At a residential property auction in NSW, the agent/auctioneer is required to display the Conditions of Sale by Auction including the Warnings about penalties for dummy bidding, collusive practices and the actions required from successful bidders. Many agents include the Auction Conditions and Warnings on the reverse side of the Bidder’s number card, and most auctioneers have a display board that they place close to where they are standing as they conduct the auction.

The Residential Tenancies Regulation states that a tenant must be provided with a Condition Report on the residential property that they are going to lease at the time of (or before) signing the Residential Tenancy Agreement (lease). This means that agents who provide a draft lease or provide a lease for electronic signature/s need to include the Condition Report with the lease. If this is not provided at the time of signing, it may lead to the lease not being seen as a valid lease, and the tenant is not locked into the lease prior to taking possession of the property.

The short answer is YES they do. Your licence details must be up-to-date to ensure that you can continue to securely renew your licence online and receive renewal reminders via text and email. Agents need to contact Fair Trading and advice them if their details have changed, and email them (with supporting documentation) if details such as change of name has occurred.

The short answer is NO they can’t. They would need to upgrade their licence to a full Real Estate Licence, so that they can then list, sell and manage businesses and properties (residential, commercial, industrial and retail). Such an agent would need to complete 2 real estate related training modules in order to gain the relevant qualification which will enable them to make application to NSW Fair Trading for an unrestricted real estate agents licence.

A licensee-in-charge must prepare and maintain written procedures for the verification of the identity of a party with whom it is proposed to enter an agency agreement. This is the most important question at this point, as we are often asked “is this just for residential sales”. The very easy answer is NO. Clause 4.1 of the Supervision Guidelines states that the Fraud Prevention identification check must be completed whenever an agent is entering into an agency agreement – so very clearly, this means ANY agency agreement, be it sales (residential, commercial, industrial, retail, rural, businesses) or leasing (residential, commercial, industrial, retail, rural, on-site management) or buyers agency agreements. Yes – that’s every type of agency agreement.

Two of the major errors or omissions that property agents make with their agency agreements is completing the sections relating to inclusions, easements, caveats and covenants. The other area is the disclosure requirements in relation to material facts. The forms state that a vendor must complete this section – whether the agent is asking the vendor/s the questions and then marking the agreement or the vendor is personally completing this section – it MUST be completed. Don’t have your commission questioned just because your agreement is not completed accurately and clearly.

As of 1 January 2023, a new regulation under the Retail Leases Act clarifies the status of small bars and fitness centres. The intention of the regulation is to clarify that these businesses are covered by the Retail Leases Act regardless of whether they are located in shopping centres, retail strips or stand-along premises. The regulation covers gymnasiums and fitness centres, including yoga, pilates and dance studios, as well as small bars with a maximum capacity of 120 persons.

In order to create a respectful communication channel and ensure that tenants are informed when the management of their property is transferring to a new agent, it is the responsibility of both the outgoing and the incoming agent to inform the tenant. Being a professional agent and also acting in the landlord’s best interest, it is essential that the tenant will know that when they are contacted by the new agent, that it is not a scam from someone holding themselves out to be an agent, and that they are being told to pay their rent to a new account. Communication is always the key.

For those agents who hold a Certificate of Registration and held this prior to the property service reforms in March 2020, you have until 22 March 2024 (7.5 months away) to obtain your Class 2 licence. When this reform happened back in March 2020, it seemed like forever until March 2024 and the need to obtain a Class 2 licence. Well, the clock is ticking very fast right now and you need to get this completed. If you have not made application for your Class 2 licence by 22 march next year, your Certificate of Registration will lapse and you will have to wait 12 months before you can make application to have it reinstated. In essence, that will mean that you cannot work actively in the property industry for a period of 12 months.

Assistance programs for first home buyers changed again as of 1 July 2023. Revenue NSW has introduced the Home Buyer Assistance Finder with all information in relation to the updated existing home buyer initiatives. The website includes links and resources for first home buyers and also for agents. The First Home Buyer Choice program that was introduced in late 2022 was cancelled as of 30 June 2023. Purchasers who exchanged contracts on or before 30 June 2023 have up until settlement of the property to opt-in to the choice scheme and pay an annual property tax instead of upfront stamp duty.