Real Estate Licensing Regulation Qualification changes take effect on 1 February 2022
9 December 2021
The Real Estate Authority (REA) is pleased to announce that the new Level 5 and 6 real estate qualifications developed with the Real Estate Institute of New Zealand (REINZ) and The Skills Organisation (Skills) will be recognised for real estate licence applications from 1 February 2022.
In addition, from 1 February 2022, under the amended regulations, REA will have a discretion to accept qualifications obtained outside the prescribed period if the Registrar is satisfied that the applicant can demonstrate sufficient knowledge of real estate agency work.
In January 2021 REA, REINZ and Skills consulted on proposed changes to the real estate qualifications suite to enhance and strengthen the qualification requirements in the real estate sector. The review and consultation across the sector, public and stakeholders concluded with NZQA approving the qualifications in late April 2021.
The new Branch Manager (Level 5) and Agent (Level 6) qualifications will be included in the real estate licensing Regulations with effect from 1 February 2022. Enrolments for the new qualifications are expected to be available in the first half of 2022.
“The recognition of these enhanced qualifications is a significant milestone for the real estate industry. It reflects the important role education plays in supporting high standards of conduct and professionalism across the real estate industry,” says Belinda Moffat, REA Chief Executive and Registrar.
The changes to the qualifications are intended to create an attractive career pathway for real estate professionals, equipping them with the knowledge required to hold senior positions in New Zealand’s real estate environment.
“The new qualifications can be completed by salespeople who are ready to step into the more senior roles of Branch Manager and Agent. These senior roles are critical for providing leadership and supervision in a sector that has a critical role to play in our economy, and in transactions that have high financial and emotional importance for New Zealanders,” says Nadine Thomas, REA Head of Engagement, Insights and Education.
In addition, the regulation changes provide the Registrar with a discretion to accept qualifications issued outside the 3- or 10-year period specified in the Regulations where the Registrar is satisfied that the applicant can demonstrate sufficient knowledge of real estate agency work. This change also takes effect from 1 February 2022.
“This new discretion follows feedback from the sector that some experienced professionals, who took time out of the sector, needed to re-qualify before they could become licensed again. The new discretion will provide REA with flexibility to issue licences to some of these individuals,” says Nadine.
Real estate professionals who seek to advance their careers by enrolling in the new Level 5 or 6 qualifications can contact their preferred education provider to begin their study. For more information about real estate licence eligibility, and the application process, visit www.rea.govt.nz(external link)
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