Real Estate and Property division, a new division of NSW Fair Trading, will take responsibility for all real estate and property functions, including industry regulation.
“The real estate industry is integral to our state’s economic prosperity, with the sale and rental of property impacting on millions of NSW citizens each year,” Mr Dominello said, Minister in charge of NSW Fair Trading.
“This new division will facilitate relationships between government and industry and provide for licensing that better balances industry needs with consumer protection.”
The division will do this by conducting random audits to ensure compliance on all real estate matters, including trust account management, underquoting and licencing.
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The government is making available new resources, including an online rental bond system, forms accessible via mobile devices and a user-friendly tool kit for property professionals
NSW Minister for Innovation and Better Regulation Victor Dominello said the division would benefit the entire industry.
The new division will be headed by NSW Fair Trading assistant commissioner Andrew Gavrielatos, who will also be responsible for establishing a Real Estate Qualifications Review Committee.
These changes have been made in the wake of a recent meeting the Minister had with Dale Whittaker (EAC Chairman), David Crombie (EAC CEO) & Geoff Hunter (EAC Industry Liaison) to discuss a number of topics, including Underquoting, Education standards, and Asbestos.
If you have any concerns about your agency and its compliance please contact the EAC Membership to arrange a confidential compliance audit – 1300 137 161.
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