Estate agent fined, suspended after deal

Wednesday 15 Feb 2012 9:59 a.m.

An Auckland real estate agent pleaded guilty to listing and selling a Mission Bay mansion without saying she helped purchase it.

An Auckland real estate agent pleaded guilty to listing and selling a Mission Bay mansion without saying she helped purchase it.

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An Auckland real estate agent known as "Million-dollar Marnie" has had her licence suspended and been ordered to pay $15,000 by the industry's disciplinary tribunal.

Margaret "Marnie" Adams, 56, pleaded guilty to allegations she had listed and sold a Mission Bay mansion without disclosing she had helped purchase it, APNZ reported.

She was suspended from working as a real estate agent for six months by the Real Estate Agents Disciplinary Tribunal yesterday, fined $10,000 and must pay costs of $5000.

In a statement she said she had made an error of judgment when she "inadvertently breached sections of the REAA industry client code of conduct, for which I sincerely regret".

Despite the outcome, Ms Adams says she planned to return to the industry.

Ms Adams reportedly made millions of dollars in commission working for Bayleys real estate before her contract was terminated last March.

Bayleys raised questions with Ms Adams over the sale of a four-bedroom home in Palmer Crescent.

It was alleged she helped buy and renovate the property while also being listed as the seller.

NZN

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