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2020 Property Industry Reforms !!!!!!

 

The reforms will commence on 23 March 2020

 

The changes will affect over 57,000 property licence holders, including:

·        individual licensees (23,000)

·        certificate holders (26,000)

·        licensed corporations (8,000)

 

The reforms will introduce:

·        increased qualifications and training requirements, and a clear learning pathway for new entrants

·        improved licensing structure

·        improved industry compliance with CPD requirements

·        strengthened disciplinary provisions; and

·        additional trust account requirements.

 

The Reforms aim to raise the standards of education and conduct in the industry to improve accountability, transparency and minimise risk of consumer detriment.

 

From 23 March 2020 new applicants for a certificate of registration will need to complete units from the new property package (Refer to NSW Fair Trading website: https://www.fairtrading.nsw.gov.au/housing-and-property/property-professionals/recent-law-reforms )

 

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