Prescribed qualifications and requirements for key executive officer – CPD courses
Example: CPD courses
9. Subject to the requirements of the Act, a key executive officer of an estate agent must satisfy the following requirements: CPD courses
(a) he must be the sole proprietor, a director or a partner of the estate agent;
(b) he must, subject to regulation 6(2), satisfy the requirements in regulation 6(1)(c) for a sole proprietor, partner or director performing estate agency work;
(c) he must have at least 3 years of experience in estate agency work; and
(d) he must —
(i) have completed at least 30 property transactions (acting for any house agent or estate agent or as the holder of a house agent’s licence or an estate agent’s licence) in the 3 years immediately before his appointment; or
(ii) have at least 3 years of experience in managing the business of a house agent or an estate agent as an executive director, a chief executive, key executive officer, partner or sole proprietor.
Variation of key executive officer requirements for former principal licensees
10. Regulation 9(c) and (d) shall not apply to any person who is a former principal licensee. CPD courses
Proof of professional indemnity insurance
11. No licence shall be granted or renewed unless the Council is satisfied that the applicable professional indemnity insurance requirements are or will be satisfied. CPD courses
Continuing professional development requirements for renewal of licence
12. No licence shall be renewed unless —
(a) the sole proprietor of the estate agent, or every director or every partner of the estate agent performing estate agency work; and
(b) the key executive officer of the estate agent, have satisfied the continuing professional development requirements applicable to them in each year of the period of the licence whose renewal is sought.
Prescribed security
13.—(1) The security that the Council may require under section 33(5) of the Act is a bank guarantee of such amount (not exceeding $75,000) as the Council may specify in any particular case. CPD courses
(2) The security shall be in such form and be provided in such manner as the Council may require.
Forfeiture of security
14.—(1) If the Council is satisfied that an estate agent has failed to comply with any condition specified in respect of security required to be furnished under section 33(5) of the Act, the Council may direct the forfeiture of the security or any part thereof.
(2) The forfeiture of any security or part thereof under paragraph (1) shall be without prejudice to the taking of proceedings against any person for any offence under the Act.
Source: Estate Agents (Licensing and Registration) Regulations 2010
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