Class 1 & Class 2 Real Estate CPD NSW
Introduction: Who does what CPD?
Class 1 Agent
A Class 1 Agent in Real Estate or Strata Management from 2021/22 CPD year must complete at least 9 hours of CPD activity each year.
Note: The 2020/21 CPD year only 6 hours required) including 3 hours of compulsory CPD topics & 3 hours of elective CPD topics.
The business skills topics are not required in the first CPD year while licence holders transition to the new licensing framework. For the 2020-2021 CPD year, a Class 1 Agent in Real Estate or Strata Management will complete at least 6 hours of CPD, including the compulsory and elective topics. 3 hours of business skill topics (not required 2020/21 CPD year).
Class 2 Agent
A Class 2 Agent in Real Estate or Strata Management must complete at least 6 hours of CPD activity in each year, including:
3 hours of compulsory CPD topics, and 3 hours of elective CPD topics.
Note: If you hold a licence for both stock and station and real estate, you will be required to undertake 6 hours of CPD per year. Of this, 3 hours are compulsory topics and 3 hours are elective topics. You can choose which of the compulsory or elective topics are most relevant to you.
Class 1 and Class 2 CPD Must Be Completed In:
What CPD Topics will you be doing in the course?
Compulsory Topic 1 – Real estate reforms (including trust account requirements)
Learning Outcomes: Identify the key changes introduced as part of the 2020 reforms.
Overview of main reforms:
1. Qualification and training requirements (including career pathways and CPD).
2. Fair Trading’s enhanced compliance powers.
3. Prescribed ‘material facts’ and agents’ disclosure obligations.
4. The different classes of licence (class 1, 2 or certificate of registration) and types (real estate, strata, stock and station).
5. The functions permitted under each licence class and type.
6. Licence types and functions (real estate, strata, stock and station) including the consolidation of former licence categories into the real estate licence.
7. The requirement for the licensee in charge to authorise trust account withdrawals, including reforms to ensure greater accountability over management of trust money.
Compulsory Topic 2 – Rules of Conduct
This topic provides an overview of the changes to the rules of conduct that commenced in March 2020 under the Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018 and Property, Stock and Business Agents Amendment Regulation 2019.
Learning Outcomes: Demonstrate an understanding of the requirements of the rules of conduct. Identify the key changes to the rules of conduct as part of the reforms.
1. Requirement for agents to pay rental income monthly.
2. Rules for the management of trust money, including the requirement to establish separate accounts for rental money and sales money.
3. Limitations on gifts and benefits that can be received by licence and certificate holders.
4. Identify the rules of conduct applicable to the individual participant’s licence class and type.
Compulsory Topic 3 – Risk management – Responsibilities of Agents (Real Estate Agents)
This topic involves understanding agent responsibilities to respond to and mitigate risks for occupants and managing risks that may arise within the property industry. For stock and station agents there is a focus on worker risk and animal welfare. For business broking there is a focus on appropriate disclosures and advice.
Learning Outcomes: Identify the primary occupancy risk for the various functions carried out by agents, including but not limited to:
1. Residential sales
2. Residential property management
3. Commercial, retail and industrial sales
4. Commercial, retail and industrial leasing
5. Management of on-site residential complexes.
Identify potential sources of risks including but not limited to fire safety, swimming pools and risks arising from poor maintenance of a property.
Understand the responsibilities of an agent to mitigate safety risks to occupants through appropriate disclosures, maintenance and coordinating appropriate responses to identified risks.
Elective Topic (3 hours for Class 1 and Class 2 agents)
Connect Skills Institute has chosen the ‘Marketing skills and/or practice’ topic where we will be focusing on getting more appraisals.