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].
This week we review guideline No.1 Licensee in charge.
Following is the excerpt for this guideline no.1, as set out by the – Commissioner for Fair Trading:
1. Licensee in charge
1.1. A principal licensee must:
1.1.1. ensure that no part of the business is left unsupervised by a licensee in charge
1.1.2. ensure that no more than one licensee in charge is in charge of any one particular part of the business at any time,
1.1.3. ensure that any licensee in charge who is permanently or temporarily unable to properly carry out their duties due to illness, leave or some other reason, is replaced by an appropriate class 1 licence holder such that there remains a licensee in charge appointed at all times,
1.1.4. prepare and maintain a document as part of the operational procedures that clearly identifies each licensee in charge relating to the business, the dates on which they were the licensee in charge and, if the licensee has appointed more than one licensee in charge, the part of the business that each person is in charge of, including which trust accounts the person is in charge of; and
1.1.5. ensure that details of every licensee in charge employed by the principal licensee, including the dates they commenced and finished being a licensee in charge, are notified to the Secretary in accordance with section 31(3) [*] of the Act. This includes notifying the Secretary of address of each place of business at which the person discharges their duties as a licensee in charge of the business.
Source: NSW Fair Trading – link
The above 5 points are very clear and straight forward. And, for comments, queries or further information on this topic… please go to my contacts – here
* Section 31 (3) refers to the details that must be provided to the Secretary [Fair Trading] – as per below:
(3) An individual or corporation that employs the holder of a class 1 licence in accordance with this section must notify the Secretary of the following within 5 business days—
(a) the name and licence number of the holder,
(b) the address of each place of business at which the holder will discharge the holder’s duties as a licensee in charge of the business.