Property & Real Estate

A real estate agent licence allows the holder to exercise:



- real estate sales and leasing functions

- business agent functions, and

- onsite residential property manager functions.



Real estate sales and leasing functions include:



- acting as an agent for a real estate transaction

- inducing or negotiating with a person to enter into, or to make or accept an offer to enter into, a real estate transaction or a contract for a real estate transaction

- introducing a prospective purchaser, lessee or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land

- collecting rents payable for any lease of land and providing property management services for the leasing of any land

- acting as an auctioneer of land (provided that the agent also holds auctioneer accreditation)



Business agent functions include:



- selling, buying, exchanging or otherwise dealing with, or disposing of, businesses or professional practices, or any share or interest in, or concerning, or the goodwill of, or any stocks connected with, businesses or professional practices

- negotiating for the sale, purchase of exchange or any other dealing with or disposition of businesses or professional practices, or any share or interest in, or concerning, or the goodwill of, or any stocks connected with, businesses or professional practices



On-site residential property manager functions include:



- acting as an agent for giving possession of residential premises under a lease, licence or other contract

- acting as an agent for collecting bonds, deposits, rents, fees or other charges in connection with any such lease, licence or other contract



Real estate agent licences are issued as either a Class 1 or Class 2 licence. A person who is nominated as a licensee in charge of a business must hold a Class 1 licence. Only a Class 1 licence holder who is also a licensee in charge may authorise trust account withdrawals for the business.

A stock and station agent licence allows the holder to exercise the following functions:



- where the transaction concerns rural land, to act as an agent for:

- a real estate transaction

- inducing or attempting to induce or negotiating with any person to enter into, or to make or accept an offer to enter into, a real estate transaction or a contract for a real estate transaction

- the introduction, or arranging for the introduction, of a prospective purchaser,

- lessee or licensee of land to another licensed agent or to the owner, or the agent of the owner, of land

- collecting rents payable for any lease of land and otherwise providing property management services for the leasing of any land



- for a livestock transaction, to act as an agent for:

- inducing or attempting to induce or negotiating with a view to inducing any person to enter into, or to make or accept an offer to enter into, a livestock transaction or a contract for a livestock transaction

- providing agistment for livestock or collecting of fees for the agistment of livestock



Stock and station agent licences are issued as either a Class 1 or Class 2 category. A person who is nominated as a licensee in charge of a business must hold a Class 1 licence. Only a Class 1 licence holder who is also a licensee in charge may authorise trust account withdrawals for the business.

A strata managing agent licence allows the holder to exercise the following functions:



- any function of an owners corporation (strata schemes), or

- any function of an association (community schemes)



Strata managing agent licences are issued as either a Class 1 or Class 2 licence. A person who is nominated as a licensee in charge of a business must hold a Class 1 licence. Only a Class 1 licence holder who is also a licensee in charge may authorise trust account withdrawals for the business.

A person who wishes to carry on business as a conveyancer must hold a conveyancer’s licence issued by NSW Fair Trading, unless they are a legal practitioner. A corporation can also hold a conveyancer’s licence.

A conveyancer’s licence permits the licence holder to carry out certain legal work in relation to property transactions, such as:
- a sale or lease of land
- a sale of a business
- the grant of a mortgage or other charge on property.

Conveyancing work may involve preparation of documents such as leases and contracts, giving advice on conveyancing documents, exchanging sale contracts, organising surveys and building inspections, arranging registration of title documents and attending settlement.

A licensed conveyancer with an unrestricted licence can carry out a range of work including residential and commercial property conveyancing, preparing and advising on mortgages, the sale of businesses and the sale of rural property. Holders of restricted licences are limited to doing work relating to specific kinds of transaction eg. residential conveyancing.

A conveyancer is not authorised to carry out work for the purpose of:

- a non-residential mortgage exceeding $7 million
- commencing or maintaining legal proceedings
- establishing a corporation or varying the memorandum or articles of association of a corporation
- creating, varying or extinguishing a trust
- preparing a testamentary instrument
- giving investment or financial advice
- investing money (other than in a trust account in accordance with Part 5 of the Act).

Assistant agent is the title given to all certificate of registration holders. This is an entry level position, with limited functions, to allow new entrants to gain the experience and knowledge required to qualify as an agent.



A certificate of registration is issued for a four-year term and is not renewable. Within the four-year period, assistant agents must complete their qualifications and progress to a Class 2 licence. If not, they must cease working as an assistant agent and they cannot apply for a new certificate of registration within 12 months of the expiry of their certificate .



The types of assistant agents include:



- Assistant Agent in Real Estate

- Assistant Agent in Stock and Station

- Assistant Agent in Strata Management



As an assistant agent, you must be employed and supervised by a Class 1 or 2 licence holder in order to exercise your functions. Assistant agents can generally exercise any functions related to their certificate type. However, as an assistant agent, you cannot:



- enter into a contract for the sale of land

- enter into an agency agreement, including sales agreement and property management agreements (except for agency agreements that relate to the sale or purchase of livestock)

- enter into a franchising agreement

- affix the seal of the owner?s corporation (if you are an assistant agent in strata management)

- authorise the withdrawal of money from a trust account