Real Estate Institute of New South Wales CEO Tim McKibbin says it is “alarming” that an audit by NSW Fair Trading found that more than 20 per cent of agents are not complying with legislation that requires them to complete ongoing Continuing Professional Development training.
The random audit by NSW Fair Trading of 314 people working in the real estate industry found that 68 individuals had not completed mandatory Continuing Professional Development training.
NSW Fair Trading also audited CPD evidence on 112 recently renewed licences or certificate of registration, and found that 23 individuals were non-compliant.
McKibbin said he was aware of instances in which four-hour training courses have been provided in under 10 minutes, yet the applicant is issued with the necessary certificate.
“That a further 20 per cent can’t even be bothered getting this piece of paper to give to Fair Trading is alarming," he said.
“Agents who don’t undertake training are unaware of their obligations and it’s a waste of government time if the message is not communicated to those at the coalface of the industry.”
Failure to undertake mandatory CPD training can attract a penalty of up to $5,500 for individuals.
A licensee who fails to supervise an employee by ensuring their CPD is completed may also receive fines.
A total of 60 Penalty Infringement Notices were issued during the audit, with fines totalling $35,750.
NSW Fair Trading Commissioner Rod Stowe said consumers expect the real estate industry’s licence and certificate holders to be properly qualified.
“Failing to properly undertake further professional development demonstrates these individuals’ lack of knowledge of their obligations under the industry’s regulations," he said.
NSW Fair Trading says it will continue to assess compliance levels within the real estate industry.
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