Tēnā koutou
2017 has been a challenging year for the real estate industry thanks to the widely reported slowdown in sales. We've also seen the first change in government since the REAA was established, with the impact of this to be revealed in coming months.
While the year isn't quite over, we're happy to report that we've significantly reduced the volume of complaints escalated to Complaints Assessment Committees. We're looking forward to continuing to work proactively with the industry to support complaint handling processes.
The new year will no doubt present its challenges, but we are excited about the possibilities 2018 brings.
One key change is to our name. From early 2018, REAA will be known as the Real Estate Authority (REA).
Our new name reflects our strategic objective of empowered consumers working with trusted real estate professionals. The rebrand will coincide with a new REA website and the launch of a consumer brand and website in February.
The implications of our name change should be minimal to real estate professionals, as signage used by the industry still needs to refer to being licensed under the Real Estate Agents Act (you will still be ‘Licensed REAA 2008', for example).
While the festive season beckons, we want to remind you to remember the impact that statutory holidays can have on settlements over this period.
On behalf of the team here at REAA, we wish you all the very best for the festive season.
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Kevin Lampen-Smith
Chief Executive Officer/Registrar |
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New anti-cartel laws in the Commerce Act
In August 2017 new anti-cartel requirements were introduced into the Commerce Act. Previously, only direct or indirect price-fixing agreements between competitors were prohibited. The new rules are wider and will capture a greater range of anti-competitive conduct. Here's what you need to know. |
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NZ introduces next phase of Anti-Money Laundering laws
We've been working closely with the Ministry of Justice and Department of Internal Affairs in recent months in anticipation of changes to the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT). The Act will include people working in the real estate industry from 1 January 2019. |
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Changes to the overseas investment regime
Many licensees have contacted us regarding the proposed law changes to overseas investment. Land Information New Zealand has provided some information in response to our questions on what the implications are for the real estate industry. |
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The importance of agency agreements
We've recently had feedback that some vendors have refused to sign agency agreements with a real estate agent in the residential sector.
Remember that a licensee is not entitled to market a property, charge commission or expenses from a client in connection with real estate agency work unless the work is performed under a written agency agreement.
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REAA fees for 2018
There will be no change to real estate licence applications, licence renewal or licence suspension fees in 2018.
However, as of 1 February 2018, manually applying for a new individual licence, and renewing or suspending an individual or company licence, will incur a $25 fee.
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Continuing Education Final reminder
A final reminder that all licensees need to complete 10 hours of verifiable Continuing Education and 10 of non-verifiable Continuing Education by 31 December 2017 (unless exempt) in order to be able to work in 2018. |
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Agency complaints
Thank you to those who completed the survey in the last newsletter about how your agency resolves complaints it receives from buyers/sellers. We'll use this information to review how we can better support the industry to resolve complaints. In early 2018 we'll be meeting with agencies around New Zealand to discuss their in-house complaint processes in detail. |
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| New guides available in the New Year |
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From early next year we will have new Agency Agreement and Sale and Purchase Agreement Guides available. Copies will be sent to every agent and branch manager in February. New copies of both guides and the Professional Conduct and Client Care Rules will be available online and to order from February 2018. |
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| REAA Christmas and holiday hours |
| Our office will be closed from midday Friday 22 December, and will reopen at 8:30am on Monday 8 January 2018. |
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