REAA - The Update
  September 2017

Tēnā koutou

The unmistakeable signs of spring are everywhere. I hope that the weather is improving where you are. This edition of The Update contains some interesting and important information. Here’s what you can read about in this newsletter:

  • When is a complaint not a complaint?
  • Talking to the experts
  • Relationship break-ups
  • Holding deposits for 10 days
  • Tribunals Powers and Procedures Legislation Bill
  • Anti-money laundering update
Firstly, in brief...
  • Continuing education: With only four months left until the end of the year, now is a good time to get onto your continuing education if you have not already completed it. Your 10 hours of verifiable and 10 hours of non-verifiable continuing education need to be completed by 31 December 2017 so you are eligible to work in 2018. You can find out more on our website by clicking here.
  • Supervision training: The eagerly anticipated two-hour supervision training is now available. The course is aimed at branch managers and agents and focused on how they should be supervising the licensees they are responsible for. It can also be attended by salespersons, who will gain an understanding of the level of supervision they should expect from their supervisors. The course counts towards the 10 hours of non-verifiable continuing education all licensees are required to do each year.

    The course is being offered by a number of the REAA approved providers. For more information on who you can undertake the training with, please click here.

    Also on the website is a series of supervision questions. These questions are designed to assist branch managers and agents to determine if the supervision they are offering is appropriate to the individuals they are supervising. To view the questions, please click here.
  • Updating your profile in the Licensee Portal: Just a reminder that you can use the Licensee Portal to update any changes to your address, contact and employment details during the year. You don’t need to wait until it is time to renew your licence to do this.

    We have started collecting data on ethnicity, languages spoken and type of real estate work undertaken. This can be recorded in the name and address page on the Licensee Portal. You’re not required to provide this information, but it would be helpful if you did so as this enables us to target our communications to specific groups.

    When you record the type(s) of real estate agency work you undertake on your personal or agency profile, this will be displayed on your record in the public register.
  • Tribunals Powers and Procedures Legislation Bill: The Bill was introduced to Parliament on 1 August. The proposed changes would see the Real Estate Disciplinary Tribunal (READT) able to award up to $100,000 of compensation where a consumer has suffered loss due to unsatisfactory conduct by a licensee. REAA is supportive of the proposed changes, although we have suggestions to make them more workable. Read more about the Bill later in this newsletter. See our media statement here.
  • ‘Buying a home’ postcard update: Thank you to those of you who took part in the ‘Buying a home’ postcard trial. These were designed to be given out at open homes for prospective home buyers. The intention is that the postcards encourage people to visit buyingahome.reaa.govt.nz - a mobile device-friendly site where they can download the free Home Buyers’ Guide. We’re currently looking at your feedback. After we’ve assessed this, we’ll decide if it’s worthwhile to extend from the trial into a larger campaign. We’ll keep you posted.
  • Change from REAA to REA: As mentioned in the last newsletter, in a few months, we will be changing our name from Real Estate Agents Authority (REAA) to Real Estate Authority (REA). Right now, we are busy working on a new brand and a fresh new REA website. I’m sure you’ll all agree that our current one needs some work! Also, as mentioned previously, we will be launching a consumer brand and website where we can be far more proactive and engaging when it comes to informing and educating consumers about buying and selling property. The intent is to launch both brands and websites later in the year or early in 2018. Watch this space for details.
I'll be in touch again in a couple of months. In the meantime, I hope you find the remainder of this newsletter valuable - and do enjoy all that spring has to offer.
 
Kevin Lampen-Smith
Kevin Lampen-Smith

Kevin Lampen-Smith
Chief Executive Officer/Registrar
 
 

When is a complaint not a complaint?
Most of the complaints you hear about in the news or this newsletter will represent just 5% of complaints where there are serious breaches of the Act or rules. The majority of complaints you don't hear about will have been resolved by our Early Resolution team. The Early Resolution team also helps resolve hundreds of potential complaints every year before they become formal written complaints.
 
Read More

Talking to the experts
There are a number of experts who can make the buying and selling experience safer for you and safer for consumers. It's important to encourage consumers to take time to seek independent expert advice about the property they are buying or the contract they are entering.
 
Read More

Relationship break-ups
A recent Tribunal decision has highlighted the need for licensees to take extra care when acting for vendors who are going through a relationship split.
 
Read More

Holding deposits for 10 days
We have had queries recently about whether the 10-day holding of deposit rule applies to unconditional offers.
 
Read More

Tribunals Powers and Procedures Legislation Bill
The Tribunals Powers and Procedures Legislation Bill (Tribunals Bill) was introduced into Parliament at the beginning of August. The Bill has now had its first reading and has been referred to the Justice and Electoral Select Committee. No dates have been given yet for making submissions on the Bill.
 
Read More

Anti-money laundering update
The Anti-Money Laundering and Countering of Financing of Terrorism Act has now passed and become law.
 
Read More

 
Other news
 

 
DECISIONS
Misconduct
Unsatisfactory conduct
Other
 
STATISTICS
Compliance
Licensing
 

 
 
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Please do not reply to this newsletter. If you wish to contact us please call us on 0800 for REAA (0800 367 7322) or 04 471 8930 or email us at info@reaa.govt.nz
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