Rules of Practice
of the
Real Estate Institute of New Zealand Incorporated

14.1 The terms of any agency agreement with a principal shall be in writing.

14.2 A member must supply a principal with a copy of the agency agreement or any other related document as soon as the principal has signed it.

14.3 Where a person has signed any other document relating to the sale, letting or leasing of land or businesses, members shall comply with all statutory requirements.

14.4 Before accepting an appointment as an agent for land or a business, a member shall advise the principal of the possible need to terminate and the possible consequences of unilateral termination of any current agency appointments in respect of that land or business.

14.5 Members shall never offer land or a business nor place any sign on a property without authority of the principal.

14.6 The price and terms upon which land or a business is offered shall be in accordance with the principal’s instructions.

14.7 If the authorised asking price varies from the fair market value as appraised by the member, the member shall advise the principal.

14.8 Where a licensed member has been paid or is about to be paid a commission and another licensed member claims some or all of that commission under an agency agreement with the principal the claiming member shall refer the matter for resolution as a commission dispute under Rule 15.

14.9 Members shall supply such statistics to the Institute as the Council requires.

14.10 A member shall direct any enquiry about the purchase of land or a business to the current sole agent for the land or a business, if the member does not have a current agency appointment.

14.11 Any agent appointed by the principal who receives notice of any enquiry or negotiation relating to land or a business shall immediately refer it to the principal.

14.12 Every member shall prominently display a copy of the Code of Ethics in the member’s office, so that it can be easily read.

(May 2004)