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Statement of Attainment

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

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  1. Statement of Attainment

  2. Modules • 17319 B - Prepare to work in the property industry • 17319A - Work in the Real Estate sector • PRDRE35A - Communicate with property clients

  3. Types of agencies and licenses • Office of Fair Trading • Licensing requirements • CPD • Trust accounts

  4. Real Estate Industry (State) Consolidated Award 2003 • Employment Agreements • Professional associations • Common law duties • Statutory controls

  5. Let’s introduce ourselves

  6. Types of agents • Real estate agent • Stock and station agent • Business agent • Strata managing agent/community managing agent • On-site residential agent

  7. 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

  8. 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

  9. Strata managing agent • A person who carries on a business that exercises any functions of an owners corporation • Cannot sell units

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

  11. 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

  12. 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

  13. All these agents must have a separate licence for each activity

  14. Certificate of registration • Salespersons and managers require a certificate of registration • Registered salespersons and managers must be supervised by a licensee.

  15. Corporation licence • A corporation must not carry on a business of an agent unless the corporation holds a corporation licence. • Penalty: 200 penalty points

  16. 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.’

  17. Consumer protection • Licensing • Improving services • Community awareness • Complaints and disputes • Develop regulatory framework

  18. Licensing requirements • 18 years of age • Fit and proper person • Required qualifications • Not be a disqualified person • Paid contribution or levy

  19. Certificate of registration • 16 years of age • Fit and proper person • Required qualifications • Not be a disqualified person

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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.

  27. Aims of CPD • Increase consumer protection • Promote professionalism • Improve knowledge and skills of practitioners • Encourage high standards • Maintain public confidence

  28. 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.

  29. 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

  30. 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

  31. 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

  32. 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

  33. Learning category 4 • Teaching of learning category 2 or 3. • 3 points per hour

  34. 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

  35. 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

  36. Best practice in arranging for repairs and maintenance; or • The sales process and the Property Stock and Business Agents Act 2002

  37. Compulsory learning area 2004 - 2006 • For those who have completed the first CPD period: • Manage Agency Risk

  38. Trust accounts What are trust monies?

  39. 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 $

  40. 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

  41. 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

  42. Car allowance • Telephone allowance

  43. Employment agreements • An agreement between employer and employee that outlines terms and conditions of employment. • Includes rostered days off • Incentive schemes

  44. Employment agreements are registered • Real Estate Employers Federation (REEF) • Real Estate Association (REA)

  45. Incentive schemes • Target • Debit/Credit • Flat rate • Commission only

  46. 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

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

  48. Australian Property Institute – valuers and land economists • Property Council of Australia – owners and managers of commercial, industrial and retail properties

  49. Franchises and marketing groups • Ray White • Century 21 • Raine and Horne • LJ Hooker • EAC • First National

  50. 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

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