its role in regulating the real estate industry.3
In 2007 the Government proposed to restructure the real estate industry. Numerous complaints had been made by buyers and sellers of property about being ripped-off by real estate agents, and that self regulation by the industry saw lengthy and ineffective procedures for dealing with agents that broke the rules.4 The Government issued a public consultation paper, 'The Government's Preferred Options for Reform of the Real Estate Agents Act 1976'. The report identified a number of issues that needed to be addressed, including:
- a need for more independent oversight of entry standards, conduct and complaints handling than is provided under the current self-regulatory system;
- consumers do not have sufficient information about how to make complaints;
- the lack of independence and transparency in the complaints process, and the inadequacy of penalties;
- the need for consumers to get more information to enable them to make informed decisions when buying or selling property.5
As a result, the Real Estate Agents Act 2008 replaced the 1976 Act. It removed the regulatory powers of the REINZ and established the Real Estate Agents Authority, a Crown entity that was independent of the real estate industry. It became responsible for licensing people who worked in real estate (licensees), setting rules to govern their conduct, dealing with complaints and allegations about licensees, and providing information for consumers.
- Real Estate - History, Te Ara - The Encyclopedia of New Zealand, updated 26 November 2010, http://www.TeAra.govt.nz/en/real-estate/2 (accessed 17 August 2011).
- ibid.
- ibid.
- Real estate agents bill passed by Parliament, 5 September 2008, The National Business Review online, http://www.nbr.co.nz/article/real-estate-agents-bill-passed-parliament-34859 (accessed 17 August 2011).
- Questions and Answers - A Guide to the Real Estate Agents Act 2008, Ministry of Justice website, http://www.justice.govt.nz/policy/commercial-property-and-regulatory/real-estate-reform/questions-and-answers (accessed 17 August 2011).
- π’ Papakura District Court (1913 ‑ 1977)
- π’ Real Estate Agents Authority (2009 ‑ )
- π’ Kaikoura District Court (1913 ‑ 1977)
- π’ Queenstown District Court (1913 ‑ 1977)
- π’ Ministry of Justice, Head Office (1995 ‑ )
- π’ Chatham Islands District Court (1913 ‑ 1977)
- π’ Palmerston North District Court (1913 ‑ 1977)
- π’ Nelson District Court (1913 ‑ 1977)
- π’ Levin District Court (1913 ‑ 1977)
- π’ Whanganui District Court (1913 ‑ 1977)
- π’ Masterton District Court (1913 ‑ 1977)
- π’ Hastings District Court (1913 ‑ 1977)
- π’ Hastings District Court (1913 ‑ 1977)
- π’ Wellington District Court (1913 ‑ 1977)
- π’ Department of Justice, Head Office (1954 ‑ 1995)
- π’ Department of Internal Affairs, Head Office (1913 ‑ 1954)
Show 12 items
- π Justice (1954 ‑ )
- π Internal Affairs (1913 ‑ 1954)