PHOTO: The REAA is now REA.

New Zealand’s real estate industry regulator is changing its operating name to the Real Estate Authority (REA).

The organisation, which was previously known as the Real Estate Agents Authority, is the independent government agency that regulates the New Zealand real estate industry. Its aim is to promote and protect the interests of consumers involved in real estate transactions, and to promote a high standard of professionalism and service in the industry.

The operational name change comes after consumer and industry research found there was confusion about the organisation’s role and purpose.