And linked real estate companies Eves Realty Ltd (Tauranga) and Success Realty Ltd (Tauranga) were fined $1000 each and ordered to publish an apology for and correction of an advertising campaign that falsely represented their market statistics.
The advertising campaign, in print media and on the radio, said the parent company had a 44 per cent market share of properties sold in specified area in August 2010, but the complainant said it was in fact 34.4 per cent.
Unsatisfactory conduct punishments imposed by the CAC range from agents being censured to being fined up to $10,000.
But if the complaint is serious enough to lay charges, the CAC refers the case to the Real Estate Agents Disciplinary Tribunal which can then find the agent guilty of misconduct and can cancel or suspend a licence, order termination of employment or order agents to pay fines of up to $15,000.
In the past two years, nine agents have been penalised for misconduct - including one this week in which high-flying Auckland real estate agent Margaret Adams was fined $10,000 plus $5000 costs and had her licence suspended for six months after she listed and sold a house without disclosing she had helped buy it.
Since findings started being published on March 22, 2010, three agents from around the country have been either censured or fined twice for unsatisfactory conduct. Another has had three unsatisfactory conduct complaints laid against her.
REAA acting chief executive Dean Winter said the penalties which the CAC could impose acted as a deterrent to realtors repeatedly offending.
"The penalties that can be imposed by independent CACs are substantial and significantly higher than what was available under the old act," he said.
Before the REAA came into effect in November of 2009 - as the result of the Real Estate Agents Act 2008 - the Real Estate Institute of New Zealand performed a regulatory function.
The maximum fine it could impose on a realtor was $750.
But Mr Winter said the REAA had no information on the levels of complaints before it came into effect and could not comment on trends.
"It will be some time before it is possible to identify complaint trends since the Act came into effect." with Hana Garrett-Walker of APNZ