A review of the laws governing real estate agents could bring stronger regulation - but those who work in real estate are keen to make sure it does not.
Sunday, August 10th 2003, 6:52PM
by The Landlord
The Ministry of Justice last week released a discussion paper looking at all aspects of the 27-year-old Real Estate Agents Act. It is seeking views on which parts need renovating.
Already the public debate has zeroed in on disciplinary processes and the apparently widespread problem of misleading representations of properties.
But the discussion paper goes to the core of the way agents operate.
It asks whether the present regime of licensing agents - but not salespeople - is adequate, and questions the independence of internal disciplinary systems.
It also asks whether commercial property and business transactions should be covered by the act.
Unlike other countries, New Zealand agents have almost a free rein in negotiating binding Sale and Purchase Agreements, being able to make amendments and add conditions.
Agents enjoy laws the Real Estate Institute says are the envy of countries such as Australia and the US.
