Real Estate Industry of Australia: Legislative Requirements, Ethical and Professional Conduct Standards, Client Service Standards, and Risk Management

This document discusses the legislative requirements, ethical and professional conduct standards, client service standards, and risk management in the real estate industry of Australia.

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Name of the Student
Name of the University
Author Note

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c) Legislative requirements
 The real estate industry of Australia and the real estate based agents are
governed by a law related to Property, Stock and Business Agents Act 2002
(NSW). The agents of the industry are managed in an effective manner by
different laws which include, Anti-discrimination Act 1977, Anti-
discrimination Regulation 2014, Boarding Houses Act 2012, Boarding Houses
Regulation 2013 and many more (Reinsw.com.au., 2019).
 The real estate agents need to keep up with the different legislations that are
developed within the industry and maintain the updated records as well. The
records of real estate based agents in the industry are managed with the help of
Real Estate Institute. The organization employ trainers in order to run different
meetings that are based on different changes which have taken place regarding
the Property Act. The implementation of changes in legislations is considered
to be an important part of the work process of real estate agents
(Reinsw.com.au., 2019).
 The trainers who are appointed from the Real Estate Institute are responsible
for communicating the amendments and the changes which have taken place
in the industry codes to the staff.
d) Ethical and professional conduct standards
 The Estate Agents (Professional Conduct) Regulations 2018 has been able to
set the standards related to conduct which is expected from the agents and
representatives of the agents in the day-to-day dealings that are made with the
clients and the consumers. The different acts which are able to set under the
legislation include, Estate Agents Act 1980, Sale of Land Act 1962,

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Residential Tenancies Act 1997, Retail Leases Act 2003, Australian Consumer
Law and Fair Trading Act 2012 (Consumer.vic.gov.au., 2019).
 The major objective of regulations which are set for the ethical standards are
based on the ways by which the real estate agents need to behave with the
customers and clients. The communication process which is to be used by
them is also considered to be a major part of the legislations which are set in
this case (Consumer.vic.gov.au., 2019).
 The major obligations that are related to the legislation related to ethical
conduct include, knowing relevant laws, following the instructions of clients,
acting in a fair and honest manner, acting based on the best levels of interests
of the clients, completing all the work for the client.
e) Client service standards
 The proper maintenance and monitoring of standards based on client service
are based on personal experience provided to the customers. The quality of
services is considered to be a norm. The interaction with customers need to be
monitored with respect to the objectives and goals of the company
(Business.gov.au., 2019).
f) Risk management
 The risk management strategies are based on identifying the risks which are
related to business by looking into the hazard logs, incident based reports and
customer feedback. The risks can be assessed related to the ways by which it
can affect the organizational operations and likelihood of the risks as well
(Usc.edu.au., 2019).

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 An example of a risk management procedure is based on the policies which
have been designed by the University of the Sunshine Coast. The risk
procedure and standards are based on University of the Sunshine Coast Act
1998 (Usc.edu.au., 2019).

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References
Business.gov.au. (2019). Measure customer service. Retrieved from
https://www.business.gov.au/people/customers/measure-customer-service
Consumer.vic.gov.au. (2019). Professional conduct and obligations – estate agents. Retrieved
from https://www.consumer.vic.gov.au/licensing-and-registration/estate-agents/
running-your-business/professional-conduct/professional-conduct-and-obligations
Reinsw.com.au. (2019). Legislation. Retrieved from
https://www.reinsw.com.au/Web/Advice/Legislation/Web/Advice/Acts_and_regulatio
ns.aspx?hkey=000207b5-c6d1-433e-bf6d-24884cc77fd9
Usc.edu.au. (2019). Risk Management - Procedures. Retrieved from
https://www.usc.edu.au/explore/policies-and-procedures/risk-management-procedures