|
|
|
|
Welcome to our June newsletter. It's hard to believe the first half of the year is almost over.
The industry, as of this morning, has 14,928 active licensees made up of 1,840 agents, 397 branch managers, 11,834 salespeople and 857 companies.
We launched online suspensions at the end of April and since then more than 200 licensees have managed their suspensions online. If you're planning an extended break from the industry you can voluntarily suspend your licence - read more on our website.
We've become aware of a practice to advertise a property as a mortgagor sale. A 'mortgagor' is the person who has the mortgage on the property - the property owner. We're concerned that this is misleading or intentionally confusing to buyers as it creates the impression that the property is being sold as part of a mortgagee sale. Mortgagor and mortgagee are legal terms and may be confused by consumers. Under the Code of Professional Conduct and Client Care, you have a duty to act in good faith and to deal fairly with all parties involved in a transaction. We believe advertising a property by referring to a mortgagor sale does not meet this obligation.
On June 7 and 8 we met with each of our four Industry Advisory Groups (IAGs). The IAG's meet twice a year and represent each of the four sectors of the industry - business brokers, commercial, residential, and rural agents. A range of topics were discussed including supervision, agency agreements (or lack of) in the commercial and rural sectors and information sharing. The next IAG meeting is in November - you can find a list of IAG members here.
On 1 July Residential Land Withholding Tax (RWLT) is being introduced. This is the final property change following the 2015 Budget. RLWT may be deducted from residential property sales by offshore persons who are selling within two years of purchasing the property. The change also affects those who live in New Zealand as anyone who purchased a property on or after 1 October 2015 and sells it within two years will need to complete a residential land withholding tax declaration form stating whether or not they are an offshore person and if they need to pay RLWT. You can find out more from the IRD website.
This months newsletter is packed with guidance information on big issues - how to avoid employing someone without a licence, the provisional value requirement in Form 2, agency agreements, and 'P' testing. I hope you find this information helpful, and remember to give us a call, or send us an email if you have any questions.
Kevin Lampen-Smith
Chief Executive Officer/Registrar |
|
|
|
|
|
|
The problem with 'P' testing
With the increased number of contaminated house cases being highlighted in the media, you may be feeling the pressure to take a more active role in helping your clients and prospective purchasers to test for contamination. We take a look at some practical challenges you may face when it comes to P testing and how to address them. |
|
|
|
|
|
How to avoid employing an unlicensed person
If you employ salespeople to carry out real estate agency work on your behalf, or on behalf of your organisation, you are responsible for making sure they hold an active licence. We have some practical tips and guidance to help you avoid putting yourself and your organisation at risk. |
|
|
|
|
|
What is the "provisional value" in Form 2?
A recent Real Estate Agents Disciplinary Tribunal decision has helped define "provisional value" when completing Form 2. |
|
|
|
|
|
Tribunal decision reinforces need for agency agreement
A Real Estate Agents Disciplinary Tribunal decision has reinforced the need for licensees to have a signed agency agreement before undertaking real estate agency work. |
|
|
|
|
|
|
|
