Purpose
This statement of regulatory intent sets out the compliance and enforcement approach of NSW Fair Trading to assistant agents who continue to perform regulated roles after their certificate of registration expires on 22 March 2024. This statement also applies to licensees who employ or supervise those assistant agents.
This statement was approved by the Commissioner for Fair Trading on 13 March 2024.
Background
Amendments to the Property and Stock Agents Act 2002 (the Act) commenced on 19 February 2024 that provide new options for assistant agents to apply for an extension to their certificate of registration beyond the maximum four-year term. The extension is for a once-only period of 12 months and is being offered to assistant agents who were granted a four-year certificate of registration on 23 March 2020 that will expire on 22 March 2024.
Those assistant agents (the transitional cohort) were already in the industry prior to major reforms to the Act that commenced on 23 March 2020. The transitional cohort are eligible to apply for a 12-months extension if they are enrolled in either, as relevant to their certificate:
- Certificate IV in Real Estate Practice (CPP41419) or
- Certificate IV in Strata Community Management (CPP40516 or CPP40521)
Applications for the 12-month extension will be open to the transitional cohort until 22 June 2024.
Assistant agents whose certificates expire after 22 March 2024 are not included.
This statement does not include assistant agents whose certificates of registration expire after 22 March 2024. Those assistant agents are not part of the transitional cohort and should not continue to work in roles regulated under the Act if their certificate has expired and they have not yet obtained a class 2 licence.
Fair Trading’s enforcement approach
NSW Fair Trading will not take enforcement action against eligible assistant agents from the transitional cohort who continue to work under their expired certificate of registration between 23 March 2024 and 23 June 2024.
However, those assistant agents should move as quickly as possible to either:
- apply for a 12-months extension of their current certificate to give them time to complete the qualifications needed for a class 2 licence, or
- apply for a class 2 licence if they have completed the required qualifications.
The enforcement approach outlined here extends to assistant agents with a certificate expiry date of 22 March 2024 who have lodged an application for a class 2 licence which has not yet been determined. Those assistant agents do not need to apply for a 12-month extension to their certificate while their application for a class 2 licence is being assessed.
Fair Trading will also not take enforcement action against licensees who either employ or supervise eligible assistant agents in the transitional cohort who continue to work under an expired certificate between 23 March 2024 and 23 June 2024.
However, Fair Trading will continue to take compliance and enforcement action against any other breaches of assistant agents’ and licensees’ obligations under the Act or the Property and Stock Agents Regulation 2022 between 23 March 2024 and 23 June 2024. Those obligations include, among other things, the restrictions on functions that may be legally performed by assistant agents, rules of conduct and the requirement for licensees and any licensees in charge they appoint to properly supervise the business of the licensee.
More information
More information about licensing and registration requirements for assistant agents is on the Fair Trading website.