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The REA & REINZ

 

Who, what, why

The REA & REINZ

Who Are They; What Sets Them Apart; 

& Why Is It So Important?

Up until twelve years ago these questions would have been meaningless, because until the passage of the Real Estate Agents Act 2008, there was only REINZ to contend with and it had been that way for decades.

You wanted to obtain a real estate license, you called REINZ. You had a complaint with another real estate agent, you called REINZ. You needed current sales data, yes, you called REINZ.

Sounds nice and neat, but there were problems. For one, unlike most other English speaking countries, New Zealand agents historically only served the vendor/seller. This left the buyer dealing with a system that was clearly biased against them and with an influx of new Kiwis from the U.S.; Canada; Australia; and the U.K., questions were raised and soon the politicians heard the commotion.

After reviewing the local and international models, the uniquely Kiwi Real Estate Agents Act 2008 passed through parliament and became effective in November 2009. So, what did this act actually change?

First off, the Act removed the licensing, regulatory and policing functions from REINZ and transferred those functions to the Real Estate Authority. This was followed by the REA becoming charged with organising the professional ongoing education of agents.

REINZ still had and has critical functions including a consulting role; as an Approved CPD Provider (as is e-Agent) and as a sales data consolidator.

The Bottom Line:

  • If you want to become licensed as a real estate agent, the REA is the responsibility agency.If you need to renew your license, once again it is the REA.
  • If you need to file a complaint against another agent, that too will involve the REA.
  • If a consumer is filing a complaint against your professional activities, the REA is again involved.
  • If you need to obtain CPD courses for license renewal, the REA selects all approved providers which includes REINZ and e-Agent.
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Location: Tauranga, New Zealand

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