It’s official: new real estate watchdogs have the power
Today the new Real Estate Agents Authority has come in to power officially, with the first order of business being bringing more transparency to the way the industry is run.
Formed under the new Real Estate Agents Act 2008 the authority’s purpose is to be an independent regulatory body of the industry.
Chair of the authority Kristy McDonald, QC, said it aims to “enhance professionalism” with an independent and transparent complaints process and compulsory licensing with names of those licensed available on a public register.
“These sanctions focus on putting things right for the consumer and re-educating the licensee,” Ms McDonald said.
“For the more serious matters, the Complaints Assessment Committees will lay a charge before the Real Estate Agents’ Disciplinary Tribunal, and that charge will be prosecuted on behalf of the consumer by the Authority.”
Yesterday in the High Court at Wellington, Justice Robert Dobson swore in the five people who will make up the disciplinary tribunal.
This body will deal with complaints about wayward real estate agents.
The chairman of the disciplinary tribunal is retired district court judge Michael Hobbs, who was unable to comment today.
His team of four includes Lochores body corporate manager Garry Denley, ex-KPMG partner John Gaudkrodger, barrister Mary Peters and Tenancy Tribunal adjudicator Jennifer Robson.
The authority’s independence is its key point. “Buying or selling a house is the biggest expense many of us will ever undertake: the Authority brings independence, openness and transparency to the regulation of the real estate industry,” Ms McDonald said.
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Comments and questions5
The Real Estate watchdog body has come not a moment too soon. It is clear that attempts at self-regulation have been an abject failure both for industries such as real estate and for professional bodies such as doctors and lawyers. The Law Society, for instance, is an extraordinarily self-serving body which manages to dismiss virtually every complaint against lawyers on spurious grounds. The time when the nefarious activities of lawyers are overseen by a truly independent body must surely be with us.
Perhaps the worst offender in this regard is the Crown Law Office, which operates as a law unto itself. It desperately needs a statutory basis for its existence and strict checks and balances imposed on its multiply-conflicted and frequently unlawful processes.
It would be beneficial if the Watchdog also kept an eye on unsubstantiated biased statements by real estate agents through the media.
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Does the watch dog deal with complaints made agenst Body Corporates.
As an owner of a unit i have to have to deal with problem of almost losing my flat just becoz of these body Corporates.
I think i speak for a lot of people...
The Real Estate Agents Authority has managed to reduce the proposed levy to $690 a year. It was clear from feedback that the original figure was too high, particularly given the slow housing market facing most agents.
Cristie @ Wilmington NC real estate
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