A quick guide to understanding the new Continuing Professional Development (CPD) requirements for the real estate industry.
All agents – regardless of whether they hold a class 1 licence, class 2 licence or a certificate of registration - must now complete CPD annually. Training is now measured by hours not points. It includes three hours of compulsory units plus an additional three hours of elective topics relating to your area of practice or type of licence.
Tip: The compulsory subjects set by the Department of Fair Trading and must be delivered by an approved provider, such as REINSW, and must include a written assessment
Agents have a year to complete their training – anytime between March 23, 2019 to 22 March 2021. It will be the same dates each year. While you can renew your licence without completing CPD, all agents must completed the required CPD training before the deadline.
Tip: Use your licence renewal date as a reminder to fulfill CPD obligations and ensure you comply. Write it in your diary now!
Failure to comply with your CPD requirements may result in the suspension or cancellation of your licence or certificate. The responsibility also falls on the licensee-in-charge who needs to ensure the entire team is up-to-date.
Tip: Check out the REINSW Supervision Guidelines Manual. An effective ‘How-to’ guide to help you implement changes to CPD with ease and efficiency before the deadline..
This year’s set topics are trust accounting, rules of conduct and risk management applications for licence category. Each unit takes an hour to complete.
Tip: Six hours of CPD training won’t satisfy obligations unless these compulsory topics are covered. The set units will change every year as nominated by the Department of Fair Trading – so ensure your CPD provider is up-to-date.
Not this year - it will be introduced in 2021-2022.
Tip: Three hours of study towards an MBA will be able to count towards these electives.
A range topics are on offer including marketing skills and ethics. These can be delivered by any training provider. Electives can be managed by a franchise but will need to be outsourced for a single office.
Tip: There is no assessment for elective CPDs, however, it needs to be structured content. Weekly sales meetings do not meet training elective CPD obligations.
Every individual is responsible for having proof of completed compulsory and/or elective training. Agents audited by the Department of Fair Trading will have to show documentation of completed CPD.
Tip: Keep your documentation safe! The REINSW does keep a record of all completed training. You can also access this information through our training portal.
Licence holders (class 1 and class 2) must retain all records for three years. Certificate of Registration holders must retain a Statement of Attainment of all subjects for four years.
Licensees-in-charge should also keep a copy of staff’s completed CPD as part of their supervision obligations.
Tip: The REINSW is currently developing a CPD record keeping system.
The good news is ‘yes’.
If the licence or certificate of registration was granted within 90 days of the end of the CPD period, then training is not required for that period. There are also additional exemptions for those new to the industry.
For this year only, agents can carry over any elective training that was completed prior to the March 23, 2020 changeover such as ‘roadshows’. Class 2 licence holders can also satisfy electives by completing a unit of competency from the Diploma of Property qualification.
Tip: If you are unsure, give the REINSW training a call and we will be able to help you.
There is no carrying over of CPD hours from March 2021. An agent who holds a class 1 licence, class 2 licence or a certificate of registration must complete six hours of CPD training every year.
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Also, Keep track of your CPD hours with the NEW CPD Diary in your member portal! Log in today.