Regulation taskfore inquiry into reducing the regulatory burden on business background

Professional indemnity insurance	Discretionary. Required for REIQ membership.	Mandated and required for REINSW membership.	Required for REIV membership.	No legislative requirement.	No requirement in legislation. Compulsory for REIWA membership.	Discretionary but required for REIT membership.	Mandatory, unless exempted.
Discretionary but required for REIACT membership.
Supervision of business	A principal licensee or an employed licensee must be in charge each place of business.	A principal licensee or an employed licensee must be in charge each place of business. OFT has specified what consists of ‘supervision’ under the Supervision Guidelines.	A licensed estate agent must manage an estate agency office.	A natural registered land agent must manage a real estate office.	A licensed estate agent must manage an estate agency office. They must be on site for a significant amount of time. They must be able to show that they give adequate supervision and are in bona fide control.	A licensed real estate agent, real estate manager or authorised sales consultant must manage an estate agency office.	Each licensed agent must ensure there is at all times in the agent’s service a business manager who is a licensed agent, in respect of each office of the business carried on under licence. A person may be appointed to be business manager of more than one office.	Licensed agent must manage business.