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The Role of Finance in Property Sales
April 29, 2024
The Role of Finance in Property Sales
April 29, 2024

 

Changes to Continuing Professional Development (CPD)

 

Changes to Continuing Professional Development (CPD)

In NSW, we have more changes to CPD for property agents. Each year, NSW Fair Trading review the requirements in the endeavour to improve the process for CPD and improve the knowledge and skills of property agents in NSW.

Under the Property and Stock Agents Act 2002 (the Act), individual holders of a licence (Class 1 or Class 2 agents) and certificate of registration (Assistant Agents) are subject to a condition that the holder must comply with Continuing Professional Development (CPD) requirements. CPD is aimed at ensuring licence and certificate holders continually update their skills and are aware of their legislative requirements and responsibilities.

CPD Requirements

Class 1 AND Class 2 Licensed Agents

The major change to CPD requirements is that all licensed agents must complete 5 hours of training on compulsory topics relevant to the class of licence they hold each CPD year. Yes – this is an increase from last year from 4 hours to 5 hours per licence category.

As many agents already know, the other major change is that the CPD year has been changed to align with the financial year. This means that no CPD will be offered until 1 July 2024 and that all agents need to complete their CPD by 30 June the following year.

There is no change to the requirement that agents who hold more than one category of licence, must complete additional compulsory topics relating to each of those categories of licence. In reality, this means:

  • if you hold a Real Estate and a Stock & Station licence or a Dual Real Estate/Stock & Station licence, you will need to complete the 4 hours of Compulsory CPD for one licence category and also the same for the other category. Because some of the topics covered in both sessions overlap, you would only need to complete the main 5 hour session plus the topics that are different in the second session.
  • if you hold a Real Estate, a Stock & Station and a Strata Managing Agents licence, you will need to complete compulsory CPD for all 3 categories of licence. Again, where topics overlap, you only need to cover the unique topics from each of the three (3) CPD Compulsory sessions.

This week, NSW Fair Trading has provided a list of topics and learning outcomes that are required to be included as the Compulsory topics for CPD training.

There is also no change to the requirement from Fair Trading that Compulsory topics must be delivered in:

  • a face-to-face interactive training environment – maximum 40 attendees, or
  • an interactive webinar – maximum 25 attendees, and, include an assessment activity.

Agents can still complete their CPD requirements online. However, if they choose the online option because they are unable to complete their required hours of CPD in an interactive environment (ie, face-to-face or interactive webinar), then they must complete ten (10) hours of training through an online program – which will include the Compulsory topics and then some additional topics.

CPD Requirements

Assistant Agents

There is no change to the CPD requirements for Assistant Agents. They are still required to complete a minimum of 3 Units of Competency per CPD year and they MUST make application for a Class 2 licence within 4 years of gaining their Assistant Agent authority.

The CPD year for Assistant Agents is the same as that for licensed agents, and must be completed within each financial year.

Watch our website – acop.edu.au for detailed information of the CPD topics and schedule for training for the 2024 CPD year. We will be publishing this information in early June.

Complete your property training with ACOP.

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