nsw REAL eSTATE lICENCE CHANGES - COMING IN 2020
There is so much rumor and a lot of innuendo – we have also seen some reports that are just not correct. The team at RMC have researched the latest news from NSW Fair Trading and have put together these TOP TEN FACTS.
- The start date has been announced - March 23, 2020.
- There will be three Real Estate Licence categories once the reforms kick in: Assistant Agents (currently called Certificate of Registration) | Class 2 Licence (currently Real Estate Licence) | Class 1 Licence (currently Licensee-in-charge)
- If you have a current NSW Real Estate Licence you will transfer to the Class 2 Licence.
- All current Licensee-in-charge will be reviewed and may transfer to the Class 1 Licence. We have been advised there will be grandfathering and transitional arrangements which will include licensees currently nominated as a Licensee-in-charge having the option to transition to the new class 1 licence.
- If you have a current Certificate of Registration when the reforms commence – on your renewal date you will be issued with a four-year Assistant Agents certificate. Within those four years you must complete your Class 2 Licence. You will no longer be able to stay as a Certificate of Registration holder indefinitely.
- There is no change to the Stock and Station Agent Licence.
- There is no change to the Strata Management Licence.
- Only Class 1 Licence holders will be able to disburse funds from the Trust Account. Other members of staff can prepare all the entries however only Class 1 Licence holders can actually disburse trust funds.
- Continuing Professional Development CPD 12 points will be no longer – there is a new CPD System.
- To enable renewal of your qualification you will need to complete the prescribed hours of training during the year. The details are still to be confirmed but it appears you will need to complete these hours every year ie between March 23 2020 and March 22 2021 and so on. Assistant Agents / Certificate of Registration – you will need to complete 3 units of the Class 2 Licence each year. Class 2 Licence Holders – 6 hours per year, 3 hours compulsory and 3 hours of elective topics. Class 1 Licence Holders – from March 2020 it will be the same as Class 2 Licence Holders ie 6 hours in the year, 3 hours compulsory and 3 hours of elective topics. From March 2021 there will be an additional 3 hours (9 in total) of training regarding business practices.