Supervision Guideline – No. 9. Gifts And Benefits Register  

Supervision guideline Further clarification 9.1. A principal licensee must prepare and maintain a register of all gifts and benefits received by persons engaged in the business in accordance with section 53F of the Act. The agency principal licensee [and/or the licensee in charge] must have a register for gifts received:– That are over the value…

Read More

Supervision Guideline – No. 8. Employee Supervision

Supervision guideline Further clarification 8.1. A principal licensee must prepare and maintain written procedures outlining the respective roles and responsibilities of licensees and certificate holders in relation to the preparation and signing of agency agreements, franchising agreements and agency agreements under which two or more licensed agents act in conjunction. The agency principal licensee [and/or…

Read More

Supervision Guideline – No. 7. Complaint Handling Procedures

Supervision guideline Further clarification 7.1. A principal licensee must prepare and maintain written complaint handling procedures.   A complaint procedure must be available in the agency.The complaints procedure must include a ‘complaints’ register –– You can access my complaints register – in the Templates product – here The team needs to be trained in this…

Read More

Supervision Guideline – No. 5. Ongoing dealings with parties to an agency agreement

Supervision guideline Further clarification 5.1. A principal licensee must prepare and maintain written procedures that ensure all communication during the provision of services under an agency agreement is with the owner of the property or the person with the legal right to act on the owner’s behalf. 5.2. Without limiting clause 5.1, the written procedures…

Read More

Supervision Guideline – No. 3. Trust account procedures

Supervision guideline Further clarification 3.1. A principal licensee who employs a licensee in charge must:     3.1.1. ensure that each trust account maintained in accordance with Part 7 of the Act by the principal licensee, in connection with their business as a licensee, has only one licensee in charge who is responsible for and…

Read More

Supervision Guideline – No. 1. Licensee In Charge

Supervision guidelines is a requirement under the Property and Stock Agents Act 2002. NSW Fair Trading can audit agencies on these requirements and agencies can be penalised if breached. In this blog/news I will summarise and cover points reminding agents/agencies of these requirements and obligations. Last week I briefly touched on guideline no.2 do [here].…

Read More

Requirement To Prepare Operational Procedures

One of the Supervision Guidelines is no.2. Requirement to prepare operational procedures Operational procedures are policies and procedures that a business/ a real estate agency must have in place to provide professional services in this industry within the law and ethically. CF residential real estate services [CF resi]; has prepared many policies and procedures for…

Read More