When is the new real estate legislation being introduced?
Since 2016 there has been discussion in the property industry around reforms to the educational requirements for agents. It was originally communicated by NSW Fair Trading that changes to CPD requirements would begin in July 2018, and other changes would flow on after that date. However, these changes have not commenced yet as planned.
After industry consultation, the Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018 No 5 was assented to on 21.3.2018, however at this stage we have not seen the Regulations that go with this Act, and no start date has been announced. Those working in the property industry know that the details are mostly in the Regulations, so there is still a large amount of information to come.
What we know now is that entry level requirements will increase. New industry entrants applying for a certificate of registration will need to complete 3 additional competency units from the Certificate IV qualification. This will increase the total units required for entry from 4 to 7.
We also know that applicants for the new 'licensee in charge' licence category will need to:
- complete a diploma and have at least 2 years' practical experience as an agent under the supervision of a 'licensee in charge', or
- hold a Certificate IV and an equal qualification in business management and have at least 2 years' practical experience as an agent under the supervision of a 'licensee in charge'.
Current certificate and licence holders will be able to continue to work with their existing qualifications as the reforms will include grandfather and transitional arrangements.
A new system for CPD is currently being developed by NSW Fair Trading and no details are available/confirmed as yet. In the interim, agents and certificate holders must continue to meet their current CPD obligations to retain their licence.
NSW Fair Trading is currently in a Caretaker Period for the NSW Election. However, the NSW Fair Trading web site is saying ‘It is currently anticipated that the new laws will be in place in 2019’.