Auctions
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In response to the impacts of COVID-19 on the property sector, the NSW government has extended the grace period for penalties under the Act and its regulations until 1 April 2021. Simply, this means that the regulator of the property industry, NSW Fair Trading, have given agents an additional six months to get their agencies in order and ensure their compliance with the amendments to the legislation and they will not be issuing penalty infringements during this “warn and educate” period.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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On 4th September 2020, Brad hazzard, Minster for Health and Medical Research announced that an exemption had been granted in relation to COVID-19 restrictions on gatherings and movement in respect to a place of residence. It stated that a person is exempt from the maximum 20 person requirement if they are at a place of residence for the purpose of viewing or inspecting the premises for the purposes of the sale or lease of that residence, or conducting or participating in an auction for that residence. Naturally, the exemption has the condition of requiring the occupier of that residence to take reasonably practical steps to ensure that the residence has and complies with a COVID-19 Safety Plan.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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When you review the Public Health Act and specifically the Public Health Order No 4 relating to COVID-19 for restrictions on gathering and movement, it is noted that outdoor gatherings are restricted to 20 people. However, also note that clause 18(3) details exemptions for gatherings for real estate purposes.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Within the current economic climate, which is being so significantly affected by the impact of COVID-19, many people who are looking to purchase property are having difficulty in gaining approval for the borrowing of funds. This means that agents need to be asking the right questions of prospective purchasers in order to gain their true capacity to proceed through to settlement on a property. In addition, with the announcement of the increased thresholds for stamp-duty relief for first home buyers when purchasing new properties or vacant land – it is again imperative that sales agents are asking the right questions when they are qualifying their buyers for a specific property. This level of targeted communication is essential in any environment – it is ever more essential in the current market.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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As of 1st August 2020 for a period of 12 months for people who are purchasing new homes, the threshold for stamp duty relief has been increased from $650,000 to $800,000. For first home buyers purchasing “new” properties, there is full stamp duty relief. This is good for the building industry and for the property industry. The thresholds for vacant land have also been increased for a 12 month period.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Under the new legislation that came into effect on 23 March 2020, Class 1 agents became the only type of licensee that can be nominated as a Licensee-In-Charge and authorize the withdrawal of funds from a trust account. Under the transitional arrangements that are in effect until 22 March 2021, a Class 2 licence holder, who has held a licence for a minimum of 2 years prior to the commencement of the new legislation, can make application for a Class 1 licence without needing to meet the new requirements of holding a Diploma level qualification in property or needing to provide evidence of their experience in the industry. This ‘window of opportunity’ means that an applicant needs to complete the application form and email it directly to Licensing Branch at NSW Fair Trading.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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If an agent changes their opinion of price, they need to inform their vendor in writing and immediately amend all of their advertising, including internet advertising and paper advertising. This is the process only when the agent amends their opinion of price that they have provided to the vendor as part of the agency agreement. If the vendor instructs the agent to advertise the property at a price higher than the agent’s opinion of price, there is no requirement for the agent to amend their agency agreement.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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If an agent changes their opinion of price, they need to inform their vendor in writing and immediately amend all of their advertising, including internet advertising and paper advertising. This is the process only when the agent amends their opinion of price that they have provided to the vendor as part of the agency agreement. If the vendor instructs the agent to advertise the property at a price higher than the agent’s opinion of price, there is no requirement for the agent to amend their agency agreement.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit https://www.acop.edu.au for more information on our courses.
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In NSW, agents selling residential properties are required to adhere to the underquoting guidelines under the Property and Stock Agents Act 2002 and ensure that the price range for their opinion of price is no more than 10%. This is not a requirement for rural properties, that is properties over 2.5 hectares. Naturally, as an agent, you need to have good reason for your price range whether it is within a 10% range or in a broader range. No agent should provide information to the public that could be seen as misleading or deceptive.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit https://www.acop.edu.au for more information on our courses.
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In NSW, agents selling residential properties are required to adhere to the underquoting guidelines under the Property and Stock Agents Act 2002 and ensure that the price range for their opinion of price is no more than 10%. This is not a requirement for rural properties, that is properties over 2.5 hectares. Naturally, as an agent, you need to have good reason for your price range whether it is within a 10% range or in a broader range. No agent should provide information to the public that could be seen as misleading or deceptive.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit https://www.acop.edu.au for more information on our courses.
Like us on Facebook: https://www.facebook.com/AustCOP/
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In NSW, agents selling residential properties are required to adhere to the underquoting guidelines under the Property and Stock Agents Act 2002 and ensure that the price range for their opinion of price is no more than 10%. This is not a requirement for rural properties, that is properties over 2.5 hectares. Naturally, as an agent, you need to have good reason for your price range whether it is within a 10% range or in a broader range. No agent should provide information to the public that could be seen as misleading or deceptive.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit https://www.acop.edu.au for more information on our courses.
Like us on Facebook: https://www.facebook.com/AustCOP/
Follow us on LinkedIn: https://www.linkedin.com/school/australian-college-of-professionals/
Follow us on Twitter: https://twitter.com/College_Aus
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Music & Stock Video from: http://motionarray.com -
In NSW, agents selling residential properties are required to adhere to the underquoting guidelines under the Property and Stock Agents Act 2002 and ensure that the price range for their opinion of price is no more than 10%. This is not a requirement for rural properties, that is properties over 2.5 hectares. Naturally, as an agent, you need to have good reason for your price range whether it is within a 10% range or in a broader range. No agent should provide information to the public that could be seen as misleading or deceptive.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
Subscribe to our channel for future content.
Please visit https://www.acop.edu.au for more information on our courses.
Like us on Facebook: https://www.facebook.com/AustCOP/
Follow us on LinkedIn: https://www.linkedin.com/school/australian-college-of-professionals/
Follow us on Twitter: https://twitter.com/College_Aus
Follow us on Instagram: https://www.instagram.com/austcop/
Music & Stock Video from: http://motionarray.com