Clarification of New Real Restate Laws16th Jul 2019
When will the new property industry laws start?
It is currently anticipated that the new laws will be in place in early 2019. The continuing professional development (CPD) guidelines are also under review with changes to CPD coming into effect towards the end of 2018.
What are the licensing reforms proposed?
Currently there are six licence types, plus a corporation licence. The six licence types will be reduced to three: Real Estate, Strata, and Stock and Station.
The following licences will come under the one Real Estate licence:
- buyer’s agent
- on-site residential property agent
- business agent.
Each licence type will have the levels of:
- ‘Certificate of Registration’ for new entrants, with heightened entry requirements
- ‘Agent’ – gained once the practitioner has more education and industry experience, and
- Licensee in Charge for operators of a real estate agency or strata managing agency.
Currently, a new entrant can perform the same functions as an agent with many years’ experience in the industry. The new licensing arrangements, supported by changes to CPD, will provide a career pathway for industry practitioners. They will establish clear duties and responsibilities that an industry practitioner can perform that are consistent with their level of experience.
A new ‘licensee in charge’ category will be created. They will be an individual responsible for key agency matters such as operating trust accounts, and the overall supervision of employees.
For more details on the proposed changes please click here to take you to the NSW Fair Trading website.