Accountability key in Gen AI guidance issued by REA to real estate sector

The Registrar of real estate conduct regulator, the Real Estate Authority (REA) has today issued guidance for licensed real estate professionals (licensees) on the safe and responsible use of generative artificial intelligence (Gen AI) when providing real estate agency services.

REA’s guidance recognises the opportunities that new technology may bring and emphasises that licensees remain ultimately responsible for the real estate services they provide, including any error made by a Gen AI tool used in their work.

The guidance has been issued to assist licensees as they consider the use of Gen AI in their work. It highlights specific regulatory considerations including the importance of licensees checking the accuracy and completeness of information produced by Gen AI, as well as ensuring that privacy, data protection and cybersecurity risks have been considered and addressed.

Chief Executive/Registrar Belinda Moffat says REA supports innovation in the real estate sector and has provided the guidance to assist licensees and agencies to consider and mitigate the risks that may arise when using Gen AI in the provision of real estate services to consumers.

“Gen AI has the potential to enhance the way that licensees deliver real estate services, delivering benefits both to agencies and to the consumers they work with. REA supports innovation that enables high standards of service for customers and clients, provided that risks of harm are appropriately identified and mitigated.

However, this must be balanced with managing risks, protecting the interests of consumers, and ensuring that high standards of accuracy and confidentiality are maintained.”

Ms Moffat says that in issuing this guidance, REA strongly encourages agencies to have in place appropriate policies and procedures around the use of Gen AI.

“Careful human oversight is vital to enabling the safe and responsible use of Gen AI in real estate agency work. REA’s guidance strongly encourages agencies and licensees to put in place safeguards that ensure their use of such tools meets legal and regulatory requirements, as many have already begun to do.

As Gen AI use cases in real estate continue to evolve, REA reminds all licensees that under the Real Estate Agents Act 2008 and associated Code of Conduct which REA oversees, they will always remain accountable for the real estate services they provide, irrespective of what tools and technologies they use to deliver their services.”

ENDS
For more information contact Aaron Alexander, Communications and Engagement Manager, Real Estate Authority, on 027 237 7196 or via media@rea.govt.nz

About REA
The Real Estate Authority (REA) is the independent government agency that regulates the conduct of licensed real estate professionals in New Zealand. We license people and companies working in real estate, provide oversight of the code of conduct, oversee the complaints and disciplinary process for poor conduct by licensees, provide education and guidance to licensees to assist them to meet their regulatory obligations, and provide information to consumers about the real estate transaction process. REA is governed by a Board. The Chair is Denese Bates KC. REA Chief Executive is Belinda Moffat.