After much consultation and feedback from many different stakeholders Fair Trading NSW implemented the much hyped changes to the training/licensing and regulatory regime. The changes represent a major shift towards increased training and tighter regulation in the property industry.
The reforms will prevent new entrants from obtaining a real estate licence with one of the requirements to now obtain a real estate licence being a minimum of 12 months of experience as an Assistant Agent (Certificate of Registration) and the completion of a log book by the agency principal employing the Assistant Agent.
The introduction of a class 1 and class 2 licence increases the training required to manage a real estate agency to Diploma level (Class 1 licence) and 2 years holding a real estate licence.
CPD for licence holders and
Key changes include;
Introduction of minimum industry time frames for licensing
New licensing hierarchy
Consolidation of licensing categories
Restriction of duties fro certificate holders