How to Get Yourself Licensed & Ready for 2020

2020 is just around the corner. With the new year comes new 2020 licensing reforms as of the 23rd March. Make no mistake, just like the big man coming down the chimney and all the new years resolutions we won’t carry through on – they are coming…

Jane has been a part of the Fair Trading subcommittee this year and has been working on setting the mandatory topics for next year’s CPD under the new reforms.

For Current Licensing:

  • Certificate of Registration
  • Licensed Real Estate Agent

For New Licensing:

  • Assistant Agent
  • Class 2 – License
  • Class 1 – Licensee in Charge License

2020 Licensing Reforms Changes

Certificate of Registration > Assistant Agent

Anyone operating on a Certificate of Registration on the 23rd March will transition to an Assistant Agent including if you are a Real Estate Agent, Business Agent, Stock & Station, Strata Management or Onsite Residential Property Manager.

Assistant Agents > Class 2

Assistant Agents will have 4 years to upgrade to a Class 2 license. Failure to do so will mean the inability to work in the industry for a period of 2 years. Anyone operating with a COR level who was previously doing trust accounting and approving payments will no longer be able to perform this function. You will also not be able to conduct transactions on behalf of a party with the exception of a Residential Tenancy Agreement. All Agency agreements (Sales and Property Management) will need to be co-signed by either a class 1 or class 2 license holder.

Current License Holders > Class 2

Anyone who holds an existing licence on the 23rd March will transition to a Class 2 License holder. You will be able to sign agency agreements as normal but will not be able to authorise trust account transactions. You will also need to attend mandatory CPD topics and elective CPD topics throughout the year.

Licensees in Charge > Class 1

Anyone who is currently a Licensee in Charge of a Corporation will automatically transition to a Class 1 license (now known as “Licensee in Charge License). It will be mandatory that you authorise all trust account transactions. This means that you’re essentially the person responsible for pushing the button to approve the payments from the trust account. Class 2 license holders will be able to take the transactions up to the point where it requires your final authorisation.

Visit the Two Sides of the Ledger Facebook page for some up-to-date vlogs on the upcoming reforms and what to expect in 2020.

Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.