Supervision Guidelines

NEW SUPERVISON GUIDELINES 2024 – PURCHASE NOW!

New Supervision Guidelines will start on 1 July 2024 in line with the new CPD year.

Our Supervision Guidelines Package includes Operational Procedures and Checklists to enable Agency compliance with the Guidelines issued by the Commissioner for Fair Trading as to what constitutes Proper Supervision of the Business of a Licensee As required by Section 32 of the Property and Stock Agents Act 2002.

As the implementation and understanding of the requirements can be a daunting process, we are providing all Agencies with the opportunity to attend our 2 hour Zoom training sessions for a small additional fee.

Please place your order below and we will send out the guidelines to your Agency via an email in digital format. For those attending training a link will be sent through a day prior to the event with our next training session scheduled for Monday 2nd December between 10am – 12 noon.

IMPORTANT NOTICE for Licensees in Charge.

NSWFT have stated that there are specific requirements that principal licensees in charge MUST meet and a failure to follow these specific requirements can potentially be a criminal offence if not followed. This can mean a loss of licence.

A failure of supervision can result in a maximum penalty of 200 penalty units (currently, $22,000)

Note it is a requirement of the Act that the procedures put in place by the Licensee in charge reflect how the agency operates.

This document is broken into three parts that reflect the three main requirements of the Commissioner. Each part sets out the requirement of the Commissioner and then a suggested an Operational Policy and Checklists or list of what the Operational Policy must include that can be customised so that it can be incorporated into your businesses Policy and Procedure manual. If you purchase our package you will be entitled to free updates during the 12 months to 30 June 2025.

Key changes to the guidelines include:

• An introduction from the Strata and Property Services Commissioner setting out what to expect from the new Supervision Guidelines, and the overarching goal to improve professional standards in the industry.
• All three overarching requirements for supervision set out in the Property and Stock Agents Act are now addressed including supervision of persons engaged in the business, operational procedures for legal compliance, and monitoring of conduct within the business.
• Both guidance for principals and licensees in charge and specific requirements that must be met are included: Guidance tells you what you should do to maintain a well-supervised business; while failure to meet the requirements is an offence that may be penalised or prosecuted.
• The specific requirements in the current Supervision Guidelines are either maintained or enhanced, with a few minor exceptions, including: a minor change has been made to the requirements on price representations and underquoting. Now, timely reviews of estimated selling prices must be carried out, instead of the previous requirement that reviews must be carried out every week, regardless of the circumstances of each property.