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Member Helpline Q&A
When an individual holder of a licence or certificate fails to renew their licence or certificate, they would be prohibited from working until such time as the licence or certificate is renewed or restored.
Where an agent is operating under a corporation licence, a failure to renew a licence will prohibit you from continuing to trade and could potentially result in lost commissions.
The requirement for holding a corporation licence is that at least one of the directors holds the class of licence to carry on the business that the corporation carries on. For example, a corporation intending to act as a business agent would require at least one of the directors to hold a Business Agents Licence. A failure by that director to renew their licence will also affect the eligibility of the corporation in being able to hold a licence.
In the event of a Licensee-in-charge failing to renew their licence, another licensed agent would need to be put in place to act as Licensee-in-charge until such time as the Licensee-in-charge has had their licence re-instated.
For the renewal of an expired licence or certificate, there is a 90-day restoration period where the licence or certificate may be restored with the payment of an additional restoration fee. In the event of the licence or certificate lapsing beyond the 90-day period, a new application would have to be made to NSW Fair Trading.
Continuing to operate while unlicensed is a serious breach under the Property Stock & Business Agents Act 2002, resulting in potential fines and/or disciplinary action by NSW Fair Trading.
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