The Real Estate Agent is a New Zealand crowning agent responsible for the regulation of New Zealand's real estate industry and its agents. The agency is responsible for many things; however, it is best known for its responsibilities regarding regulatory and licensing in the real estate industry. The agency was established in 2008 under the Act of Real Estate Agents, 2008; However, it does not work until 17 November 2009. The crown entity is under the jurisdiction of the Ministry of Justice.
Video Real Estate Agents Authority
Histori
The Real Estate Agents Authority was established in 2009, following the enactment of the Real Estate Act Act in 2008. The Realtor Agent Authority took over, and retained, the role of Agent Licensing Agencies Real Estate is now no longer in use
In 2011, the Authority increased operational levies from $ 494 per year to $ 690 per year, excluding GST.
In the period 2011-2012, the Authority introduced an 'Annual Education Program' in which all licensees were required to complete 20 hours of education, of which 10 hours were determined directly by the Authority. In 2012, 11 licenses have been canceled their license on the basis of unfinished 20 hours of education.
During 2012-2013, the Authority found 124 complaints consistent with unsatisfactory behavior, down from 152 in the 2011-2012 financial period, and another 16 further from serious errors, up from 14 in the previous financial period.
In the aftermath of the Kaikoura earthquake, REAA moved its headquarters from Level 2, 10 Brandon Street, Wellington to Level 3, 3 The Terrace, Wellington. According to the 2016-2017 Annual Report, the reason for headquarters relocation is because Deloitte House, its former headquarters, is considered unsafe. In the days following the decision, the Authority instructed its workers to work from home until a suitable building was found for a temporary headquarters. A temporary headquarters is located on December 5, 2017, the current headquarters in 3 The Terrace, Wellington.
Maps Real Estate Agents Authority
Division
According to the 2009-2010 Annual Report, the Authority is separated into 3 distinct business areas; However, the 2010-2011 report disclosed the fourth division of the Authority, Policy and Legal Team.
Compliance Unit
The Compliance Unit is the division of the responsible Authority or complaint process. This unit is the last recipient of the complaint filed, and is responsible for investigating complaints, allegations and violations made under the Act. The unit also provides administrative support to the Grievance Review Committee.
The License Team
The Licensing Team is responsible for the administration of licensing functions of the Authority. The team is also responsible for maintaining the list of licensees and maintaining the Application, Suspension, Renewal and Licensing.
Operations Team
The Operations Team is the division responsible for corporate support, communications, information technology, human resource management, government relations, external and internal compliance, office support, and contract management. One of the primary functions of the Team is its responsibility to safeguard the Treasury's finances.
Policy and Legal Team
The Policy and Legal Team is responsible for providing legal and operational policy advice to the Authority, for its functions in relation to the development of the educational framework.
Partners
According to the 2011-2012 Annual Report, the Authority, as the Ministry's Department of Justice's constituent department, performs its duties together, and with the help of many Government Agencies. As part of the supervisory and enforcement role of the Authority, they deal directly with New Zealand Police, Trade Commission, Serious Fraud Office, Ministry of Home Affairs, Financial Market Authority, and Ministry of Business, Innovation and Employment (MBIE).
According to the 2012-2013 annual report, other relationships include,
- In relation to guidelines and policies, the Authority relies on information and advice from the Real Estate Advisory Group, New Zealand Law Society, New Zealand Homeowners and Buyers Association, Consumer NZ, New Zealand Citizenship Advice Bureau, and Community Laws of Zealand New.
- In relation to assisting the licensing process, the Authority relies on the Police and MBIE to ensure that only "licensed and proper" persons are licensed.
- In relation to ensuring licensors comply with New Zealand regulations and real estate industry laws, the Authority maintains links with the New Zealand Institute of Real Estate, the Royal Institution of Chartered Surveyors, and Industry representatives.
- Due to the detection and monitoring of licenses, the Authority maintains contacts with MBIE, the Trade Commission, the Financial Market Authority, and the Land Revenue.
- In relation to taking action against those who do not comply with the rules and regulations of the Authority, the Authority maintains contact with, the Grievance Review Committee, the Discipline Court of Real Estate Agents, the District and the Court of Appeal and the Ministry of Justice.
Roles and Powers
Main Role
The Agency is responsible for 15 main objectives.
Responsibility, according to the Real Estate Agent Act of 2008, of the Real Estate Agent Agent is for,
- Manage licensing regimes for agents, branch managers, and sales staff, including granting and updating licensing apps.
- Appoint a Registrar to the License List.
- Make sure the license list is set, saved, and maintained.
- Develop rules of practice for Ministerial approval, and keep this rule for licensees, including ethical responsibilities.
- Set fees and charges.
- Appoint a Grievance Review Committee and maintain a panel of persons suitable to serve as a member of the Grievance Review Committee.
- Develop consumer information on matters relating to the provision of real estate services, including providing information to the public on how to file a complaint
- Develop and provide consumer information on matters relating to the provision of real estate services, including providing information to the public on how to file a complaint.
- Set professional standards for agents.
- Investigate and begin the process in relation to violations under the Act, and any other enforcement.
- Investigate any action, omissions, allegations, practices or other issues that indicate or appear to indicate unsatisfactory behavior or infringement on the licensee's part.
- Provide procedures for filing a complaint.
- Receive complaints regarding the behavior of licensees.
- Carries out any other functions that the Minister may direct the Authority to do with Section 112 of the Crown Law Act, 2004.
- Perform any other functionality that the Authority may give to this action or other applicability.
Additional Roles
- The Agency retains the right to consult with representatives of the New Zealand Real Estate Industry on any matter related to the Authority and its functions.
- The Agency is assigned to promote and protect the interests of consumers in the Real Estate industry.
- The agency is assigned to increase public confidence in the work of the real estate bureau.
- The Agency is responsible for maintaining a list of publicly accessible registered agents.
- This body is in charge of presenting their Annual Report to the House of Representatives, in accordance with the provisions of the Crown Entity Act of 2004.
Additional Law
Regulation of Real Estate Agent (Audit) Act (2009)
This piece of law provides rules for the appointment and duties of the auditor. The law also provides a framework for auditing all agency-operated trust accounts. This law further clarifies the rules by prescribing how, when, what, and strengths from, their auditors and audits are presented.
Some regulations have been amended by the Amendment Act of Real Estate Agent Regulation (Audit), 2014.
Real Estate Agent (Complaints and Disciplines) Act (2009)
This piece of law provides a framework for the application, and its processes, complaints, and a framework for solving them. The law imposes rules for the filling, suspension and review of real estate agents in New Zealand.
Real Estate Agent (License License) Act (2009)
This law provides a legal framework for how the Agent should declare discounted, discounted, and/or commission earned, or not, directly below their capacity as a licensed Real Estate Agent.
Real Estate Agent (Licensing) Act (2009)
The law describes how forms should be formatted, as well as what forms exist, and their aims.
Grievance Review Committee
The Grievance Review Committee is an executive committee of three persons appointed to act independently of the Authority and is in charge of making impartial decisions based on a complaint, addressed to them by the Authority, in respect of the conduct of the licensors. The committee should include an attorney, a representative from the Real Estate Industry, and a consumer advisor.
According to the 2010-2011 Annual Report, "The authorities should refer any complaints to the CAC and when directed by the CAC should conduct further investigation, including all costs associated with investigations and procedural fees."
Findings that can be achieved, related to the complaint, by the Grievance Review Committee are,
- The findings do not need to take any further action
- Investigate further complaints
- Consider using an alternate dispute resolution process
- The behavior finding is unsatisfactory
- Referral this issue to another agency
If the Committee considers the conduct of the licensee as unsatisfactory, the Committee may impose sanctions on the licensee, and public notice will be issued to inform the public of any unsatisfactory conduct.
The penalties applicable to licensees are,
- Need an agent to apologize
- Order an agent to pay a fee
- Need an agency to undergo further training and/or education
- A booking agent to reduce, cancel, or refund costs, or fix errors or omissions
- Minimize an agency up to $ 10,000 (individual) or $ 20,000 (company)
- Censor or reprimand agent
Finance
The Agency does not receive funds from the Government of New Zealand and relies on fees and fees collected from licensed real estate agents. The financial situation of the Agency has been described as stable in relation to the stability of the number of licensees.
Initial funding Authority consists of capital funding and interest-free loans, with a value of $ 2,078,000 and $ 6,307,000 each, for a total value of $ 8,385,000. The loan, from Crown, must be paid in full on 30 April 2016. In the 2009-2010 period, the Authority made a deficit of $ 4,683,000; however, retain $ 7,105,000 in cash.
The net surplus of the Authority, for the 2010-2011 financial period, was $ 237,000; however, maintaining $ 2,876,000 in cash and cash equivalents. Investments Authority reached $ 4.7 million in time deposits.
The total revenue of the Authority, for the 2011-2012 financial period, is approximately $ 10,014,000; However, the total comprehensive income is $ 1,015,000. Cash and Cash Equivalents totaled $ 5.59 million.
Total revenue, for the 2012-2013 financial period, is $ 10,418,000; However, the total comprehensive income reached 15.75% of total revenue, at $ 1,418,000. Cash and cash equivalents reached $ 6,376,000.
According to the Annual Report, from the 2013-2014 financial period, the Total Revenue Authority is $ 10,754,000, and the Comprehensive Income is $ 1,616,000. The Author's asset base reaches $ 10,443,000, with Cash and Cash Equivalents of $ 2,111,000 and other investments counting $ 8,107,000.
In the financial period 2016-2017, Total Revenue Authority is $ 11,888,000 and Comprehensive Income of $ 1,439,000. In the same period, Cash and Cash Equivalents amounted to $ 1,578,000, while Total Assets was valued at $ 10,232,000.
Operation Statistics
Legend for the table,
- An extension application is an application created during a given financial period in which the existing licensees have applied to renew their licenses.
- The new app is a licensed app of an entity/person who does not have a license.
- A Voluntary Suspension is a licensee who voluntarily suspends its license, ultimately terminating its license.
- The complaint received is the number of complaints received within the specified period.
Management
Responsible Minister
Chief Executive
Board of Directors
All members of the Board of Directors are appointed directly by the Minister of Justice. The board is responsible for overall organizational governance. Board composition consists of experts in law, real estate, risk management, finance, and consumer rights.
The Board may have up to seven members, of which two must be either a license or a former license.
The current Board of Directors, according to the REAA website, are:
- John Auld - Chair
- Denese Bates, QC
- Aaron Bhatnagar
- Marion Cowden
- Elizabeth Nidd
- Anthony Stack
Important case
- On March 3, 2010, the Authority, acting on the advice of the designated CAC, denounced North Shore's North Shore Tip Spooner Real Estate Agent, then worked for Milford's Prestige Real Estate International, to send an old business card woman and an assessment of his property shortly after the death of her husband. This action is considered a violation of the Code of Professional Conduct and Client Care Client. This case is also the first condemnation by the Authority.
- On April 27, 2010, the Authority, acting on the advice of the designated CAC, found the Auckland Real Estate Agent Lawrence Lalit Naidu, then working for Sega Realty, guilty of unsatisfactory behavior after charging clients over $ 5,000 more from what was agreed earlier. Due to violations occurring prior to the enactment of the Real Estate Act Act in 2008, the offense could be punished under the preceding real estate law governing the Real Estates Agents Act 1976.
- On August 20, 2010, the Authority ruled that Real Estate Agent Darryn Laskey, based in North Shore, who was the fourth best seller of New Zealand at the time, was guilty of "unsatisfactory behavior in response to the email he felt attacked. " he ". The designated CAC to determine the case found that some of the comments made by the agency were personal abuse, and the verdict led to a guilty verdict.
References
Source of the article : Wikipedia
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