Updated on May 16th, 2024.
Learn about the Continuing Professional Development (CPD) training requirements in New South Wales (NSW) for real estate agents and professionals in 2024.
In this comprehensive guide we’ll break down the continuing professional development training that is required in NSW and provide insights into exactly what is required for real estate agents to stay up to date with CPD training each year.
Table of contents
- What exactly is real estate CPD?
- Is real estate CPD just for agents?
- NSW CPD requirements for real estate agents
- Who can provide real estate CPD training?
- What happens if you miss your CPD obligations?
What exactly is real estate CPD?
Continuing professional development or CPD training, is a form of personal development that applies across a range of different industries. In this article, we are looking at CPD training specific to real estate professionals.
Continuing professional development for real estate agents is the process in which real estate agents and property professionals maintain and upskill their knowledge. Whilst much of the knowledge is learned in the field of daily work, real estate CPD training courses help agents to stay up to date with the latest industry developments and regulations.
Is real estate CPD training just for agents?
Real estate CPD training is mandatory for all licensed agents and registered certificate holders. If you are registered with OFT as either a licensed (Class 1 or 2) or an assistant agent, you must complete the prescribed CPD to maintain your registration and licence.
NSW CPD requirements for real estate agents
New South Wales (NSW) has the highest yearly CPD requirements for real estate agents of any state or territory in Australia. In NSW, Fair Trading requires that agents complete a minimum level of training each year to stay up to date with developments that may be affecting the industry, service requirements, or the real estate landscape more generally.
In NSW, the CPD requirements are dependant on your role title/licence classification:
Class 1 and class 2 agent CPD requirements NSW
What is a class 1 agent?
Class 1 real estate agents are the most experienced and qualified real estate professionals. Class 1 agents are licensed to conduct sales, leasing, property management, and real estate transactions in the state of NSW.
What are the CPD requirements for class 1 agents in NSW?
Class 1 agents in NSW are required to complete the following CPD training each year:
- four hours of compulsory topics as prescribed by NSW OFT delivered in a face-to-face workshop environment or
- 10 hours (consisting of four hours of compulsory topics and six hours elective topics) delivered in a self-paced online environment.
What is a class 2 agent?
Class 2 agents are less experienced than class 1 agents and are able to conduct different parts (but not all) of the above responsibilities of a class 1 agent. Class 2 agents are licensed to sell and lease properties; however, they cannot manage agencies in NSW.
What are the CPD requirements for class 1 and class 2 agents in NSW?
Class 2 agents are required to complete the following CPD training each year:
- five hours of compulsory topics as prescribed by NSW OFT delivered in a face-to-face workshop environment or
- 10 hours (consisting of four hours of compulsory topics and six hours elective topics) delivered in a self-paced online environment.
Assistant agent CPD requirements NSW
What is an assistant agent?
An assistant agent is a professional that works under a class 1 or class 2 real estate licensed agent to assist with different elements of the process and day-to-day tasks of a real estate agent.
What are the CPD requirements for assistant agents in NSW?
As for assistant agent CPD requirements, assistant agents in NSW are required to complete three units from the Certificate IV in Real Estate Practice each year.
*Note: The CPD year for all Licence and Certificate holders starts on 1 July and runs through until the 30 June the following year.
Who can provide real estate CPD training?
NSW CPD training must be delivered by an approved training provider such as Entry Education. Depending on the type of training that is required (external or in-house), real estate CPD training may be covered by a number of different institutions and organisations including:
- Private training institutes that specialise in CPD
- State real estate industry bodies
- In-house training (from within the business)
The type of training that can be counted towards the continuing professional development training framework will depend on what is required under state regulations.
What happens if you miss your CPD obligations?
Real estate professionals that miss or do not meet their CPD obligations within the requisite time frame may be subject to:
- Licence suspension or cancellation
- Fines from state organisations
- Additional CPD training requirements
Missing your CPD obligations as a real estate professional can have dire and costly consequences. It’s important to check with your employer and local governing body each year to understand what is required and any upcoming changes that may affect yourself or staff of the business.
Final thoughts
Real estate CPD training courses help to ensure that agents and other professionals within the real estate industry stay up to date with the latest changes and developments to the industry.
In NSW, Class 1, Class 2, and Assistant Agents are required to complete different levels of training each year, so it’s important to be aware of your classification and how this impacts your CPD training requirements. We offer both in-house and one-on-one CPD training in NSW.
For real estate professionals in Victoria, New South Wales, Western Australia, Queensland, South Australia, and the ACT, Entry Education provides specific, state-based training modules that ensure real estate agents stay up to date and accredited with the latest developments.
