With NSW Fair Trading currently conducting compliance inspections, now is the perfect opportunity to bust the myths and misunderstandings around what your CPD requirements are, particularly when there have been further changes to the requirements for those who hold both a real estate and strata managers licence.
Under the Property and Stock Agents Act 2002 (the Act), individual holders of a licence (class 1 or 2 agents) and certificate of registration (assistant agents) are subject to a condition that the holder must comply with Continuing Professional Development (CPD) requirements.
As per NSW Fair Trading’s CPD Guidelines, all licence and certificate of registration holders within NSW are required to complete CPD each year as one of the requirements of holding their authority to practice.
CPD is no longer linked to your renewal date and MUST be completed in the CPD year. The CPD year starts on the 23 March each year and ends on the 22 March the following year.
CPD requirements per Licence Class
Class 1 (Licensee-in-Charge) – for Real Estate and Strata Management (must complete 9 hours of CPD training each year)
Class 1 (Licensee-in-Charge) – for Stock & Station (only) (must complete 6 hours of CPD training each year)
Class 2 Licence Holders – for Real Estate and Strata Management (must complete 6 hours of CPD training each year)
Class 2 Licence Holders – for Stock & Station (only) (must complete 3 hours of CPD training each year)
For Class 1 and Class 2 agents, if you hold a Real Estate licence and a Strata Management licence, you are required to complete Compulsory CPD in both categories of licence.
What that actually means is, if you use ACOP for your CPD training, you will only need to complete an additional hour of Compulsory CPD. As two (2) of the topics in each of the Compulsory session are identical, if you hold both licences, you are only required to complete an additional hour to cover the topic that is different.
This additional one hour topic for either real estate or strata management, is offered through the online student portal.
Class 3 Certificate of Registration (Assistant Agents)