The Real Estate Agents Authority has welcomed proposed changes in Tribunal Powers
Real estate agents who fail to perform professionally and correctly will have to face tougher consequences, according to the latest report from the Real Estate Agents Authority.
Following proposed changes to the legal system, the need for real estate agents to follow the rules was underscored, REAA chief executive Kevin Lampen-Smith said.
The report said that REAA has welcomed the Tribunals Powers and Procedures Legislation Bill introduced to Parliament yesterday.
According to the report, the provisions of the bill include due power given to the Real Estate Disciplinary Tribunal to “take stronger action and award compensation of up to $100,000 where a consumer has suffered loss due to a licensee’s unsatisfactory conduct."
Under current legislation, compensation is only available if licensees are found guilty of the most serious charge of bringing the industry into disrepute (misconduct).
“The expectation that real estate licensees should behave professionally and correctly has not changed; but the consequences of any wrongdoing will,” he said.
Lampen-Smith said that the regulator was well aware of “losses suffered by some consumers who don’t have the ability to seek appropriate redress.”
“We are supportive of the proposed changes, though concerned that the process does not become too complicated,” he added.
Following proposed changes to the legal system, the need for real estate agents to follow the rules was underscored, REAA chief executive Kevin Lampen-Smith said.
The report said that REAA has welcomed the Tribunals Powers and Procedures Legislation Bill introduced to Parliament yesterday.
According to the report, the provisions of the bill include due power given to the Real Estate Disciplinary Tribunal to “take stronger action and award compensation of up to $100,000 where a consumer has suffered loss due to a licensee’s unsatisfactory conduct."
Under current legislation, compensation is only available if licensees are found guilty of the most serious charge of bringing the industry into disrepute (misconduct).
“The expectation that real estate licensees should behave professionally and correctly has not changed; but the consequences of any wrongdoing will,” he said.
Lampen-Smith said that the regulator was well aware of “losses suffered by some consumers who don’t have the ability to seek appropriate redress.”
“We are supportive of the proposed changes, though concerned that the process does not become too complicated,” he added.
