Text size. Introduction If you're intending to use a real estate agent, you should first check that they have a valid licence. Any one of the following: licensee name trading name licence number. Select the 'Check online' button. Enter the licence information into the search field. Select the search button. It is expected that many companies will want to retain persons qualified as a Class 1 Agent to provide supervision, leadership and to provide relief when the nominated LIC is absent, if required.
A licensee can nominate an alternative or temporary licensee in charge at any time, so long as that person holds a class 1 licence and is to be the sole licensee in charge of the agency. Under the new laws, the agency must notify Fair Trading within 5 business days after a new licensee in charge is appointed. Use of electronic banking facilities while the licensee in charge is away from the office should help to minimise the need for agencies to appoint an alternative licensee in charge.
From 23 March , Class 2 and Class 1 Agents will have the option to renew their licence for a period of 1, 3 or 5 years. Licences fees have been adjusted to reflect the new levels of licences. The application and renewal fees can be found here.
Even if you make changes to the type of licence you hold, or leave the industry and later return, you will retain your current licence number. The fee structure has changed to better reflect the risks and responsibilities and licence processing requirements for each role in the new licence framework. As the responsibility for releasing funds from a trust account now sits with LICs only , the contribution has increased for Class 1 Agents, and reduced for Assistant Agents and Class 2 Agents.
Processing components of the fee have been adjusted so that these are proportionate to the requirements for each role. If your licence is current as at 23 March , you will automatically become a Class 2 Agent under the reforms. If you are interested in becoming a Class 1 Agent under the transitional arrangements, you can apply for the Class 1 licence from 23 March If you are currently an LIC we will automatically update your licence to a Class 1 licence in the relevant category on 23 March , so that you can continue working as a LIC without disruption to your business.
If your company wants to make any changes to the LICs before the changes commence, notice of these changes must be made to Fair Trading by pm on 1 March This will depend on how you refer to your current position.
As long as your licence is renewed within the restoration period 3 months from the expiry date , you will be automatically transitioned to hold a Class 2 licence in the equivalent category. If you renew or restore your licence after 23 March , you will also automatically transition.
If your licence expired within 12 months before 23 March , you will need to reapply but will be qualified based on your existing Certificate IV qualification. Alternatively, if you have held an equivalent licence for 2 or more years between 23 March and 22 March , you will also satisfy the qualification requirements. CPD will also undergo significant change and you will have new requirements. Compliance with the CPD requirements will continue to be a condition of holding your licence.
If the CPD was based on any of the specified elective topics, it may be counted towards the first year. More information is available in the CPD requirements. Going forward, licences may be issued for 1, 3 or 5 years. Real Estate - Agent's Licence. Recent property reforms Students and registered training organisations RTOs. Real Estate - Certificate of Registration. Corporation's Licence.
Business Broking - Certificate of Registration. Business Broking - Agent's Licence. Stock and Station — Certificate of Registration. Strata Managing — Certificate of Registration. On-site Property Manager - Certificate of Registration. Share this page Facebook Twitter Linkedin Email. Important information There has been an important development in how the new legislation is applied to LICs.
The business can continue to operate with multiple nominated licensees in charge. The information below has been updated to outline the requirements regarding LICs.
You can exercise the functions for real estate sales and leasing, which include: inducing or negotiating with a person to enter into, or to make or accept an offer to enter into, a real estate transaction or a contract for a real estate transaction introducing a prospective purchaser, lessee or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land collecting rents payable for any lease of land and providing property management services for the leasing of any land.
But you cannot authorise the withdrawal of money from a trust account. Choosing to remain at the current entry level will no longer be possible. Can an assistant agent continue to inspect properties and complete sales inspection reports? Price gouging… twitter. Protecting consumers, tradespeople and businesses in NSW Search. Renting in NSW Information to help tenants, landlords and agents. Have unresolved problems with businesses or trade? Make a complaint. Find out about the different classes of building and trade licences and certificates.
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