Dispelling The Myths of The REIQ and OFT

Dispelling the Myths of How to Obtain Your Real Estate Certificate or Licence in Queensland

BY validum

We often see potential students confused about how they actually obtain their certification in real estate.  One of the common myths is that a real estate certificate of registration or licence is issued by the REIQ.  We take a look at this myth and set some truths about who is the REIQ, who is Validum Institute and who issues real estate licences in Queensland.

The Office of Fair Trading (OFT) is the Queensland State Government agency that aims to deliver a fair and safe marketplace for Queensland consumers and businesses.  It does this by protecting consumers and regulating certain industries (real estate is one of a number of industries regulated by the OFT).

When it comes to consumers buying and selling a house, the OFT provides useful information to help protect consumers. When it comes to the real estate industry, the OFT:

  1. sets the licensing and registration requirements for agents
  2. approves the issue of real estate agent licences and registrations
  3. governs the laws and regulations around the real estate industry (hefty penalties apply if these regulations and laws are breached.).

To become a licenced or registered real estate agent, resident letting agent or auctioneer, you must apply to the OFT.  First, you need to meet the OFT’s minimum requirements and pay the OFT’s annual registration or licence fee.  One of the minimum requirements is that you must have completed a required real estate training course and obtained a Statement of Attainment from a Registered Training Organisation (RTO) – such as Validum Institute. You must provide the OFT with a copy of your Statement of Attainment when you apply for your real estate certificate of registration or licence.  An RTO will issue a Statement of Attainment at the successful completion of your real estate course.  Various real estate courses can be undertaken depending on your career path within the industry.

Validum Institute is a specialist real estate RTO established and operated by Queenslanders specifically for Queensland real estate professionals offering a uniquely blended approach of learning.  With a state of the art learning platform you can study when you want, where you want plus receive one-on-one support from trainers and assessors that guide you and provide feedback every step of the way through your course.  What makes Validum unique compared with other RTOs is an onsite student lounge with complimentary Wi-Fi to complete your study.  Our graduates automatically become members of the Validum Alumni (membership is free), receiving monthly newsletters with industry articles and updates. Alumni members will also have access to a private Alumni Facebook group where you can seek industry connections and ask questions of your peers. After completing your course, you can still have access to trainers and assessors to answer any questions at no cost.

So, who then is the REIQ? The REIQ is a professional association for individuals and agencies in the real estate industry.  They support members with information, products and resources aiding in professional service for the public across the State. For an annual membership fee, you receive various benefits including; monthly magazine the REIQ Journal, Legislation and other updates affecting the profession, Market research, Agency advisory service, Insurance and Property Management Support Service.

Whilst the REIQ also offers courses and training for real estate, it is important to know that your qualification does not need to be obtained through REIQ. Your course can be undertaken by any RTO.

Most importantly, the REIQ is not responsible for issuing your real estate certificate or licence and is not Queensland’s real estate regulatory body.  This role belongs to the OFT.

Once you start work in real estate, REIQ membership may be something that you might like consider as they offer great industry networking and other opportunities to meet industry leaders as well as keeping you up to date on the industry.

Whilst we hope this article has shed some light on “who is who” when it comes to obtaining your real estate certificate or licence, we know that starting any new career can be daunting.  Why not give us a call today on (07) 3193 5270 and talk to our friendly staff to help answer any questions you may have.  Additionally, click on any of these links below for additional information.

Office of Fair Trading Queensland

https://www.qld.gov.au/law/laws-regulated-industries-and-accountability/queensland-laws-and-regulations/regulated-industries-and-licensing/regulated-industries-licensing-and-legislation/property-industry-regulation/

Validum Institute

https://www.validum.edu.au

REIQ

http://www. reiq.com

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