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

Running head: MANAGEMENT
MANAGEMENT
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1MANAGEMENT
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,