NSW property services practitioners will have new continuing professional development (CPD) obligations, including undertaking compulsory topics applicable to the agent’s licence category, as part of Fair Trading strengthening knowledge and consumer protection in the property sector.
The changes to the Supervision Guidelines will see Licensees in charge have direct accountability over the development of assistant agents and class 2 agents by verifying the completion of their work experience tasks in the Fair Trading logbook.
There are also new requirements regarding price representations and underquoting with reviews of estimated selling prices to be carried out in a timely manner rather than the previous requirement of weekly reviews.
The guidelines and CPD requirements will apply to all real estate, strata, and stock and station agent licensees.
Real Estate licence holders of either categories of class 1 or 2 licence will now be required to complete a minimum of five hours of compulsory CPD training, including four compulsory topics set for their licence type, while maintaining current requirements.
This training now includes compulsory subjects relating to strata living, and targeted training for other roles in the real estate industry including commercial and residential real estate agents, stock and station agents, business brokers and property managers.
The NSW Property Services Commissioner will hold two online sessions on raising professional standards in strata and property services agencies which will include an opportunity to ask questions about the new requirements. They will be held on Thursday 27 June and Wednesday 31 July from 12:30 – 1:30pm, with more that 2000 real estate agents registered to attend.
For more information about the new Supervision Guidelines and changes to CPD requirements, visit the NSW Fair Trading website.
Quotes to be attributed to Strata and Property Services Commissioner, John Minns
“As a key player in our housing market, a strong property services sector in NSW is essential in ensuring the rights of renters, sellers, buyers and residents are protected through strong regulations and by agents with a solid background on current regulations.
“Leadership across the sector is vital in delivering great consumer outcomes, and these changes reflect the importance of leadership roles and responsibilities.
“The changes make it clear of the obligation licencees in charge have in relation to the agency and real estate agent’s actions in the course of their business, and will give NSW Fair Trading a greater opportunity to influence an agency’s conduct.”
