Minister for Better Regulation Kevin Anderson said the consultation package delivers on the reforms to the Property, Stock and Business Agents Act 2002 announced in 2016, which involve improving training standards and the overall quality of the real estate sector, while ultimately ensuring customers can rely on the professionals they deal with.
“This is a well-balanced package that has been developed following extensive consultation with key stakeholders, including real estate sales and leasing agents, stock and station agents, strata managing agents, on-site residential property managers and business brokers,” Mr Anderson said.
“Proposed changes to the regulations will strengthen the rules of conduct for agents, clarify the functions of each type of licensed agent and set out specific disclosure obligations to potential buyers in the market.”
The draft Qualifications Order outlines a career development pathway for agents as they gain the education and experience needed to move through the three levels of licence, from new entrants to the industry up to licensees in charge.
Under the proposed framework, licensed agents and assistant agents will still be required to undertake annual CPD training as a condition of their licence. Increased hours of training and the combination of compulsory and elective topics will improve the agents’ degree of expertise as they work in the industry.
“We want to ensure that real estate professionals are easily recognised for their skill level and qualifications which is what these reforms aim to do,” Mr Anderson said.
“By clearly setting out what qualifications are needed for different real estate professionals and setting a high standard for ongoing education, customers can have the highest confidence in the industry.”
Consultation period on the draft requirements is open until 2 October 2019. For more information or to provide a submission, visit the consultation page on the NSW Fair Trading website.