The Property Stock and Business Agents Amendment Act 2006 and the Property Stock and Business Agents Amendment (Auctions) Regulation 2007 commenced on 1 March 2007.
**Please note that only the January 2010 or later editions of the Bidder’s guide should be used at auctions.
Real estate and property industry reforms
To support the professionalism of the sector into the future, the reforms set out a path to:
- improve entry standards and training requirements for the real estate and property industry
- ensure proper career pathways and professional development through enhanced continuing professional development (CPD)
- increase consumer protection measures through changes to trust accounting and higher standards of accountability
- strengthen NSW Fair Trading’s powers to take action on rogue agents.
Property Stock and Business Agents Regulation 2014
The 2014 Regulation was made following a review of the 2003 version of the Regulation as required by the Subordinate Legislation Act 1989. A summary of the changes included in the 2014 Regulation at 1 September 2014 is outlined in the table below.
After further consultation with industry, additional amendments have been made to the 2014 Regulation. These amendments were made by way of the Property, Stock and Business Agents Amendment (Miscellaneous) Regulation 2014 and are summarised in a separate document below.
Legislation that covers the operation of the property services industry is administered by NSW Fair Trading.