What’s New

There is always something new and exciting happening in the property, business and finance world and also at ACOP.  This page will provide you with access to new information, events and information about what’s happening at your College and also in your industry.

Scroll down to see various topics that are trending at the moment.

Is Your Real Estate Agency Ready?

NSW Fair Trading are out in the field conducting inspections of real estate agents and local businesses. In EAC’s meetings with the government body, as part of the Real Estate Reference group, they share with us what they are finding ‘out there’ and what they’re focusing on.

Property Reforms

Building Bond

The new strata building bond and inspection scheme (the scheme) will now commence on 1 January 2018. It was originally scheduled to commence on 1 July 2017.

Have your say on changes to Retirement Villages Regulation

The NSW Government is seeking to improve the laws that regulate retirement villages in NSW and is asking for your feedback on the proposed changes.

Underquoting Information for agents

There has been a significant drop in the number of underquoting complaints made to NSW Fair Trading since the commencement of new underquoting laws in January 2016. Complaints have fallen from 119 for the January to March period in 2016 to only 12 for the same period in 2017.

Underquoting occurs when a real estate agent verbally advises or advertises a property for a price that is less than the estimated selling price in the agency agreement they have with the seller.

While complaints have fallen, a recent targeted underquoting compliance program conducted by NSW Fair Trading revealed that not all agents are complying with the new laws. The compliance program involved the inspection of 124 real estate businesses and 620 property sales files, resulting in:

  • 38 corporations and three individuals being found to be non-compliant with real estate laws, including licensing, supervision and underquoting
  • 22 penalty infringement notices being issued to date for underquoting.

Routine and targeted compliance inspections are made by NSW Fair Trading throughout the year.

Your strata law questions answered

With strata communities in NSW adjusting to major reforms, this issue addresses questions that have emerged for strata schemes. NSW Fair Trading covers the topics of pets, electronic communications, strata management, tenant participation and more.

Rental bond lodgement forms

Agents and landlords, if you need a rental bond lodgement form, download a copy through Rental Bonds Online. You can find the form under the Links section. Multiple copies of the Rental Bond Lodgement forms are no longer available at the shop.nsw website.

Real estate and property industry reforms

Reforms are proposed to real estate and property laws affecting industry training, educational and licensing requirements.

The changes are the result of industry consultation and include a range of measures aimed at increasing professional standards for NSW certificate and licence holders across the property industry, including:

  • improved entry level education for certificate holders and the creation of a career pathway
  • new CPD requirements, with compulsory and elective topics
  • enhanced audit requirements for trust accounts
  • enhanced disciplinary measures.

The new laws are currently in the process of being drafted prior to being introduced to Parliament.

Rental Bonds Online (RBO) changes to residential tenancy laws

Changes come into effect from 30 January 2017

Reforms to the Real Estate and Property Services Industry

In November 2016, Victor Dominello, M.P., Minister for Innovation and Better Regulation released a Reform Paper for the Real Estate and Property Services Industry.    The Reforms are generally divided into five main categories:

  1. Licensing and Qualifications
  2. Continuing Professional Development
  3. Conduct and Accountability
  4. Audit Processes
  5. Disciplinary Powers

Download a brief summary of each of the above categories, from a practical perspective as to what it means to your daily work practices and the possible impacts of each area if these proposed reforms are made into law next year.

Modernised strata laws have started

New South Wales Fair Trading

ACOP China In-house Course

Thursday 28th July

This week saw the College break new ground in the distance travelled to provide in-house training, with our College Principal Rosy travelling to Beijing, China to run a seminar on the Australian property industry. This training was a fantastic opportunity to be on the forefront of providing premium training to a continually expanding market in relation to the rules and regulations surrounding the Australian property industry.

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Major changes to strata laws

Starting November 30th

Loose-fill asbestos insulation

Free Sample Testing

Residential tenancy law review

Rights and responsibilities of tenants, landlords and property managers

Swimming pools

Safety guidelines for consumers

Review of property industry training standards

Independent panel report released

Australian Consumer Law guides for businesses

Guides about the legal rights and obligations of businesses under the Australian Consumer Law (ACL)