Licensing of agents

Question 1

Licensing requirements

Answer 1

-The property Occupations Act and Property Regulation is administered by Fair Trading which received decisions on applicants

Question 2

Licensed individuals and licensed corporations

Answer 2

-Real estate license
-Auctioneer license
Resident letting agent license

Question 3

Suitability and eligibility of an individual for a license

Answer 3

• Over 18
• Have the educational qualification approved by fair trading
• Has previously held the same type of license within the previous 2 years
• No convicted offences within the past 5 years

Question 4

Suitability of a corporation for a license

Answer 4

• Have the educational qualification approved by fair trading
• Has previously held the same type of license within the previous 2 years
• No convicted offences within the past 5 years

Question 5

Licensed individual who is an employee

Answer 5

• Can be employed by another licensed person, rather then having their own agency
• Can only preform real estate activities permitted under the employers license

Question 6

Independent contractor requirements

Answer 6

• Have to be a fully licensed agent

- Not just registration certificate

Question 7

Registration certificate

Answer 7

• Employees preform real estate activities on behalf of licensees
• Must be registered with fair trading
• Can preform any activity that may be preformed by the licensed agent

Question 8

Suitability and eligibility of applicants for the registration certificate

Answer 8

• Over 18
• Have the educational qualification approved by fair trading
• Has previously held the same type of license within the previous 2 years
• No convicted offences within the past 5 years

Question 9

Renewal of license or registration certificate

Answer 9

• Employees who preform real estate activities on behalf of licensees must be registered with fair trading
• 1 or 3 years

Question 10

Penalties for being unlicensed or unregistered

Answer 10

• Maximum penalty of 200 units or 2 years imprisonment
• If you are a company or corporation it is 1000 units
• A penalty unit is an amount in dollars

Question 11

Property Occupations Act 2014

Answer 11

-Provides the regulation of activities, licensing and conduct of agents and their employees to protect consumers against undesirable practices