You will need this licence if you intend to work as a real estate agent, stock and station agent, or strata managing agent.
There are two classes of licence:
- Class 2 licence
- Class 1 licence.
A class 2 licence allows you to:
- act as an agent for a client to sell, buy or exchange property, businesses or professional practices
- negotiate with clients and vendors
- collect rent, deposits, bond payments and fees related to a lease, licence or contract.
A class 1 licence allows you to do all of the above, and:
- act as a licensee in charge (LIC)
- work independently as a sole trader
- if you are an LIC, open and authorise trust account transactions for the business.
Only a class 1 agent who is nominated as a licensee in charge (LIC) of a business can authorise withdrawals from the agency's trust account.
Class 2 licence holders are not allowed to open or manage a trust account, or be nominated as a licensee in charge of a business.
