New Training Requirements For Real Estate Industry

New training requirements for the real estate industry

The Office of Fair Trading (OFT) has approved new training requirements for people wanting to enter the real estate industry.

The new training, as part of initial licensing requirements, follows an independent review of the national property services training package.

Anyone wanting to obtain a real estate licence will be required to complete the new training ahead of applying for the following registration and licence classes:

• real estate agent
• real estate salesperson and
• resident letting agent.
• auctioneer (property)
• chattel auctioneer
• limited real estate agent – affordable housing
• limited real estate agent – business letting

Property agent licensees operate under the Property Occupations Act 2014 and chattel auctioneer licensees operate under the Motor Dealers and Chattel Auctioneers Act 2014 (MDACA).

The new training requirements do not impact people who hold current registrations and licenses.

A transition period in 2021 means the OFT will continue to accept qualifications from the previous training package – the ‘CPP’ training package – until 30 September 2021.  From October 2021, only the new training package will be accepted as the eligibility requirement for a licence or registration.

We are suggesting all students who are looking at doing their training this year to be well aware of future changes to legislation, we suggest completing the Full Real Estate License before any of these changes take effect.

The Family at Property Training Australia