STATUTORY REQUIREMENTS

VALUATIONS

In Victoria, the Government moved to deregulate the valuation profession for non-government work at the end of 1994. From the beginning of 1995 anyone is able to perform a valuation within the private sector, however there are still requirements set down in the Government Gazette for persons performing valuation work for the State and Local government sectors. Amongst other requirements set down, successful completion of the Valuations stream of the Bachelor of Business - Property at RMIT together with two full-time years of practical experience, satisfies the criteria for appointment.

This requirement is quite separate from membership of the professional body, the Australian Institute of Valuers and Land Economists, which is described later.

Other States have varying rules for registration, and most are reviewing their situation. South Australia now has a negative licensing situation for valuers practising in that State, but formal qualifications are required in the discipline in order to practice.

ESTATE AGENCY

In Victoria, the Estate Agents Licensing Authority is responsible for the issuing of Estate Agents' Licences.

To work in real estate you require a license from the Estate Agent's Licensing Authority. A compulsory Agents Representative Preliminary Education Course at selected TAFE or VET Colleges throughout Victoria is needed for employment. See details earlier in this booklet. This is a 55 hour program available on a full or part time basis in both on and off campus modes. Successful completion of this course will satisfy the educational requirement to be an Agent's Representative. The course can be completed within two weeks of full time study.

To become a full licensed estate agent with your own business you will need to complete the required subjects of the course you started and also satisfy the other licensing requirements of the Estate Agents Licensing Authority. These other requirements include that you have been an Agent's Representative for at least four years and that you have practised for at least three of these years.