Real Estate Licensing
With so many people looking for a career change or promotion, we thought we would share what these changes are & what you can do in your role with either a Certificate of Registration or a Real Estate License.
The following information is from Think Real Estate & Fair Trading NSW. Whilst this information was correct at the time of publication, we would advise that you do your own research or get in contact with us for further details.
How to obtain your Certificate of Registration (Assistant Agent Course)
You can complete this course in classrooms or online, where you can learn at your own pace. Some course providers that offer these options are:
• Think Real Estate
• REINSW
• Under the Hammer
The minimum expected time for completion is approximately 38 hours, with a maximum study time of 3 months. You will be able to hold the Certificate for four years in which you need to obtain the C2 License, or your Certificate will lapse, and you will be unable to work as an Assistant Agent for a period of 12 months.
As an Assistant Agent in Real Estate – Sales and Leasing, you can perform real estate sales and leasing functions, which include:
• acting as an agent to induce or negotiate with a person to enter into, or to make or accept an offer to enter into a real estate transaction or a contract for a real estate transaction
• acting as an agent to introduce a prospective purchaser, lessee, or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land
• acting as an agent to collect rents payable for any lease of land or provide property management services for the leasing of any land
Who holds a C1 license?
Licensees in Charge hold a C1 license – they will perform all jobs, including operating trust accounts. They will be required to authorise all trust account withdrawals and transfers personally and cannot delegate this function to any person who does not hold a Class 1 Licence.
Who holds a C2 license?
All other Real Estate License holders now have a C2 License – they will be able to perform all functions except:
• will not be able to authorise movements of funds within or from a trust account. This work can only be performed by a holder of a Class 1 License.
• will not be able to open or operate a trust account.
• will not be able to be in charge of a real estate business.
Certificate of Registration Holders
On 23rd March 2020, if you currently hold a Certificate of Registration, it will be renewed for a period of 4 years to a Certificate of Registration - Assistant Agent. It will be restricted, so you can only undertake the work that your existing Certificate allows you to undertake, with some critical changes.
• On or after 23rd March 2020, you will not be permitted to sign agency agreements, partake in the exchange of contracts, although you will be allowed to sign leases
• You will not be allowed to have the words real estate agent or indicate that you are a real estate agent on your business cards or a real estate website. Any other title you use must be clear that you are not performing a real estate agent's function.
• You will not be allowed to authorise transactions on a trust account under any circumstances
• You will have four years in which to obtain a Certificate IV that meets NSW Fair Trading's education requirements. On 23rd March 2024, if you have not acquired a real estate licence, your Certificate of Registration will not be renewed, and you will not be able to re-apply for 12 months.
Renewal Requirements
Class 1 License holders will be required to undertake 6 hours of CPD in the CPD year 23rd March 2020 to 22nd March 2021 and 9 hours CPD each CPD year after that. After 23rd March 2021, the extra 3 hours will be business-based.
Class 2 License holders will be required to do 6 hours of CPD in each CPD year. Three hours will be compulsory subjects and 3 hours elective.
If you're looking to begin a career in real estate please get in touch with Recruit & Consult.
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