17 Nov 2009

New real estate legislation in force

12:58 pm on 17 November 2009

Legislation designed to raise real estate industry standards has come into force on Tuesday.

The Government says the Real Estate Agents Act will protect the interests of consumers.

Under the changes, the Real Estate Agents Authority will act as the disciplinary body and impose harsh penalties for rogue agents.

It will also work with agents to make sure they understand their obligations.

Authority chairperson Kristy MacDonald QC says the Act was instigated after concerns were raised about the industry's previous self-regulating regime.

The legislation is also designed to improve licensing requirements and provide mandatory disclosure obligations.