One of the property market trends Olly pointed to at a MARKET UPDATE evening a couple of years ago was the effect of increased government and other agency regulation. He said reaction to the widespread collapse of finance companies, developers/speculators and scheme promoters in the wake of the Global Financial Crisis would see various watchdogs and their ethical ‘codes of practice’ given more force and become far more active in their efforts to sanction ‘cowboys’.
Here’s an example:
Hammer falls on errant agents
Property editor Anne Gibson NZ Herald Saturday Aug 17, 2013
The Weekend Herald can reveal the year’s worst cases of real estate agents who broke the rules of their profession and misled the public.
The list makes for alarming reading – real estate agents forging signatures, bad-mouthing properties for sale and giving false or misleading information when they were under investigation.
Details of fraudulent mortgage ramping schemes and commission disputes also feature in decisions of the Real Estate Agents Authority.
The sector’s disciplinary body has released a list of agents’ most serious offending at the Weekend Herald’s request, based on licences cancelled and suspended, biggest fines, most financial compensation and those agents receiving more than unsatisfactory conduct or misconduct decisions. …
Read on at NZHerald.co.nz
See also: Real estate agent censured for allegedly posing as buyer about another property professional accused of acting “with the intent to deceive”.