Property Occupations Act 2014 - Part Two
There have been a number of changes to the licensing of agents. They have gone from 9 different licenses to 4.
- Real Estate Agents (This is often referred to as your principals license)
- Resident Letting agent
- Registered sales person
Developers will no longer be required to obtain a license even if the sell more than 6 properties in a 12 month period.
A real estate agency that has more than one office will need a person in charge of each office but they only need one principal license. The offices can operate with a registered salesperson in charge if they dont operate a trust account out of the office or if they do then they can have a resident letting agent in charge.
Onsite letting managers can operate more than one complex as long as they have an office in each complex. They don't need a separate manager in charge of each complex.
Developers that sell more 6 or more properties in a 12 month period need to provide a disclosure statement notwithstanding that they don't need to be licensed.
There is nothing preventing the agent from still claiming commission from the client.
Section 149 Statements
These have been abolished. Therefore you no longer need to give a statement to a buyer, of non residential land, saying you cant build a house on the land. This section had been allowing solicitors to get buyers out of contracts for the purchase of commercial land.
We will be conducting in house training on the changes to the law and how to prepare the new listing agreements over the next couple of months. If your office is interested in Roland attending and providing this training please contact us 1800 632 394.