NSW Fair Trading: New Property and Stock Agents Regulation 2022

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NSW Fair Trading: New Property and Stock Agents Regulation 2022

30 August 2022

NSW Fair Trading has released a notice, advising that there are updated rules for real estate agents, stock and station agents, strata managing agents, and assistant agents. These rules will start on 1 September 2022.

The new Property and Stock Agents Regulation 2022 supports the Property and Stock Agents Act 2002.

What’s changed?

Almost all agent obligations remain the same. There are some minor changes that improve consumer protections and reduce the administrative load for agents.

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QLD Fair Trading: Sunshine Coast real estate director and company fined for improper use of trust money

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QLD Fair Trading: Sunshine Coast real estate director and company fined for improper use of trust money

22 August 2022

Queensland Fair Trading has reported this month that a Sunshine Coast real estate director and his company have been fined $13,000 in the Maroochydore Magistrates Court (18 August 2022) for using trust money to pay business expenses and to buy another business.

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Consumer Affairs Victoria: Commencement of action against director of a property management company

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Consumer Affairs Victoria: Commencement of action against director of a property management company

15 August 2022

Consumer Affairs Victoria (CAV) has published a notice on their website today, advising that they will be commencing court proceedings against Christopher Michael and Australian Property Management Solutions (APMS) Pty Ltd. It is alleged that Mr Michael accepted thousands of dollars in payments from contractors to refer work to them, failed to provide them with leads he had promised, and then failed to provide refunds.

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NSW Fair Trading: Independent Property Services Commissioner to be appointed

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NSW Fair Trading: Independent Property Services Commissioner to be appointed

8 August 2022

Following feedback collected during NSW Fair Trading’s Property Services Listening Tour earlier this year, the Secretary has decided to establish an independent commissioner for the NSW property services sector.

The decision comes following significant reforms to the industry in March 2020 and is a timely application of additional regulation, after 206 NSW agents were found to be non-compliant with the new Continuing Professional Development (CPD) guidelines in April of this year.

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August 2022 Newsletter

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August 2022 Newsletter

5 August 2022

Newsletter snapshot:

  • Site-wide discount code!

  • Industry updates: QLD Fair Trading finds former agent guilty of wrongful trust money use, imprisoned following an investigation.

  • Legislative changes: Further changes to tenancy law in Queensland.

  • Announcements: We now offer CPD for Tasmania! Plus, new CPD options for WA.

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We now offer CPD for Tasmania!

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We now offer CPD for Tasmania!

1 August 2022

Attention Tasmania students! Online CPD now available 💻🆕

Licence holders and property representatives in Tasmania must complete 12 points of Continuing Professional Development (CPD) training by 30 June each year, consisting of:

  • 8 points (of the 12 points) industry-specific CPD; and

  • 4 points (of the industry-specific CPD) need to be delivered by an external provider.

The term "external provider" means that the CPD activity is delivered by a person external to the organisation by which the property agent is employed.

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Rediential Tenancies Authority Queensland: Further changes to residential tenancy laws from 1 October 2022

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Rediential Tenancies Authority Queensland: Further changes to residential tenancy laws from 1 October 2022

27 July 2022

Since October 2021, the Queensland Government has been making incremental changes to tenancy laws. The changes have been rolled out in phases, with the first phase being implemented on 20 October 2021 - the introduction of greater domestic and family violence protections for tenants and residents.

The next phase will be coming into effect on 1 October 2022. The changes will include updates to legislation concerning renting with pets, ending a tenancy, and repair orders.

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New courses available for the ACT!

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New courses available for the ACT!

13 July 2022

On 1 July 2022, the ACT government introduced changes to the regulation of the real estate industry.

The reforms include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

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QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

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QLD Fair Trading: Real estate agent jailed for misuse of trust account funds

11 July 2022

Queensland Fair Trading has reported this month that former Rainbow Beach real estate agent, Ian Andrew Phillips, has been convicted and imprisoned following a Fair Trading investigation into the wrongful use of trust money.

Ian Andrew Phillips, formerly the sole director and principal licensee of Think Tank Management Pty Ltd, pleaded guilty in Brisbane District Court (5 July 2022) to dishonestly taking trust account money for his own use.

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July 2022 Newsletter

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July 2022 Newsletter

1 July 2022

This month’s newsletter touches on:

  • Site-wide winter sale!

  • Industry updates: NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements, SA Consumer and Business Services notes concerns about trust accounts and underquoting.

  • Legislative changes: Have your say on NSW property laws, plus new property industry reforms begin in the ACT.

  • Reminder: WA audit period has commenced!

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