How is the real estate industry regulated in Australia?

In Australia, the real estate industry is regulated by the various State and Territory Governments.

Considering the responsibilities auctioneers and real estate agents have in holding deposits, money paid for sale items bought at auctions and rental money held on behalf of clients, in many states the real estate industry was unregulated until after the Second World War. In the 1940’s, the various State Real Estate Institutes, many of which were formed in following the First World War, lobbied their respective governments to have the real estate industry regulated and lobbied to have auctioneers and agents licensed to practice and to hold trust accounts.

Most State governments listen to the Real Estate Institutes' proposals and most formed Auctioneers and Agents committees which later were to become in the 1950’s semi autonomous government committees responsible to a Minister of Justice or the State Attorney General to regulate the industry by issuing licences and fining persons who had breach their fiduciary duty as an agent or an auctioneer.

To ensure these committees were not ‘toothless tigers’, the State Governments provided the required legislation to protect the public and allow the Auctioneers and Agents Committees to function effectively. During the 1990’s there was a push to bring all occupational licensing and consumer protection under a common set of rules and whilst each state and territory had their own separate legislation that regulated the real estate agency industry, Auctioneers and Agents committees were disbanded in favour of the State and Territory Consumer Protection and Licensing Authorities taking control whilst a common entry standards was established using a National Training Package so for the first time a licensed real estate agent or an auctioneer can practice in a different state or territory subject to residential status in some case or a commercial location.

Today all auctioneers, real estate agents, stock and station agents have to hold a licence issued by the respective State or Territory Government. In some States and Territories, Business Brokers, Livestock Auctioneers and Strata Managers have also have to hold a licence.Real estate sales staff and property managers and property management staff have to hold a certificate of registration issued by the respective State and Territory Governments. All CENTURY 21 sales staff, property managers and property management staff are registered and receive additional training to ensure that they are able to carry out their duties to the highest standard. 

Posted by Reality Bytes - Real Estate Training Blog on 19/10/2009 at 5:07 PM | Categories:

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