Page 1345 - Week 04 - Thursday, 5 May 2022
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bill will allow assistant agents registered prior to 1 July 2022 to continue to enter into agency agreements until 1 July 2023. This transition period is intended to provide assistant agents with the opportunity to upskill to an agent licence if they wish to do so.
I am confident that this new licence framework will support Access Canberra to undertake improved compliance activities and have better oversight of how real estate businesses are operating in the territory. The Commissioner for Fair Trading is also granted the power under the amendments to determine by disallowable instrument the qualification and experience requirements to issue or renew an agent licence or assist an agent registration. Containing the licence and eligibility requirements in a disallowable instrument will ensure that, should modifications be needed in the future, they can be actioned flexibly and efficiently.
In order to align with the national real estate training package, it is intended that from 1 July 2022 new applicants for an assistant agent registration will be required to have completed the five core units from the certificate IV in real estate practice and complete an additional five units within the first 12 months of their registration. Individuals applying for a class 2 agent licence will be required to hold a certificate IV in real estate practice and have 12 months experience as an assistant agent.
The specific units that need to be completed within the certificate IV will depend on whether the applicant is applying for a real estate, stock and station or business licence. Class 1 agents will be required to hold a diploma of property agency management and have two years experience as a licensed agent.
The government also appreciates that the majority of real estate industry professionals in the territory carry out their duties diligently, ethically and in accordance with the law. To be clear, the intention of these reforms is not to negatively impact or disrupt existing professionals’ ability to work or to reflect on previous performance.
Extensive and carefully considered measures have been provided to support the industry as they transition to the new regulatory framework over a one to two-year period, depending on the type of licence or registration they hold. For example, all existing salespersons will be automatically transitioned to an assistant agent registration and not subject to any gap training requirements. Likewise, existing agents will be automatically transitioned to a class 2 agent licence. Licensed agents who have worked as a licensee in charge of a business will be automatically transitioned to a class 1 agent licence.
The ACT government is also aware that there are some licensed agents who may have chosen not to work as the licensee in charge of a real estate business but are highly experienced and skilled. In recognition of the expertise held by these agents, the bill includes a transitional measure to allow licensed agents who have two years experience the option to elect to transition to a class 1 agent licence.
All existing agents who are issued with a class 1 agent licence will be required to upskill and complete seven core units from the diploma of property agency
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