Licensing and Compliance

In most jurisdictions operators are required to be licensed and to operate a regulated trust account. For example, in Queensland resident managers must obtain a Resident Letting Agent’s License via the Office of Fair Trading (OFT). There are certain licensing educational requirements which must be met prior to the license being granted. Study for the prescribed modules is available via several training bodies as either classroom or remote learning. The modules are not difficult and can be completed in a 5 day course if necessary. An application to operate a trust account is also required to be lodged via the OFT. Without an OFT approval banks are not permitted to allow a resident manager to operate a trust account.

Legislation such as the Property Agents and Motor Dealers Act and the Body Corporate and Community Management Act provide reliable legal frameworks for operators within the industry and underpin industry confidence going forward.