PHOTO: FILE
A real estate agency in Auckland, Barfoot & Thompson, received a second fine of $7,500 after failing to properly supervise two realtors who withheld a crucial building report during a property sale. The report revealed up to $100,000 in moisture repairs but was disclosed only after the sale went unconditional. The Real Estate Authority (REA) initially fined the realtors, Amy Chen and Gloria Zeng, $1,000 and $3,000, respectively, while Barfoot & Thompson was also fined $7,000 for unsatisfactory supervision. The agency admitted to gaps in its supervision system but has since revised its policies.
Amy Chen (top) and Gloria Zeng were found guilty of unsatisfactory conduct by the Real Estate Authority in 2023. Photo / Supplied
REA emphasized the importance of effective supervision to prevent consumer harm in real estate transactions. Despite the issues, the tribunal acknowledged Barfoot & Thompson’s efforts to improve its supervision practices, though it rejected claims that the agency had a widespread supervision problem.
Barfoot & Thompson may consider appealing the ruling.
SOURCE: NZHERALD