14 June 2022

NSW Fair Trading has reported that more than 19% (206) of the 1,059 real estate agents assessed by inspectors in April 2022 were found to be in breach of their annual Continuing Professional Development (CPD) requirements.

Licensed agents and certificate of registration holders are required to complete CPD specific to their licence/registration category between 23 March and 22 March, each year.

The regulatory body has noted in their June 2022 newsletter that, “inspectors have taken compliance action through education processes, issuing warnings and fines totalling $69,300. Inspectors are continuing to visit real estate offices to review CPD requirements and take appropriate compliance action.”

It was also noted that twenty-five Licensees in Charge were also contacted for being in breach of their supervision obligations.

Further inspections to take place

Inspectors are targeting areas of legislative and geographical concerns for non-compliance. The inspections will focus on important aspects of licensing, sales, and property management, including:

• Business signage

• Corporate and individual licensing status and Continuing Professional Development

• Professional indemnity insurance

• Trust account audit records as submitted for the preceding year

• Two examples of current sales files for compliance and potential underquoting

• Two examples of property management files

• Written Secretary Supervision Guidelines (refer to section 32(4) of the Property and Stock Agents Act 2002)

• Last two end-of-month bank reconciliations.

Inspectors are assessing compliance to ensure a fair and equitable marketplace for the industry and consumers.