8 February 2021
By NERIDA WOOD
Continuing Professional Development has changed and all agents need to understand what their obligations are in accordance with their classification in the licensing structure.
Since the industry reforms commenced on 23 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. Moving forward, the CPD you need to complete depends upon your classification in the licensing structure.
But before we dive into the nitty gritty of the CPD you need to complete, there are a couple of threshold points that need to be emphasised:
Completing 12 CPD points per year is a thing of the past. Moving forward, you need to complete a prescribed number of hours of CPD in order to fulfil your obligations. The composition of CPD activities that you need to undertake to complete these hours will depend on your classification in the licensing structure.
Previously, you were required to fulfil your CPD obligations within a 12-month period aligned with the renewal date of your Certificate of Registration or Licence. This is no longer the case. There’s now a standard CPD year. All agents must complete their annual CPD obligations between 23 March of the current year and 22 March of the following year.
CPD obligations for Assistant Agents are linked to the requirement to upgrade to a Licence. All Assistant Agents, as Certificate of Registration holders are now known, must transition to a Class 2 Real Estate Licence.
If you are an Assistant Agent, you have four years to complete the transition from the date of your post-23 March 2020 registration renewal. Similarly, new entrants to the industry will 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 agents to complete the Certificate IV in Real Estate Practice. By completing at least three units of competency from the Certificate IV qualification, you’ll satisfy your annual CPD requirements.
All Class 2 Real Estate Licence holders must complete six hours of CPD per year. Importantly, these six hours are split into three hours of compulsory topics and three hours of elective topics.
The compulsory topics are determined each CPD year by NSW Fair Trading in consultation with the industry, and these courses can only be delivered by approved training providers, such as REINSW. There must also be a written assessment.
Agents then have the opportunity to choose three hours of elective topics that align with their area of specialisation or interest. These courses may be delivered by any training provider as long as the content is aligned with certain requirements.
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 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 knowledge and skills. This requirement does not start until 23 March 2021.
If you hold a dual licence (i.e. both a Real Estate Licence and a Stock and Station Licence, or a Real Estate Licence and a Strata Management Licence), you don’t need to double up on your CPD. You simply need to do the three hours of compulsory topics, plus the three hours of elective topics.
Some Certificate of Registration and Licence holders are exempt from completing CPD:
If you have questions about CPD, please call REINSW Training on (02) 9264 2343 or email [email protected]
(02) 9264 2343
From VOLVO, BMW and TESLA Check them out.
Also, Keep track of your CPD hours with the NEW CPD Diary in your member portal! Log in today.