80% of Real Estate Agents do not Comply!11-Apr-2017
NSW Fair Trading has conducted a random audit of more than 300 realtors and has found more than 20 per cent of them are not compliant with legislation requiring real estate agents to undertake ongoing education.
The Department has found 68 individuals from a pool of 314 had failed to properly undertake mandatory Continuing Professional Development (CPD), which can attract a maximum penalty of $5,500 for individuals.
NSW Fair Trading Commissioner Rod Stowe said consumers expected the real estate industry’s licence and certificate holders to be properly qualified.
“Failing to properly undertake further professional development demonstrates these individuals’ lack of knowledge of their obligations under the industry’s regulations,” Mr Stowe said.
“Renewal of a licence or certificate of registration under the Property, Stock and Business Agents Act 2002 is conditional on licence and certificate holders undertaking CPD every year.
“A total of 60 Penalty Infringement Notices were issued during this compliance program, with a total value of $35,750.”
In addition to fines for individuals, a licensee in charge who fails to supervise an employee by ensuring their CPD is completed may contravene the legislation, resulting in further fines for the business.
NSW Fair Trading will continue to assess compliance levels within the real estate industry to ensure licence and certificate holders are meeting their obligations under the Act and Regulations.
This is the commencement of a more dedicated review of the real estate industry to ensure compliance with regulations. Trust accounting record keeping is high up on their priorities.
If you have any questions on your financial record keeping of trust accounts, please call the team at Simeoni.