A new individual licensing regime was introduced on 17 November 2009. Anyone wishing to enter the real estate industry must apply to the Real Estate Agents Authority for a licence.
There are three classes of licence:
- Agent - this allows the licensee to carry out real estate agency work on his or her own account (whether in partnership or otherwise)
- Branch manager - this allows the licensee to carry out real estate agency work for or on behalf of an agent
- Salesperson - this allows the licensee to carry out real estate agency work for or on behalf of an agent. A salesperson must be supervised by an agent or a branch manager when carrying out any real estate agency work.
Anyone who held a current real estate agent's licence or a branch manager's or salesperson's certificate of approval as at 17 November 2009, is deemed to be licensed under the 2008 Act. This means that they can continue to work in the industry without having to apply for a licence until 31 March 2010 when the licence expires. Before the expiry date, a person will be required to make a renewal application to the Authority to continue to be licensed for the coming year.
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