Section 22 of the Property and Stock Agents Act 2002, notes that agents must hold Professional Indemnity Insurance. The Regulation requires insurance policies to provide a minimum level of indemnity coverage of not less than $1 million for any one claim; and not less than $3 million in the aggregate, for all claims made during the period of insurance. These indemnity amounts are inclusive of costs incurred or payable by the claimant in connection with any claim.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Section 30 of the Property and Stock Agents Act 2002 refers to the business names of individuals and businesses as they are presented to the public. This is to ensure transparency in business transactions. Agents need to check that their website, all advertising and business cards represent the full legal names of the agent being named. If the agent is using a version of their name that varies from their legal name, ensure that the agent's licence or Certificate number is included with their name, in order for any member of the public to check the NSW Fair Trading Agent Register to confirm their authority as an agent under the Act.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Whether you work in real estate, stock & station or strata management, or whether you are an Assistant Agent or a licensed agent, depending on when you first obtain your Certificate or your Class 2 or Class 1 licence, it makes a difference as to when and how many hours and modules of training you need to do to meet your CPD requirements for the year. Simply, the CPD year of 23 March to 22 March the following year, is divided into 3 blocks (March to June – June to December – and December to March). Depending on which block you gain your specific authority, depends on how much training you need to do. As every agent is different, because of when you personally make your application, it’s best to check with ACOP to confirm your CPD obligations in any given year.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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As of 20 October 2021, masks are still mandatory in all indoor common areas of residential strata premises in NSW. Common areas include lifts, car parks, garbage areas, lobbies, stairwells and corridors. This public health order applies to residents, visitors, contractors, staff, and delivery drivers. As a property manager or strata manager, ensure that the signs are on display in the common areas informing residents to wear masks in all indoor common areas.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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We are almost half way through the CPD year in NSW, and all agents have training requirements for their professional development. There are 3 categories of CPD. Class 1 licensed agents need to complete 9 hours of professional development and Class 2 agents need to complete 6 hours of professional development. Quite different from these requirements, Assistant Agents need to complete 3 Units of Competency towards their licence qualification – which can take many more than 9 hours to complete – so it’s essential that Assistant Agents in particular get underway with their CPD requirements. Do not leave this to the last minute next February and March.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Definitely yes – there are no exemptions for this requirement from NSW Fair Trading. If you are an Assistant Agent and are making application for a Class 2 licence, you must have worked in the industry for a minimum of 12 months and submit evidence of this with a signed Work Experience Log Book from the Licensee-In-Charge who has supervised your work for the that 12 month period. If you are a Class 2 agent making application for a Class 1 licence, you must have worked as a licensed agent for a minimum period of 2 years, and also submit evidence of this with a signed Work Experience Log Brook from the Licensee-In-Charge who has supervised your work for that 2 year period.

Rosy Sullivan | College Principal & Director
Michael Carolan | Senior Trainer & Assessor
Australian College of Professionals - RTO 91513.
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The answer is both yes and no. If a property being listed was built prior to 1980, then definitely the agent should get the property owner to complete the ‘loose-fill asbestos questionnaire’. If the property was built well after 1980, then there is no need for this questionnaire to be completed. To be safe, it would be deemed as best practice to get the property owner to complete the questionnaire if the property was built around 1980 or before.


Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.

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Having a ‘gifts and Benefits Register’ in a NSW property agency is a requirement of the Supervision Guidelines and is linked to compliance with section 31 of the Property and Stock Agents Act 2002. If a person gives a gift to an agent and there is an agency agreement involved (eg vendor, landlord or purchaser for buyers agents), then there is no need to include the gift in the register. However, if the gift is given by someone else and there is either a real or a perceived conflict of interest, then it must be included in the Register and you must make a note about why the gift is not a conflict of interest. If there is a real conflict of interest, then it would be prudent not to accept the gift.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.

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Any complaint that could potentially end up with NSW Fair Trading should be considered as a complaint that needs to be included in an agent’s Complaint Register. A tenant informing an agent that their toilet is broken in not a complaint, it is a ‘repair and maintenance’ issue. However, if the tenant has called every day for a week stating that the toilet has not been fixed, then we now have a complaint. Complaints also need to be categorised into either general complaints and complaints of a financial nature. If the complaint relates to money, then the Licensee-In-Charge must be involved in the investigation and resolution of the complaint.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.

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As of 1 July 2021, there has been a 2.5% increase to the minimum award rates in the Real Estate Industry Award. To check that the correct pay rates are being applied, go to fairwork.gov.au and ensure that your calculations as an employer or an employee are correct.

Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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