Removing licence requirement for agents involved in large property transactions is “nonsense”: REINSW

Removing licence requirement for agents involved in large property transactions is “nonsense”: REINSW
Removing licence requirement for agents involved in large property transactions is “nonsense”: REINSW

The Real Estate Institute of New South Wales’ president Malcolm Gunning has spoken out against the proposed removal of requirements for what he calls the “big end of town” shops. 

Gunning argues that removing the requirement for agents involved in large commercial property transactions to be licensed is “nonsense”.

The removal of the protections under the Property, Stock and Business Agents Act, which Gunning says is being fast tracked without a review process, is being opposed by the REINSW, who say that they are being pushed through as cutting red tape.

“This is of grave concern to REINSW and our members. There is an established process to consider the impact of the removal of these protections and we will not stand by and allow this to happen without proper due diligence,” said Gunning.

He said that, in actual fact, more procedures to protect consumers should be brought into place to avoid eroding the standards of the progession.

“Removing these licensing requirements means the protections associated with trust accounts are lost, material fact in regard to premises no longer needs disclosure leaving the door open for unlawful behaviour,” he said.

He noted that they are submitting their concerns to the minister aiming to exclude the changes from the Act – which is expected to come into force on 1 September.

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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