Real estate revamp aims to lift standards

Rules governing about 70,000 house sales annually will change in three months when the new Real Estate Agents Authority opens.

Wellington QC Kristy McDonald was appointed by the Government to head the authority in May but her official role does not begin until November 17, when rules come into force which usher in the authority.

The authority replaces both the Real Estate Institute and Real Estate Agents Licensing Authority's self-governing and regulatory functions.

But McDonald says the country's agents - once about 18,000 but now about 12,000 - have nothing to fear.

"It's all about increasing standards and that's a good thing. I thinkthe industry will welcome that.It's all about raising profes-sionalism and consumer confidence."

The authority's headquarters will be in Wellington and next month it will start a website (www.reaa.govt.nz) which McDonald says will contain information about the new system.

To read the full NZ Herald article, click here

Posted: 28 Jul 2009

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