Licensing
Settlement agent licensing information
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Further information:
In Western Australia, there are two ways a person may arrange settlements or carry on business as a real estate settlement agent (individual, company, or partnership), or a business settlement agent.
- The first, is to be licensed and hold a current triennial certificate granted by Consumer Protection.
- The second, is to be a certified legal practitioner under the Legal Practice Act 2003.
The licensing system administered by Consumer Protection ensures only suitably qualified people are allowed to operate in the settlement industry.
As part of the licensing system, people are required to have certain qualifications, experience, sufficient material and financial resources, and be a person of good character and repute.
Detailed information about the legislative and other requirements to become licensed in Western Australia is available in the Licensing of settlement agents' fact sheet.
Education qualifications
Applicants for a real estate or business settlement agent's licence must have passed the examinations which are required by a public training provider or registered training provider in order to complete:
- A Diploma of Conveyancing; and
- The following units -
- FNSCONV601B: Obtain and analyse information;
- FNSICORG603B: Negotiate to achieve goals and manage disputes.
A person wishing to obtain a business settlement licence must have passed the examinations which are required to complete a unit covering the settlement of business transactions.
Statement of academic record
Real estate settlement agent's licence applicants are required to provide to Consumer Protection a statement of academic record issued by the public training provider or registered training provider verifying that they have completed the education qualifications prescribed in regulation 6(1) of the Settlement Agents Regulations 1982.
Where an application relates to a business settlement agent's licence, the completion of the additional business settlements module must be shown on the statement of academic record.
Licensing kit
Each licensed settlement agent is issued with a licensing kit.
Firms and companies
The Settlement Agents Act 1981 also requires that separate licences be obtained by firms (partnership licence) and companies (body corporate licence) that are set up as settlement agencies. For firms and companies to be licensed, and to continue to be licensed, they must meet and maintain certain standards, including a minimum number of licence holders, staff supervision and sound financial practices.