Statement of attainment
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Statement of Attainment. Modules. 17319 B - Prepare to work in the property industry 17319A - Work in the Real Estate sector PRDRE35A - Communicate with property clients. Types of agencies and licenses Office of Fair Trading Licensing requirements CPD Trust accounts.

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Statement of Attainment


Modules

  • 17319 B - Prepare to work in the property industry

  • 17319A - Work in the Real Estate sector

  • PRDRE35A - Communicate with property clients


  • Types of agencies and licenses

  • Office of Fair Trading

  • Licensing requirements

  • CPD

  • Trust accounts


  • Real Estate Industry (State) Consolidated Award 2003

  • Employment Agreements

  • Professional associations

  • Common law duties

  • Statutory controls


  • Let’s introduce ourselves


Types of agents

  • Real estate agent

  • Stock and station agent

  • Business agent

  • Strata managing agent/community managing agent

  • On-site residential agent


Real estate agent

  • A person who carries on a business as an auctioneer of land or as an agent:

  • negotiates a offer or acceptance of a real estate transaction

  • Introduces prospective purchaser, lessee or licensee to another

  • Collects rents payable

  • Rural land up to 20 hectares


Stock and station agent

  • A person who carries on a business as an auctioneer of rural land or livestock or as an agent for:

  • Same as real estate agent for rural land

  • Livestock transaction

  • Provides agistment for livestock


Strata managing agent

  • A person who carries on a business that exercises any functions of an owners corporation

  • Cannot sell units


Buyers agent

  • A real estate agent whose licence is restricted to acting as an agent for a prospective purchaser of land


On-site residential property manager

  • A person who carries on a business for:

  • Giving possession of residential premises under a lease or license

  • Collects bonds, deposits, rents, fees or other charges for the above


Business agent

  • A person who carries on a business for:

  • Selling, buying, exchanging or disposing of businesses or professional practices

  • Negotiating a sale, purchase or exchange of goodwill or stocks connected with the above


  • All these agents must have a separate licence for each activity


Certificate of registration

  • Salespersons and managers require a certificate of registration

  • Registered salespersons and managers must be supervised by a licensee.


Corporation licence

  • A corporation must not carry on a business of an agent unless the corporation holds a corporation licence.

  • Penalty: 200 penalty points


Office of Fair Trading

‘The role of the NSW Office of Fair Trading within the Department of Commerce is to safeguard consumer rights and to advise business and traders on fair ethical practice.’


  • Consumer protection

  • Licensing

  • Improving services

  • Community awareness

  • Complaints and disputes

  • Develop regulatory framework


Licensing requirements

  • 18 years of age

  • Fit and proper person

  • Required qualifications

  • Not be a disqualified person

  • Paid contribution or levy


Certificate of registration

  • 16 years of age

  • Fit and proper person

  • Required qualifications

  • Not be a disqualified person


Applying for a certificate of registration

  • Applications are available from Office of Fair Trading: www.fairtrading.nsw.gov.au

  • Attach copy of transcript

  • Pay the required fee $95


Corporation licence

  • Each director is a fit and proper person

  • No director is a disqualified person

  • At least one director must hold a licence for the type of business

  • Has paid contribution or levy payable


Qualifications

  • Any one or more of the following:

  • The completion of a course of study

  • The completion of a period of training

  • Attainment of a standard of competency

  • Satisfaction of professional development requirements


Disqualified persons

  • Convicted of dishonesty in last 10 years

  • Convicted of licence lending in last 5 years

  • Undischarged bankrupt

  • Director concerned in the management of a corporation that is winding up

  • Is mentally incapacitated person

  • Disqualified from holding a licence for certificate of registration


  • Is the holder of a licence, permit or other authority that is suspended under the Fair Trading Act 1987

  • Is in partnership with a disqualified person

  • Is a corporation that is subject to a winding up order

  • Fail to pay a contribution or levy payable under Compensation Fund


  • Has fail to pay a monetary penalty

  • Failed to provide an auditor’s report

  • Is in any breach of the provisions of the Act or regulations


Continuing professional development (CPD)

  • Every holder of a licence or certificate will be required to complete 12 points of CPD within the 12 month period following the granting or renewal of the licence or certificate.

  • A licensee with more than one licence must complete an additional 3 points relevant to each additional licence held.


Aims of CPD

  • Increase consumer protection

  • Promote professionalism

  • Improve knowledge and skills of practitioners

  • Encourage high standards

  • Maintain public confidence


Learning categories

  • There are four (4) learning categories and points must be a combination of at least two (2) of the following:

  • Learning category 1: an activity with a stated learning outcome. Examples: self-paced learning with no assessment, videos, on-the-job learning, seminars, conferences.


Learning category 1

  • An activity with a stated learning outcome. Examples: self-paced learning with no assessment, videos, on-the-job learning, seminars, conferences.

  • ½ point per hour


Learning category 2

  • An activity with significant interaction between trainer and learner.

  • Examples: workshops, web-based tool or CD ROM with learner interaction.

  • Must be relevant to Training Package PDR01.

  • Trainer/assessor must hold Cert IV in Assessment & Workplace Training; and


  • Hold qualification at the level or higher of the learner or assessed; and

  • Either be employed by or have a contractual arrangement with a RTO

  • 1 point per hour


Learning category 3

  • An activity with significant interaction and includes assessment of learning outcomes.

  • Activities must be conducted by a RTO accredited to conduct training for the property sector

  • 2 points per hour


Learning category 4

  • Teaching of learning category 2 or 3.

  • 3 points per hour


Record keeping

  • Each licensee and certification of registration holder must keep a record of the activities undertaken.

  • Proof of attendance

  • Proof of interaction

  • Statement of attainment issued by RTO

  • Proof applicant has trained peers


Compulsory units

  • Overview of the Property Stock and Business Agents Act 2002

  • Rules of conduct prescribed under the Regulations 2003

  • Understanding types and terms of agency agreements;

  • Understanding types and terms of agency agreements; and


  • Best practice in arranging for repairs and maintenance; or

  • The sales process and the Property Stock and Business Agents Act 2002


Compulsory learning area 2004 - 2006

  • For those who have completed the first CPD period:

  • Manage Agency Risk


Trust accounts

What are trust monies?


Trust accounts

  • A licensee must maintain a separate account for trust monies

  • A receipt must be issued immediately

  • Banked by the end of the next day or as soon as practicable

  • Is to be disbursed as principal directs

  • Records to be in English and Aust $


  • Records to be kept for 3 years on the registered premises

  • Trust money is not available to pay licensee’s debts

  • Must be audited each year


Real Estate Industry (State) Consolidated Award 2003

  • Set out the minimum terms and conditions

    Covers areas such as:

  • Hourly pay rates

  • Hours of work

  • Annual leave entitlements

  • Long service leave

  • Dispute resolution process


  • Car allowance

  • Telephone allowance


Employment agreements

  • An agreement between employer and employee that outlines terms and conditions of employment.

  • Includes rostered days off

  • Incentive schemes


Employment agreements are registered

  • Real Estate Employers Federation (REEF)

  • Real Estate Association (REA)


Incentive schemes

  • Target

  • Debit/Credit

  • Flat rate

  • Commission only


Professional associations

  • Membership to these association is voluntary

  • REINSW – industry representative to the Government, training, stationery, legal advice

  • Institute of Strata Management – specific training, professional development


  • Australian Livestock & Property Agents Association – provides livestock information, industry standards, wool prices, innovation and legislation to agents and producers


  • Australian Property Institute – valuers and land economists

  • Property Council of Australia – owners and managers of commercial, industrial and retail properties


Franchises and marketing groups

  • Ray White

  • Century 21

  • Raine and Horne

  • LJ Hooker

  • EAC

  • First National


Common law duties

  • Follow principal’s lawful instructions

  • Act in good faith

  • Act in principal’s best interest

  • Disclose personal interest in business

  • Exercise due skill, care and diligence

  • Maintain principal’s confidentiality

  • Look after principal’s property

  • Account for trust monies


Statutory controls

  • Property Stock and Business Agents Act 2002

  • Property Stock and Business Agents Regulations 2003

  • Strata Schemes Management Act 1996

  • Residential Tenancies Act 1987

  • Landlord and Tenant (Rental Bonds) Act 1977


  • Anti Discrimination Act 1979

  • Trade Practices Act 1974


Trade Practices Act 1974

  • Section 52 – a corporation must not engage in misleading or deceptive conduct

  • Section 53 – deals with making false or misleading representation in connection with supply or promotion of goods or services


  • Section 53A – deal exclusively with making false and misleading representations about land

  • The nature of interest in it

  • Price payable

  • Its location

  • Its characteristics

  • The use it is capable of being put


19 General rules of conduct applying to all licensees and registered persons

  • Knowledge of Act and Regulations

  • Fiduciary obligations

  • Honesty, fairness and professionalism

  • Skill, care and diligence

  • High pressure tactics, harassment or unconscionable conduct


  • To act in the client’s best interest

  • Confidentiality

  • To act in accordance with client authority

  • To act in accordance with client’s instructions

  • Licensee must ensure employees comply with the Act and regulations

  • Conflicts of interest


  • Referral to a service provider

  • Licensee not to recommend engagement of services of solicitor or conveyancer acting for other party

  • Inducements

  • Soliciting through false or misleading advertisements or communications


  • Insertion of material particulars in documents

  • Duty to provide copy of signed documents

  • Representations about the Act or regulations

  • Agency agreements must comply with regulations.


Rules specific to real estate agents, salespersons and on-site residential property managers


Sales

  • Preliminary inspection of property

  • Sales inspection report required for property

  • Principal to be informed of an offer

  • Setting aside minimum or reserve price at auction

  • Information to be given when expression of interest deposit paid


  • Notifying management agent of appointment to sell residential property

  • Licensee must not accept payment for a referral (to buyers agent)

  • Bidding on behalf of telephone bidder

  • Agent participating in exchange of contracts for residential property


Property management

  • Inspection report

  • Inspection of property for rent

  • Use of collection agent to collect rent

  • Maintenance or repairs of rental property

  • Breach of tenancy agreement

  • Notifying tenant of appointment to sell

  • Final inspection of property

  • Obtaining tenant’s signature for rental bond refund


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