Sweeping real estate reform to be debated in Parliament
What could be one of the most significant reforms for New South Wales real estate agents is set for its third reading in Parliament.
The Property, Stock and Business Agent’s Amendment Act was introduced by Minister for Fair Trading Matthew Kean in November 2017.
It follows the Office of Fair Trading publishing a consultative paper on its proposed real estate industry regulatory reforms in November the year before.
According to real estate agency law specialist Bailey Compton, a key issue arising from the reform bill included every staff member needing to hold a “Class 2 licence”.
Failure to comply would mean they would be labelled an ‘assistant agent’ and have their statutory functions restricted.
Every business would also need to have least one “Class 1 licence holder” to comply with supervision and management responsibilities.