What happened to people who held an agent's licence and/or branch manager and salesperson's certificate of approval when the 2008 Act came into force?
Everyone who held an agent's licence or branch manager or salesperson certificate of approval on 17 November 2009 is deemed to hold the equivalent class of licence under the 2008 Act. This is an automatic process and the licensee or certificate holder did not need to take any action for this to happen.
A licence document has been issued by the Registrar to anyone who held a licence or certificate of approval, valid from 17 November 2009.
This licence will expire on 31 March 2010 and must be renewed before then for a person to continue working in the real estate industry.
Will I need the new qualifications when I renew my licence?
If you held a current agent's licence or branch manager or salesperson certificate of approval on 17 November 2009 you do not need to hold any new qualifications to renew your licence before 31 March 2010.
If you do not renew your licence before 31 March 2010 or let it expire in future years, you will need to apply for a new licence. When you apply for a new licence you will need to meet all the requirements of the 2008 Act including holding the required qualifications.
The Real Estate Agents Authority has the power to make rules requiring agents, branch managers and salespersons to undertake continuing education. A licensee will not be able to renew their licence unless they complete any continuing education required by the Authority. There are currently no continuing education requirements.
I had an agent's licence and a salesperson certificate under the old Act, do I need both under the 2008 Act?
You only need to hold one class of licence under the 2008 Act. An agent's licence allows you to carry out the work of an agent, branch manager and salesperson. Similarly, a branch manager's licence allows you to carry out the work of a branch manager and a salesperson.
Do I need an agent's licence if my company is licensed as an agent?
If a company is licensed as an agent under the 1976 Act, the company will be deemed to be licensed under the 2008 Act. However, under the 2008 Act in order for a company to be licensed as an agent, at least one officer of the company must also hold an agent's licence as an individual. This is a change from the 1976 Act, where officers of the company had to be eligible to hold an agent's licence, but were not necessarily personally licensed.
You must ensure that you or another officer of the company holds an individual licence as an agent before the company's licence is due for renewal on 31 March 2010. If no officer of the company has an agent's licence by that time, the company will no longer be eligible to hold a licence and will not be able to carry out real estate agency work.
This is a minimum requirement only. If more than one officer of a company wishes to be licensed as an individual agent, they are free to apply for a licence in their own right.
If you are the sole officer of your company, and do not hold an agent's licence in your own right, you need to apply to the Authority for an agent's licence before the company licence expires on 31 March 2010.
