SA Consumer and Business Services: Concerns about trust accounts and underquoting

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SA Consumer and Business Services: Concerns about trust accounts and underquoting

1 July 2022

Consumer watchdogs across Australia have been cracking down on the illegal practice of underquoting for many years now. South Australia’s Consumer and Business Services (CBS) department has publicly advised that they will be cracking down on agents partaking in underquoting this year, bringing to light the fact that many agents are still willing to mislead their clients despite heavy penalties.

An agent or sales representative must have reasonable grounds for advertising a property at the price stated in the advertisement, or they can face penalties under the Australian Consumer Law of up to $500,000 for an individual or $10 million for a company.

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WA Consumer Protection: Audit period starts soon!

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WA Consumer Protection: Audit period starts soon!

29 June 2022

The Consumer Protection division of the WA Department of Mines, Industry Regulation and Safety has advised the following in their recent newsletter blast:

Reminder: Audit period starts soon!

Agents who hold a triennial certificate and have held monies in trust during the

2021-22 financial year will need to provide a Statement of trust account money - Annexure A to their appointed auditor following the end of the financial year after 30 June 2022.

Agents who have not held or received any trust funds during the financial year must lodge a statutory declaration to this effect in lieu of an audit report.

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NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements

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NSW Fair Trading issues $69,300 worth in fines for breaches in CPD requirements

14 June 2022

NSW Fair Trading has reported that more than 19% (206) of the 1,059 real estate agents assessed by inspectors in April 2022 were found to be in breach of their annual Continuing Professional Development (CPD) requirements.

Licensed agents and certificate of registration holders are required to complete CPD specific to their licence/registration category between 23 March and 22 March, each year.

The regulatory body has noted in their June 2022 newsletter that, “inspectors have taken compliance action through education processes, issuing warnings and fines totalling $69,300. Inspectors are continuing to visit real estate offices to review CPD requirements and take appropriate compliance action.”

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New laws: Property industry reforms in the ACT

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New laws: Property industry reforms in the ACT

9 June 2022

From 1 July 2022, the ACT government will be introducing changes to the regulation of the real estate industry.

The reforms will include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

Come 1 July 2022, the College will be releasing ACT legislation-based courses in line with the new training requirements, to help students ease into the reforms and ensure they are compliant with their educational requirements as outlined by Access Canberra.

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Consumer Affairs Victoria: Commencement of action against two individuals

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Consumer Affairs Victoria: Commencement of action against two individuals

2 June 2022

Consumer Affairs Victoria (CAV) published notices to consumers via their website last month, advising that they will be taking legal/disciplinary action against two individuals. Although the cases are separate and unrelated to one another, of the various reasons for action, both individuals are alleged to have failed to act fairly and honestly, conducted themselves in a way detrimental to the estate agent industry, and engaged in unprofessional behaviour. Both individuals are also considered by CAV as not being “fit and proper persons to hold an estate agent licence”.

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

1 June 2022

An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

This update does not apply to you if you have already completed your ACT CPP07 course (e.g. units with ‘CPPDSM’ unit code).

This update is important if you have not yet completed your ACT course.

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WA government to cut taxes to entice 'build-to-rent' developments

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WA government to cut taxes to entice 'build-to-rent' developments

27 May 2022

This month, the WA Government announced there would be a 50% reduction in land tax as part of its 2022-23 state budget. This decision was made as part of the WA Government’s significant reforms to housing availability, to promote build-to-rent (BTR) developments.

Real Estate Institute of WA president, Damian Collins, said the positive outlook for the WA economy will see the current strong cycle for the housing market continue.

"We expect that this strength and the forecast 1.2% increase in population will continue to underpin further growth of WA’s residential sales market,” Mr Collins said.

The State Government’s decision to incentivise the construction of BTR stock acknowledges the critical role the private sector plays in delivering additional housing supply, he said.

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NSW Fair Trading: a recap on recent important updates

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NSW Fair Trading: a recap on recent important updates

28 April 2022

  • Flood recovery rental support now open for applications

  • Free interpreting service for real estate agents

  • Strata information is now easier to find if you are selling or managing a strata property

  • Reminder: Real estate trust account audits due 30 September 2022

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