2022-04-07
To improve protections for renters and potential homeowners in the ACT, the ACT Government will strengthen real estate agent licencing, to ensure those who work in the industry have the appropriate skills, experience, training, and qualifications.
“Given the tight local property market, it is increasingly important that the sector is appropriately regulated, and those employed in the real estate industry have the proper training for the tasks they perform,” Minister for Consumer Affairs Shane Rattenbury said.
“With these reforms, home buyers, sellers and renters will have fresh confidence that local real estate professionals have the necessary knowledge and skills to carry out their legal and professional duties.”
The Fair Trading and Other Justice Legislation Amendment Bill 2022, introduced to the Legislative Assembly today, proposes to:
- divide licences into two classes so that agents who act as licensees-in-charge of a place of business must undertake extra qualifications and have at least two-years industry experience;
- introduce a specific licence for land auctioneers and making it an offence for anyone not holding a land auctioneer’s licence to conduct land auctions;
- phase out the unqualified salesperson registration pathway to ensure all industry participants hold a minimum level of qualifications;
- introduce new offences to prevent assistant agents from withdrawing trust money or entering into agency agreements; and
- provide the Commissioner for Fair Trading with the power to determine the qualification and experience requirements for agent licences and assistant agent registrations.
The proposed changes also include measures to assist industry professionals in their transition to the new regulatory framework by 1 July 2024.
The proposed reforms will support the implementation of the National Real Estate Training Package and bring the ACT in line with other states and territories.