Queensland fair trading requirements for real estate
Queensland is booming, with thousands of Australians making the trek north in search of sunshine and pristine tropical beaches. The Australian Financial Review reported earlier this year that Australians were flocking to Queensland at the ‘fastest pace in 20 years’.
When interstate migration is added to Queensland’s birth rate, the result is the highest level of population growth anywhere in Australia.
What does this mean for the property industry? It means all these new Queenslanders will need homes, and this translates into great professional opportunities for real estate professionals.
Do you know that the Sunshine Coast region has the highest median house price of any regional area in Australia? House prices there rose about 50% during the pandemic.
How do you break into the real estate industry in Queensland?
So how do you find a job in the Queensland property industry?
Ultimately, you need to obtain a Queensland Office of Fair Trading, real estate licence. The Office of Fair Trading is the Queensland Government agency responsible for regulating the real estate industry, including:
real estate agent registration or licence
letting agent licence
auctioneer registration or licence.
These qualifications are required by law for any suitable person who wants to conduct property transactions in Queensland. To become registered or licensed, you must complete professional education programs and satisfy good character requirements.
Once you’ve completed your real estate educational qualifications and applied for an equivalent licence or registration, it can take the Office of Fair Trading QLD (real estate) between four and six weeks to process your application. It’s good to keep this in mind when you’re making plans to launch your real estate career.
Let’s look at what each of these roles will enable you to accomplish in the Queensland real estate industry, and what types of qualifications you’ll need to work in these roles.
Registration as a Queensland Office of Fair Trading real estate salesperson is an entry-level qualification that will allow you to:
negotiate the sale or purchase of homes, commercial properties or land on behalf of a buyer or seller
negotiate leasing of residential or commercial properties on behalf of landlords
advertise property for sale or rent
conduct assessments of property for sale or rent
open properties for sale or rent to inspection by potential buyers or renters.
As a registered real estate salesperson, you’ll work under the supervision of a real estate agent who holds a Queensland Office of Fair Trading real estate licence. Real estate salespeople are not permitted to conduct property auctions or manage real estate trust accounts.
The Queensland Office of Fair Trading requires that applicants for registration as a real estate salesperson be at least 18 years of age and meet certain standards of good character.
You’ll also need to complete 12 subjects taken from the Certificate IV in Real Estate (CPP41419) with a registered training provider. The exception, is if you’ve earned an equivalent qualification within the past two years.
Your course can be completed over a few weeks or months, depending on whether you engage in full-time or part-time study.
Once you’ve completed your course, you can apply for Queensland Office of Fair Trading real estate salesperson registration and begin your new career in this industry.
It may be that you’re a registered Queensland real estate salesperson who’s looking to take the next step in your career. Or perhaps you simply want to enter the property industry at a more senior level.
To accomplish this, you’ll need to satisfy the requirements for an Office of Fair Trading real estate licence.
This is the full real estate licence granted by the Office of Fair Trading QLD (real estate). It will enable you to:
own or manage a real estate agency
negotiate purchase, sale or rental of residential or commercial property and land
assess property values for purchase or rent and collect rental payments from tenants
manage an apartment complex and sell units independently
establish and manage a trust account.
To qualify with the Office of Fair Trading for Queensland real estate agent licence training you must be 18 years of age and satisfy character standards.
The Queensland resident letting agent licence authorises you to negotiate, manage and rent out units of behalf of owners and body corporates. You’ll conduct property inspections, collect rent and manage a trust account.
If you’re looking to conduct and finalise real estate sales by auction, then the auctioneer licence course is for you. The course is composed of 10 units and, on completion, you can apply to the Queensland Office of Free Trading for your auctioneer licence.
Auctioneer responsibilities in Queensland
The auctioneer must display their name prominently at the auction site or, if that is impractical, they must announce their name at the beginning of the auction. Prior to the auction, the auctioneer must announce the conditions of the auction property sale, including the deposit required, details of the inspection and any other relevant information. In Queensland it is professional practice, that the auctioneer can only accept a vendor bid up to the reserve price. Before the reserve is reached, the auctioneer can accept bids on behalf of the vendor or their representative. But it is illegal for the vendor to bid once the reserve price has been reached.
How do you know if an agent is licensed?
You can check whether somebody has a property licence by searching the public online register. It’s a free service and available for information only.
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