PHOTO: FILE
An Auckland real estate agency has been fined $7000 and censured for audit breaches that occurred 25 times during three years.
SEE THE FULL DECISION BELOW (SOURCE: REAL ESTATE AGENTS DISCIPLINARY TRIBUNAL DECISIONS)
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[2024] NZREADT 20 CAC2108 v Leading Edge Properties Ltd (25 June 2024) [PDF, 237 KB] Liability and penalty / real estate agency admitted misconduct for failure to submit monthly trust account reconciliations on time over three financial years, breaching Audit Regulations on 25 occasions / breaches included delays due to staff changes, administrative issues and COVID-19 disruptions / corporate defendant / charge amended by consent / Real Estate Agents Act 2008, s73b, s911d, s110, s1102f / Real Estate Agents (Audit) Regulations 2009, reg15 / HELD / Tribunal emphasised importance of trust account compliance for public protection / misconduct aggravated by repeated non-compliance despite reminders and inadequate systems to safeguard client funds / mitigating factors included admission of liability, cooperation with Authority, no previous disciplinary history and acknowledgement of COVID-19 impact / Tribunal ordered agency to pay $7,000 fine, and censure
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