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Real Estate Agents Act 2008

Real Estate Agents Authority - Powers of intervention

29: Authority may direct audit of agent's trust account

You could also call this:

"The Authority can order a check of an agent's trust account at any time."

Illustration for Real Estate Agents Act 2008

The Authority can tell an agent to get their trust account audited at any time. They can also choose the auditor who will do the audit. You need to be a qualified auditor to be appointed to audit an agent's trust account, which means you must meet the requirements set out in section 35 of the Financial Reporting Act 2013. The Authority makes sure the auditor is qualified before appointing them to do the audit.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1358218.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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28: Appointment of interim administrator in certain cases, or

"Protecting trust account money by appointing a temporary manager"

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30: Authority may inspect certain financial records, or

"The Authority can check financial records to find out if a real estate agent has stolen money."

Part 2Real Estate Agents Authority
Powers of intervention

29Authority may direct audit of agent's trust account

  1. The Authority may direct an audit of an agent's trust account at any time and appoint an auditor to carry out that audit.

  2. No person is qualified for appointment as an auditor of the trust account unless the person is a qualified auditor (within the meaning of section 35 of the Financial Reporting Act 2013).

Notes
  • Section 29(2): inserted, on , by section 126 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).