Real Estate
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A Licensee-In-Charge of a property agency must prepare and maintain written procedures that ensure all communication during the provision of services under an agency agreement is with the owner of the property or the person with the legal right to act on the owner’s behalf. The procedures for these ongoing communications must ensure that agents only use contact details held on the property file which have been confirmed with the owner, and if changes are requested to these contact or bank details, that the changes are confirmed via an alternative contact method to the way in which the request originated with all parties to the agency agreement.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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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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The answer to this question is a resounding yes, in order to create and maintain a safe environment for your employees and customers. The NSW government has provided a template specifically for the real estate industry which can be found on their website at nsw.gov.au and then search for COVID-19 safety plan for auctions and open houses.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Scamwatch, through the ACCC, has seen a 55% increase in reports involving loss of personal information from last year, bring the numbers to more than 24,000 reports of scams and over $22 million in losses. The NSW Police Cyber Crime Unit has reported a rising number of property frauds involving the use of false bank accounts. In addition to the Fraud Prevention Guidelines, which are part of the Supervision Guidelines for property agents in NSW, it is important that agents always verify who they are dealing with. In addition to obtaining photo id and other information, including proof of property ownership at the commencement of a property transaction, any requested changes throughout the term of the agency agreement, should always be verified – and very often, a real live telephone call is the best way to do this.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Yes they have. The deadline for trust account audits for the year ending 30 June 2020 has been extended to 31 December due to the impact of COVID-19. All audits of trust accounts operated and managed by property agents in NSW must be completed and submitted online by the auditor through the Auditors Report Online portal. It is the agent’s responsibility to ensure that their auditor submits audits by the due date.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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You either love the concept of off-the-plan property or you hate it. Either way, if you are selling off-the-plan property as an agent, now is the time to sit up and take note. With the current economic environment, and many people have lost their jobs, those who have purchased properties off-the-plan may not be able to settle. For some people, when the bank undertakes its valuation of the property in order to finalise lending for that purchaser, it is likely in the current market that the valuation will be less than the original purchase price of the property. This leaves the purchaser with a shortfall in their available finances. Agents need to start communicating with any purchasers of off-the-plan properties right now, and get them to obtain advice from their brokers or accountants about their personal financial situation and the likelihood of them being able to settle.
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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An embedded network is a contract between an owners corporation of a strata scheme and an energy retailer to supply power to all of the properties within that specific development. Embedded electricity or gas networks are common in high density apartment buildings, strata schemes, residential land lease communities and residential villages. A property manager must disclose to a tenant before signing a tenancy agreement, if electricity or gas supplied to the premises is from an embedded network, as there is often little flexibility for a tenant when trying to choose energy suppliers.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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As part of the new amended definition of ‘Material Fact’ in the Property and Stock Agents Act 2002, the presence of loose-fill asbestos is a specific point that agents need to disclose to prospective purchasers. In particular, if the property has been listed on the loose-fill asbestos insulation register, this must be disclosed by the agent. This is simply one point of disclosure required by agents in the sale or leasing of a property in New South Wales. Other disclosure points including the history of flooding or bush fire, significant health or safety risks, the events of crime or murder or manslaughter and any instances of the manufacture, cultivation or supply of prohibited drugs or plants.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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Once you obtain a licence in NSW, you no longer need to hold a Certificate of Registration. This means that when you obtain your licence, you need to surrender your Certificate of Registration. Only if you wish to add an additional category of licence in the future, you will need to hold a Certificate of Registration for a minimum of a 12 month period in the category of the new licence for which you are applying.
Rosy Sullivan | College Principal & Director
Australian College of Professionals - RTO 91513.
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