The newly formed Real Estate Agents Authority (REAA) has received more than 320 formal complaints in its first five months of operation and fielded over 17,000 phone and email inquiries, reports new website www.3news.co.nz

The authority was set up to license industry workers and offer an independent, transparent complaints process.

The 320 complaints received to date have come fom both consumers and licensees, and range from minor through to serious.

While the number of complaints the REAA would receive was difficult to predict, but the high volume appears to have vindicated the need for the new body.

The CAC have so far considered 11 cases. One was referred to the tribunal, eight dismissed, one not released and one — the case of an agent who sent a condolence card with an attached house valuation to a widow — resulted in a censure.

The new legislation means that processing complaints is taking time, to ensure each was properly investigated, said REAA chairperson Kristy McDonald, QC.

When a complaint is received it goes before a Complaints Assessment Committee (CAC), comprised of two authority board members and a lawyer. If the committee finds a complaint is valid it has a range of powers from censuring an individual through to fining them up to $10,000 (or $20,000 for a company).

If the offence is deemed serious it can be put before the Real Estate Agents' Disciplinary Tribunal which can cancel an agent's licence, ban them from working for an agency, impose a fine of up to $15,000 (or $30,000 for a company) or order compensation payment of up to $100,000 to the complainant.