• Internal Code :
  • Subject Code : RES420
  • University :
  • Subject Name : Accounting and Finance

Task 3: What's Gone Wrong?

1. Section 6 of the real estate Act 2008 states that no person should carry out a real estate agency work until and unless the person is licensed under the Act. No person can hold himself or herself out of the business to carry the function of real estate or act as a real estate if that person is not licensed as per the provisions of the Act. No person in New Zealand has the right to go out in the public can carry the business of a real agency if the person is not registered and has received a license as per the provisions of the act. It is not a relevant thing to consider whether the person is carrying business for his own or other, he should have the license for it.

Therefore, as per the facts of the case and the application of relevant laws, I will advise Stacey to get her business licensed as per section 36 of the Real-estate act 2008 otherwise, the business will not be considered a valid one.

2. Section 67 of the Real-estate act 1945 specifies that each person who is holding a license should notify the registrar if there is any change of circumstances with 10 working days after the change has been made.

Change can be defined as: -

  1. If there is any change in the information which is registered with the registrar

  2. If there is any change in the real estate business for which the agent, branch manager, or the sales person is working

  3. or there is a change specified.

According to section 145 of the act, it is an offense if the applicant without reasonable excuse if the licensee fails to notify the registrar against the same then the person will be held liable for a fine which will not exceed $10,000. Therefore, Jason can give an application under section 154 of the Act specifying reasonable grounds as to why he was not able to apply on time.

3. As per the facts of the situation Joel a sales person wants to help his sister Mary, who is a single parent with three children to get her first home. Section 136 of the Act states that A person who carries our real estate agency work must disclose all thew relevant information to the person. Section 132 states that the licensee must give copy of the contractual document.

Therefore, Joel will be held liable for an offence if he is using false or misleading information about the same to his sister Mary so that she can purchase the house.

Task 4: Complaint's Process

Section 72 of the Real Estate agents Act 2008 states that the licensee is held liable for unsatisfactory conduct if the agent is not performed in a reasonable manner or if the person has contravened the provisions of the Act, the agent is acting in a negligent way, or the agent would reasonably be regarded by agents of good standing as being unacceptable. Section 73 of the act specifies that a licensee will be conducted guilty of misconduct he is reasonable to be regarded by agents of good standing or reasonable members of the police, as disgraceful or he is, again and again, acting negligently. The licensee will be held liable for an offense if the person is convicted of an offense that affects directly the licensee's fitness to be a licensee.

Mr Jerkins can make a complaint against Mr. Jenkins according to section 74 of the estate agents Act 2008. Mr. Jerkins can make a complaint to the authority regarding the same and later the authority will refer the complaint. After referring to the complaint the registrar may decide whether the complaint is made in a good faith or not and then accordingly the complaint will be resolved by the authority.

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