It’s the question that is asked of the REINSW Training team every single day.
In the past, the answer was simple – just complete 12 points. Now, it’s not some simple and what you need to do to complete your CPD will depend on your qualification.
Changes to CPD
Don’t forget that your CPD obligations have changed, following the industry reforms introduced last year.
Previously, agents were required to fulfil their CPD obligations within a 12-month period aligned with the renewal date of their Certificate of Registration or Licence. For example, if you renewed your Licence on 15 June 2018, you were required to complete your CPD by 14 June 2019.
This is no longer the case.
There’s now a standard CPD year. Now, whether you’re an Assistant Agent or Licence holders, you must complete your annual CPD obligations between 23 March of the current year and 22 March of the following year.
This is a significant change and one that you need to be mindful of.
Remember, you need to complete three hours of compulsory training and three hours of elective training.
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.
Class 2 Real Estate Licence
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.
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 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.