CPD Training requirements for licensed agents from March 2020

Comments below that have been italicised, underlined and bolded are mine – to show significant changes to the way things are being done by NSW Fair Trading. The content below is from NSW Fair Trading website as at 03 February, 2020.

Compulsory topics – 3 hours per year

Compulsory topics are determined by NSW Fair Trading in consultation with industry and are delivered by industry associations, government agencies and other providers approved by Fair Trading.

Important: NSW Fair Trading is currently developing a process to allow organisations to apply for approval to deliver compulsory CPD. This process will be released in early 2020 (it is now into February, and there has been nothing from NSW FT on this “process”!)

Compulsory topics will change each CPD year. Between 23 March 2020 and 22 March 2021, the compulsory topics are:

  1. Real Estate Reforms, including trust account requirements (1 hour)
  2. Rules of Conduct (1 hour)
  3. Risk Management – as is applicable to the agent’s licence category (1 hour)

Details of providers delivering the compulsory topics will be available from Fair Trading’s website before the start of the CPD year. (CPD year commences on 23rd March – and that is just 7 weeks away)

Elective topics – 3 hours per year

Elective topics may be delivered by any training provider. The provider does not need to be approved by Fair Trading. (and does not need to be an RTO)

A class 1 or class 2 licence holder may choose to undertake their elective CPD from any provider that delivers training in:

  • Property practice (sales and property management, strata and community management, stock and station agency, business sale or business broking, commercial and industrial property) (This leaves the door pretty widely open for “training”  that is relevant to the needs of an individual agent, or the agency to have training on anything they want!)
  • Marketing skills and/or practice
  • Communication skills and/or practice
  • Property transaction legal requirements
  • Ethics and professional responsibility
  • Fraud prevention
  • Marketing and quality control
  • Workplace health and safety
  • Legislation and compliance

A class 2 licence holder may also choose elective topics relating to:

  • Risk management
  • Industrial relations and human resource management
  • Supervision requirements
  • Trust accounting principles and audit requirements

For class 2 licence holders, the completion of one unit from the CPP50307 – Diploma of Property Services (Agency Management) is equivalent to 3 hours of elective topics.