During that time, the authority said it received no complaints about One Up Realty and identified no other compliance concerns.
The authority said the agency had made numerous genuine attempts to appoint an auditor without success.
According to the authority’s decision, when an auditor conducted a retrospective audit, no irregularities were found in the handling of trust funds.
Last month, the agency was fined $18,000 after admitting a charge of reckless contravention of the Real Estate Agents Act 2008.
The authority’s chief executive, Belinda Moffat, said the case highlighted the critical importance of compliance with trust account audit regulations by real estate companies.
“Real estate agencies handle significant client and customer funds in relation to property transactions. Trust account obligations exist for the protection of consumers and their funds,” Moffat said.
“If trust accounts are not managed correctly, this could result in financial loss to consumers, reputational damage to the agency, and loss of trust and confidence in the industry as a whole.”
She said the tribunal’s decision served as a reminder that failure to comply with audit regulations relating to trust accounts is a serious breach that can have significant consequences, including consumer harm.
“Agencies’ systems and practices must be fully compliant and company officers are responsible and accountable for ensuring that they remain so.”
One Up Realty was contacted for comment.
Catherine Hutton is an Open Justice reporter, based in Wellington. She has worked as a journalist at the Waikato Times and RNZ. Most recently she was working as a media adviser at the Ministry of Justice.
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