Govt plans real estate industry shake-up [New Zealand]
A major shakeup of the real estate industry will see the creation of an independent watchdog with the power to impose stiff fines and ban “land sharks”.
The planned legislative changes, announced by Associate Justice Minister Clayton Cosgrove today, have been spurred by criticism of the current inhouse regulatory regime run by the Real Estate Institute of New Zealand (REINZ).
The institute has come under fire for weak penalties, unnecessary delays and an unwillingness to refer complaints to its more powerful licensing board.