Do you know what CPD you need to complete? The requirements for all Real Estate Licence and Certificate of Registration holders to complete 12 CPD points a year is a thing of the past. CPD requirements now differ depending on your classification in the licensing structure. Here’s what you need to know.
Since major training reforms commenced back in March 2020, agents across the industry have been focused on their qualifications and what they need to do to comply with the new licensing regime. However, the qualification you hold is only one piece of the puzzle. Changes to the CPD framework also need to be considered, because the CPD you need to complete depends upon your classification in the licensing structure.
Assistant Agents
CPD requirements for Assistant Agents are linked to the requirement to upgrade to a Real Estate Licence. All Assistant Agents, as Certificate of Registration holders are now known, must transition to a Class 2 Real Estate Licence.
If you held your Certificate of Registration prior to the commencement of the training reforms, you have four years from 23 March 2020 to complete the transition to a Class 2 Real Estate Licence. Similarly, new entrants to the industry have four years from the date they receive their Certificate of Registration to transition to a Class 2 Real Estate Licence.
Transitioning to a Class 2 Real Estate Licence requires Assistant Agents to complete the Certificate IV in Real Estate Practice Course – and, by completing at least three units from the Certificate IV qualification, you’ll satisfy your annual CPD requirements.
Rest assured, as an Assistant Agent you’re not required to complete the compulsory CPD topics set down by NSW Fair Trading, as these only apply to Class 1 and Class 2 Real Estate Licence holders.
Completion of the Certificate IV in Real Estate Practice allows Assistant Agents to apply to NSW Fair Trading for their Class 2 Real Estate Licence.
Once you make the transition from Assistant Agent to a Class 2 Real Estate Licence, your CPD obligations will then change.
Class 2 Real Estate Licence
All Class 2 Real Estate Licence holders must complete six hours of CPD each year. Importantly, these six hours are split into three hours of compulsory topics and three hours of elective topics.
The compulsory topics are determined by NSW Fair Trading and these courses can only be delivered by approved training providers, such as REINSW. Agents then have the opportunity to choose three hours of elective topics that align with their area of specialisation or interest.
Class 1 Real Estate Licence
All Licensees-in-charge must now hold a Class 1 Real Estate Licence, which requires the completion of additional annual CPD requirements.
Like Class 2 Licence holders, Licensees-in-charge must complete three hours of compulsory CPD topics and three hours of elective topics.
In addition, they must also undertake a further three hours of elective topics focused on business management. The purpose of these additional hours is to ensure that agents charged with running the agency have specific business-related skills.
CPD year
Previously, agents were required to fulfil their CPD obligations within a 12-month period aligned with the renewal date for their Real Estate Licence or Certificate of Registration. For example, if an agent renewed their Licence on 15 June 2018, they were required to complete their CPD by 14 June 2019.
This is no longer the case. There is now a standard CPD year. All agents, whether they are Assistant Agents or Licence holders, must complete their annual CPD requirements between 23 March of the current year and 22 March of the following year.
This is a significant change and one that all agents need to be mindful of.
Courses and delivery options
REINSW has a comprehensive calendar of CPD courses, which includes classroom (currently being delivered in a Zoom setting) and online training.
Agents are looking for courses tailored to their chosen field of specialisation. So, in addition to providing CPD training for the compulsory topics, REINSW also has courses for auctioneers, buyers’ agents, commercial sales and leasing agents, commercial property managers, residential sales agents, residential property managers, strata managers and more.
With the current COVID concerns, REINSW has decided to deliver all classroom training ‘virtually’ via Zoom. Even when things return to a more normal setting and we can restart our classroom sessions, REINSW will continue to deliver classes virtually via Zoom. Regional agents, in particular, will benefit. Sending trainers to regional areas has always been a challenge for REINSW in terms of resourcing. But, with virtual classes now an established part of REINSW’s training mix, agents across New South Wales, no matter where they are located, can participate in courses.
REINSW’s focus is, and always has been, on quality. The Institute takes great pride in the quality of its course material and training. Together, these ensure agents have a superior training experience.
CPD requirements
