Estate Agents Act Flashcards
1
Q
when was the Council for Estate Agents (CEA) formed?
A
2010
2
Q
Requirements for RES to be registered? [4]
A
- PR for more than 10 years
- more than 21 yo
- passed RES, register within 2 years
- must fulfil 6 hours of Continuing Professional Development (4 credits professional, 2 credits generic)
3
Q
what must every Estate Agent (EA) have? [3]
A
- Key Executive Officer (KEO)
- Professional Indemnity Insurance
- Standard Operating Procedures (SOP) and guidelines
4
Q
Roles [2] and requirements of a KEO [2]?
A
- proper administration and overall management
- supervision of RES
- 3 years of experience as RES
- 30 property transactions in the last 3 years
5
Q
what happens if theres a vacancy for the KEO?
A
- EA to notify CEA within a week
- Appoint a KEO within a month
6
Q
Cost of RES registration
A
230 (w/o GST) + 53.50 (w GST) = $283.50
