Training Increases Professionalism in Real Estate - by Murli Rao

September 1 saw the introduction of the Property, Stock and Business Act 2002. This heralds important change to the way the Real Estate industry conduct their business in NSW.

Overseen by the Office of Fair Trading the new regulations will see the promotion of higher standards of ethical practice by real estate agents and an increased level of consumer protection.

The major initiative of the reforms makes it compulsory for all licensees and certificate holders to undertake continuing professional development courses throughout their careers to improve the quality of service they deliver. This is a major development in ensuring on-going levels of protection for all participants in the real estate sector. It is a means of ensuring current knowledge is maintained by all those in the real estate sector.

These changes to the regulations governing the conduct of participants in the industry will impact on the daily operations of those in the property agents business. The Office of Fair Trading website states: "In this substantial overhaul of the property industry, consumers will benefit from new ethical standards set for industry". NSW consumers buying or selling residential property will be better protected against unfair and unethical industry practices by these new laws.

The marketplace is constantly changing and it is vital that agents keep abreast of the latest developments. The introduction of the Property, Stock and Business Agents Act 2002, and the Regulations 2003, has brought about some significant changes to the way the real estate industry operates in NSW. These changes were designed to increase the professionalism of those who operate within the sector, as well as to increase the protection of the consumers in this industry. The Act is overseen by the Office of Fair Trading (OFT).

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