A real estate agent and his employers, Jones Lang LaSalle, have been censured after on-selling two properties within days for more than $80,000 above the original price.
Michael Edward was enlisted to sell two units for a client.
But he failed to carry out an adequate appraisal of the properties' worth, according to the Real Estate Agents Authority, the independent government agency that regulates the New Zealand real estate industry.
And neither he nor leading estate agency Jones Lang LaSalle properly completed and signed an agency agreement.
After the two units were sold, they were on-sold again just days later for $82,500 more than they originally fetched. The victim complained to the Real Estate Agents Authority, asking for the shortfall of $82,500 to be paid to him.