Consumers at risk if latest version of national licensing for real estate approved: REIA

Nicola TrotmanDecember 7, 2020

The Real Estate Institute of Australia says the Standing Committee on Federal Financial Relations should vote no on the latest version of national licensing for real estate.

The committee is due to meet in November.

The REIA says that before the committee reconsiders national licensing for the real estate profession, there should be a review of the property development, sales and management qualifications that must be undertaken.

“The Decision Regulation Impact Statement - Proposal for National

Licensing for Property Occupations (DRIS) is totally inadequate and fails to comprehend the responsibilities of agents and agents’ representatives in proposing educational qualifications and the integral role played by Continuing Professional Development (CPD),” says REIA President Peter Bushby.

“Under the proposal, consumers in Western Australia, NSW, Tasmania and the ACT would lose the benefit of agents’ CPD, leaving them at possible risk when buying or selling,” says Bushby.

Bushby says Victoria would lose regulations that require agents to hold a single licence and consumers in Western Australia, the Northern Territory, Tasmania and South Australia would face a lowering of educational qualifications of an agent from diploma level to certificate IV.

“Queensland would face the lowering of entry level training of agents from 7 to 4 units of competency,” says Bushby.

Bushby says officers with experience in the development of regulation for the property industry should develop licensing conduct laws for jurisdictions.

“This is something that NOLA, in its submission to the Productivity Commission on labour mobility, agreed with,” says Bushby.

The REIA says there would then be no role for the National Occupational Licensing Authority (NOLA) and for it to be abolished.

“NOLA has evolved as a very costly white elephant and another example of bureaucratic excesses that failed to deliver value for the expected outcomes,” says Bushby.

Nicola Trotman

With a penchant for the written word, Nicola has built a career doing just this – now Creative Director at thriving Melbourne-based PR agency, Greenpoint Media.

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