Real estate agents are no longer required to be members of the Real Estate Institute but will be subject to the scrutiny of independent bodies.
MPs have voted 65 to 53 in favour of the Government’s Real Estate Bill, which removes much of the institute’s regulatory powers. It also sees the establishment of an independent disciplinary board and an independent authority to oversee licensing and complaints.
Associate Justice Minister Clayton Cosgrove says the legislation aims to clean up the industry as real estate agents will need to achieve a certain standard and will be monitored.
The Real Estate Institute bitterly opposed the new legislation but Mr Clayton says he makes no apology for efforts to expose members of the real estate workforce who have wronged New Zealanders. He says the new legislation will bring transparency, independence and accountability to the real estate sector.
Source: au.news.yahoo.com
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The main difference between a realtor and a real estate agent is credentials. People use the terms REALTOR® and real estate agent interchangeably, but that is incorrect. There are differences between REALTORS® and real estate agents. They are not the same. Although both are licensed to sell real estate, the basic difference between a real estate agent and a REALTOR® .As such, the main difference that you hear a lot about — but are likely confused about — is that a REALTOR® must subscribe to the REALTOR® Code of Ethics. But what does this mean to a consumer? A realtor has more training and experience in the real estate market than does a real estate agent. Where both a realtor and real estate agent have licenses, the realtor has gone the extra mile in obtaining a further level of expertise in their professions. Realtors® follow a code of ethics and typically receive many helpful tools from the Association including a legal hotline and official contracts to write offers. When you hire a real estate agent you are essentially hiring the brokerage. The broker is your agent and his salespersons are his agents. So when you go out looking at homes with a salesperson, you are essentially dealing with your agent’s agent. However, usually everyone down the line is a Realtor® because every agent in that company is a member of the Association of Realtors®.For more view- realtydigest.blogspot.com
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