Property Agents and Land Transactions Bill 2016
Regulatory Impact Statement - May 2016
The Government is currently seeking feedback on the Property Agents and Land Transactions Bill 2016.
Some aspects of proposed changes to PALTA could potentially impose a cost restriction to service providers within the real estate industry which is likely to impact on the provisions of these services to consumers. Therefore, in accordance with the Subordinate Legislation Act 1992, a Regulatory Impact Statement (RIS) is to be considered by industry stakeholders and market participants and feedback provided to the Department of Justice before the proposed amendments are finalised.
The aspects of the Bill that are considered in the RIS are:
- the introduction of a global licensing regime for real estate agents, property managers, auctioneers, property consultants and assistant property managers; and
- extending continuing education to all property agents.
Other aspects of the Bill, not considered in the RIS, are:
- Removal of provisions dealing with vendor disclosure and cooling off periods
- Clarifying reporting requirements of the Property Agents Board and Property Agents Trust and the processes for using the surplus in the Trust;
- Supporting the introduction of the standard form contract provisions;
- Clarifying the objection process for proposed new agents;
- Removal of the current onerous requirement to maintain rolling registers;
- Removing inconsistencies in relation to the advertising requirements;
- Replacing multiple certificates with one certificate of appointment;
- Consistent periods for renewal of licensing, based on financial years;
- Simplifying Complaint Handling Procedures of the Board; and
- Extending the compensation provisions to include protection of owners and tenants under the Residential Tenancy Act.
Download the Proposed amendments to the Property Agents and Land Transactions Act 2005 - Regulatory Impact Statement - May 2016 (pdf, 115.0 KB)
Please send your comments in writing to the Department of Justice by Friday, 17 June 2016.
Project Manager - Property Agents and Land Transactions Bill 2016
Department of Justice
PO Box 56
Rosny Park TAS 7018