Real estate nsw
Image transcription text
NSW IAF Part 1: Ethical practice in real estate The real estate industry has strict guidelines, regulations and legislation that clearly set out the professional and ethical standards required of real estate personnel. 1. a. Ethical Requirements for agents working in NSW, are legislated by: (complete the sentence below)...
Consumer Protection is seeking industry views on the final draft of the new Real Estate and Business Agents and Sales Representatives Code of Conduct 2016.
- Status: CLOSED, Monday 30 May 2016
Background
The new code, will replace the existing Code of Conduct for Agents and Sales Representatives 2011 (the 2011 Code) and implements feedback previously received from the industry during a review in 2013.
The changes make the code more relevant and appropriate to the current property market and industry practice.
Current consultation phase
The purpose of this phase of the consultation is to give industry participants an opportunity to comment and consider any practical implications before the new code commences.
Key changes
The changes in the new code include:
- the language and format of the code, which has been updated to make it easier to read and understand; and
- making the rules consistent, where appropriate, with the other property industry codes of conduct and the Australian Consumer Law.
There are also new rules requiring agents and sales representatives to:
- disclose to the purchaser if they are related to the vendor – (an agent will be considered to be related to the vendor if the agent or sales representative has a controlling interest in the vendor or is a spouse, child, grandchild, sibling, parent or grandparent of the vendor);
- provide an opinion of market price in writing and provide information to support their opinion;
- communicate all offers to their client and not just written offers; and
- comply with any fiduciary obligations that may arise in their role as agent.
Transition Period
The code allows agents and sales representatives a period of two months after the new code commences to comply with the obligations and duties under the code. During this period, a licensed real estate agent or sales representative who complies with the 2011 Code but not the amended version will not have breached the code.
Previous consultation
In May 2013, the Department issued the Property Industry Codes of Conduct Discussion Paper which highlighted and sought feedback on a range of issues relating to the 1982 Code and the codes of conduct for the land valuation and real estate industries. The majority of respondents to the discussion paper supported the codes and the need for them to be amended to provide greater detail and clarity on matters relating to licensees duties.
Ongoing consultation with the Real Estate Institute of Western Australia has occurred during the drafting of the new code.
Downloads and resources
Have your say
The consultation is now closed for comments.
Enquiries
Enquiries can be made by calling Consumer Protection Advice Line on 1300 304 054 or by email.
Agents need to demonstrate their competency before they are issued a licence or certificate.
Agents must also undertake continuing professional development each year to make sure they remain up to date and competent in the skills and knowledge needed to do their jobs.
It's also a condition of every licence that the holder is insured under a professional indemnity insurance policy that complies with the requirements specified in the regulations.
Download the professional indemnity insurance information sheet
The comprehensive set of rules of conduct under the Property and Stock Agents Regulation 2022 (the Regulation) exists to support this approach to competency and professionalism.
These rules provide agents with specific guidance on the professional and ethical standards to which the public expects them to adhere.
There are 21 core rules which apply to all licence and certificate holders, and additional specific rules which apply to the various categories of agency work.
The rules of conduct can be found in Schedules 1-4 of the Regulation as follows:
- All licence and certificate of registration holders - Schedule 1
- Real estate agents and assistant real estate agents including business agents, buyer's agents and on-site residential property managers - Schedule 2.
- Schedule 2 Part 1 applies to real estate agents and assistant agents exercising functions relating to the sale or purchase of land, or business agent functions.
- Schedule 2 Part 2 applies to real estate agents and assistant real estate agents who exercise functions in relation to lease of land, or on-site residential property manager functions.
- Stock and station agents and assistant stock and station agents - Schedule 3.
- Strata managing agents and assistant strata managing agents - Schedule 4.
In addition to complying with the rules of conduct, agents and assistant agents may have to comply with other laws, including the Property and Stock Agents Act 2002, in relation to their conduct and in carrying out their functions.
For example, strata managing agents also have obligations under the Strata Schemes Management Act 2015. Further information about strata schemes and their management can be found here.
Some examples of the rules of conduct are outlined below.
<p>ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam l</p> Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet
et. Nam risus ante, dapibus a molestie cons
gue
congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risu
gue
a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor ne
Step-by-step explanation
ongue vel laoree
usce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel