Real estate, strata, and stock and station agent Supervision Guidelines and CPD changes

Changes to the Supervision Guidelines

New Supervision Guidelines started on 1 July 2024 in line with the new CPD year.

Key changes include:

1. An introduction from the Strata and Property Services Commissioner setting out what to expect from the new Supervision Guidelines, and the overarching goal to improve professional standards in the industry.
2. All three overarching requirements for supervision set out in the Property and Stock Agents Act are now addressed including supervision of persons engaged in the business, operational procedures for legal compliance, and monitoring of conduct within the business.
3. Both guidance for principals and licensees in charge and specific requirements that must be met are included: Guidance tells you what you should do to maintain a well-supervised business; while failure to meet the requirements is an offence that may be penalised or prosecuted.
4. The specific requirements in the current Supervision Guidelines are either maintained or enhanced, with a few minor exceptions, including: a minor change has been made to the requirements on price representations and underquoting. Now, timely reviews of estimated selling prices must be carried out, instead of the previous requirement that reviews must be carried out every week, regardless of the circumstances of each property.

New requirements in each section of the guidelines

Supervision of persons

Licensees in charge must assist assistant agents and class 2 agents by verifying completion of their work experience tasks in the Fair Trading logbook.

Operational procedures

Operational procedures must:

• exist separately to the Supervision Guidelines and be specific to the business or group of businesses to which they apply
• identify the laws that apply to the business using a comprehensive list in the Guidelines as a starting point
• address four key areas of risk to compliance, including financial, licensing, qualifications and training, and professional conduct
• document the licenced roles within the business and who is performing them, along with their status as certificate of registration holder, class 2 agent, class 1 agent, licensee in charge, and/or accredited auctioneer
• for qualifications, education and training, the annual training plan currently required to include records of non-compliance with CPD and a plan for training in legislation changes throughout the year, and
• for professional conduct, compliance with conflict of interest disclosure obligations, compliance with reporting obligations under the Privacy Act and use of third-party platforms.

Monitoring business conduct

• Principals and licensees in charge must establish adequate systems to monitor the conduct of the business to ensure that the requirements of the operational procedures are complied with, and
• licensees in charge must record instances of non-compliance with the operational procedures and any corrective action taken.

Real estate, strata and stock & station CPD requirements

The continuing professional development (CPD) requirements for real estate, strata and stock & station licensees have changed. The new CPD year starts on 1 July 2024 and ends on 30 June 2025, continuing in line with future financial years.

In the 2024-25 CPD year (1 July 2024 to 30 June 2025), holders of just one category of class 1 or 2 licence are required to complete a minimum of five hours CPD training, including four compulsory topics set for their licence type.

Training delivery requirements remain the same as for 2023-24, including either:

• an in-person classroom session delivered by a trainer, with a maximum of 40 participants, or
• an online interactive webinar session, delivered by a trainer, with a maximum of 25 participants, or
• 10 hours of purely online training, which includes all compulsory topics applicable to the agent’s licence category and additional elective training to make up the 10 hours. Compulsory topics must be delivered by an approved CPD provider.

Compulsory topics

New mandatory underquoting 2024 – 2025 CPD course

A new mandatory underquoting course has been developed by NSW Fair Trading and TAFE NSW, with input from the Real Estate Institute of NSW. The mandatory course forms part of the CPD requirements by all licensed agents in residential real estate sales.

The course supports residential real estate agents to:

• understand underquoting and its impact on agents, agencies, the industry, and real estate consumers
• provide accurate and consistent estimated selling price information
• communicate effectively with sellers and buyers to inform them of market changes and adjustments to price estimates
• maintain records and documentation relating to price estimates in line with legislative requirements, and
• follow supervision requirements and report unacceptable behaviour relating to underquoting.

This course must be completed by 30 June 2025. Register before 30 October to receive a 50% discount on the $75 course fee.

To register, visit the TAFE NSW website

Combining topics

Some topics can be combined when they are delivered to licensees who hold more than one licence type, and some must be delivered as standalone.

Introduction to work health and safety obligations

This topic can be combined with the Introduction to work health and safety (WHS) obligations topics for:

• residential real estate sales and property management agencies
• stock and station agencies
• commercial real estate agencies
• short-term residential property managers
• business broking agencies.

If combining with stock and station agencies, at least one rural WHS scenario and a residential WHS scenario must be included in the course.

The Introduction to work health and safety obligations in strata management topic must be delivered as standalone.

New Supervision Guidelines

This topic is identical for all licence categories, except for tailoring the scenario to each setting. This can be delivered combined.

Introduction to strata

This topic is identical for all applicable licence categories.

Compliance with habitability standards and landlord information statement

Must be delivered as standalone.

Strata law reforms 2023-24

This topic is identical for all applicable licence categories.

Best practice maintenance and repair of strata common property

Must be delivered as standalone.

Mandatory implementation of eID in sheep and farmed goats NSW

Must be delivered as standalone.

Animal welfare best practice in saleyards

Must be delivered as standalone.

Methods of appraisal

Must be delivered as standalone.

Appropriate normalisations and adjustments

Must be delivered as standalone.

Agency agreements and your authority to act

Must be delivered as standalone.

More information

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