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New Zealand Legislation: Acts

Acts are laws made by Parliament

Reprint as at 16 November 2009

Real Estate Agents Act 1976

Public Act	1976 No 9
Date of assent	27 August 1976

Real Estate Agents Act 1976: repealed, on 16 November 2009, by section 157 of the Real Estate Agents Act 2008 (2008 No 66).

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Ministry of Justice.

Contents

1 Short Title and commencement

2 Interpretation

3 Meaning of real estate agent

Part 1
Real Estate Agents Licensing Board

4 Real Estate Agents Licensing Board constituted

5 Deputies of members

6 Meetings of Board

7 Meetings to be held in public except in certain circumstances

8 Remuneration and expenses of members of Board

9 Functions and powers of Board

9A Chairperson may exercise Board's jurisdiction in respect of certain matters

9B Registrar may be authorised to exercise Board's jurisdiction in respect of certain matters

10 Receipt of money by Board

11 Secretary of Board

13 Representation of parties

14 Evidence before Board

15 Reasons for adverse decision of Board may be obtained

Part 2
Licensing of real estate agents

16 Real estate agents to be licensed

17 Eligibility for licences

18 Application for licence

19 Notice of application to be given to Institute

20 Public notice to be given

Hearing and disposal of applications

21 Board to hold a hearing except in certain cases

22 Board not to hear or consider an application until satisfied of certain matters

23 Board may grant licence

24 Evidence required by Board

25 Licence to be held in licensee's own name unless Board otherwise approves

26 Effect of licence

27 Carrying on business at place not specified in licence

28 Duration of licence

29 Renewal of licence

30 Special provisions in respect of partnerships and companies

31 Voluntary surrender of licence

32 Temporary licence

33 Administration of trust account in certain cases

Registrar of real estate agents

35 Registrar of Real Estate Agents

36 Register of Real Estate Agents

37 Registrar to record the issue, renewal, suspension, and cancellation of licences and certificates of approval in Register

38 Correction of Register

39 Registrar to keep copies of permits

40 Penalty for wrongfully procuring issue of licence, certificate of approval, permit, or extension of time

41 Lost licences, certificates, and permits

Part 3
Approved salespersons

42 No person to employ, or act as, salesperson without certificate of approval

43 Limit on employment of unqualified persons [Repealed]

44 Continued employment of unqualified person in certain cases [Repealed]

44A Objection to recognition as qualified person [Repealed]

45 Application for approval of salesperson

46 Board may grant certificate of approval

47 Duration of certificate of approval

48 Renewal of certificate of approval

49 Institute may require list of salespersons to be supplied

50 Custody of certificates of approval

51 Voluntary surrender of certificate of approval

51A Employment status of certain salespersons

Part 4
Duties of real estate agents

52 Licensee to have registered office [Repealed]

53 Licensee to display notice on place of business, etc

Supervision of business

54 Supervision of business

54A Approvals for remote located salespersons

54B Application for approval of branch manager

54C Criteria for approval as branch manager

54D Powers of Board in respect of application for approval of branch manager

54E On transfer of branch manager, licensee to notify Registrar and Institute

Receipt of money and audit of accounts

55 Treatment of certain money received by real estate agent

56 Duty of real estate agent with respect to money received in course of business

57 Money to be held by real estate agent for 10 days

58 Real estate agent to furnish account to principal

59 Rendering false account

60 Real estate agents' trust accounts to be audited

Miscellaneous duties

61 Real estate agent not to act as land broker in connection with same transaction [Repealed]

62 Real estate agent to have written contract of agency

63 Purchase or lease by agent voidable

64 Real estate agent to provide valuation

65 Real estate agent to give copy of contract

66 Representations by real estate agent to be question of question of fact [Repealed]

Part 5
The real estate institute of New Zealand incorporated

67 Licensees to be members of Institute

68 Conscientious objection to membership of Institute

69 Improper use of words, etc, implying membership of Institute

70 Rules of Institute

Part 6
Real Estate Agents Fidelity Guarantee Fund

71 Real Estate Agents Fidelity Guarantee Fund

72 Audit of accounts of Fund

73 Council to administer Fund

74 Committee of management

75 Expenditure from Fund

76 Real estate agents to contribute to Fund

77 Council may make refunds of contributions to Fund

78 Contributions to Fund while it exceeds specified amount

79 Real estate agents may be required to pay levy

80 Investment of Fund

81 Purpose of Fund

82 Claims against Fund

83 Defences to claims against Fund

84 Subrogation of rights of action against defaulting real estate agent

85 Provisions applicable if Fund insufficient to satisfy claims

86 Council may enter into contracts of insurance

87 Application of insurance money

88 Council may take possession of and inspect real estate agent's books and documents

89 Council may inspect books relating to money received by defaulting real estate agent

90 Council to give receipt for document taken into possession

91 Appointment of authorised person to investigate affairs of real estate agents

92 Expenses of Council in investigating affairs of real estate agent

93 Rules for purposes of this Part of this Act

Part 7
Disciplinary provisions

Disciplinary powers of Board

94 Grounds on which licence may be cancelled by Board

95 Board may suspend real estate agent

96 Board may impose monetary penalty

97 Board may hold inquiry

98 Interim suspension pending determination of complaint

99 Board may cancel certificate of approval or suspend salesman

100 Evidence of offences

Disciplinary committee

101 Regional Disciplinary Committees

102 Disciplinary Committee to consider complaints against real estate agents and salespersons

103 Disciplinary Committee may delegate to subcommittee [Repealed]

General provisions relating to both Board and Disciplinary Committee

104 Immunity of witnesses, counsel, Board, and Institute

105 Board or Disciplinary Committee may award costs

106 Recovery of penalties and costs

108 Right of real estate agent to be heard

109 Witnesses may be required to attend and give evidence

110 Rules of procedure

111 Jurisdiction of Court not limited

112 Appeals to High Court

113 Rights of licensee pending disposal of appeal in certain cases

114 Procedure on appeal

115 Hearing and determination of appeal

116 Court may refer appeals back to Board

117 Appeal against decision of High Court on question of law

118 Appeals to Board from decision of Disciplinary Committee

Part 9
Miscellaneous provisions

119 General provision relating to offences

120 Civil remedies not affected

121 Service of notice and documents

121A References to a company to include references to a building society

122 Regulations

123 Amendment of Schedule

124 Transitional provisions and savings

Schedule
Contributions to fidelity fund by real estate agents

An Act to make better provision for the licensing of real estate agents and for matters related thereto, and to consolidate and amend the law relating to the conduct of the business of real estate agents

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows: