Legislation Relevant To Real Estate Practices In Australia Essay.

Answer the questions below

Q1.

Complete the following table by inserting the name of at least 2 pieces of legislation relevant to the areas listed as relevant to your state/territory and identify whether the legislation is at the state or federal level (in brackets).

Area	Name of the Acts/Regulations
real estate agents and licensing
property sales
Property management
Privacy
fair trading and consumer protection
discrimination
work health and safety/occupational health and safety
environmental (sustainability)
employment and industrial relations
foreign investment
secret commissions (Only 1 required)

Q2.

What is the role of the Australia Competition and Consumer Commission?

Q3.

Consider the relevance of consumer protection requirements and identify (2) risks for the following;

3.1 Consumer (Buyer/tenant/Seller or landlord)

3.2 Risk to the Agency

3.3 Risk to the Industry

3.4 Personal Risk

Q4.

What is an ‘Authority to act’?

Q5.

Explain the impact of fraudulent activities on consumer and agency.

Q6.

Identify a minimum of four risks that may impact on an agency. Outline the strategies that you would recommend to manage each risk.

Q7.

List and explain (2) penalties or disciplinary actions that can be taken by the Office of Fair Trading for breaches of codes and standards for ethical practice in real estate.

Q8.

Explain the role of procedures, forms and documents in managing risk of unethical practice.

Q9.

Apply your learning about ethics and explain (3) strategies you could undertake to respond to concerns about discrepancies between personal and/or agency practice ethical practices and those outlined in the standards for real estate ethical practice.

Q10.

In 50-100 words Describe how the agency can clearly communicate to the consumer their rights and responsibilities, with regards to complaints resolution processes 

Q11.

List (2) sources that you can access to obtain advice about ethical practices.

Authority to Act in Real Estate Transactions

Area	Name of the Acts/Regulations
real estate agents and licensing	Agents Act 2003(ACT), Agents Licensing Act (NT)
property sales	Conveyance (Sale of Land) Regulation 2017 (NSW) · Corporations Act 2001 (Cth)
Property management	Residential Tenancies Act 1987 (RTA), Australian Consumer Law and Fair Trading Act 2012
Privacy	The Privacy Act 1988 (Cth), Australian Privacy Principles (APPs)
fair trading and consumer protection	The Competition and Consumer Act 2010 (the Act), Trade Practices Act 1974
discrimination	The Racial Discrimination Act 1975 , Sex Discrimination Act 1984.
work health and safety/occupational health and safety	Work Health and Safety Act 2011, The Occupational Health and Safety Act 2004 (OHS Act)
environmental (sustainability)	Environment Protection and Biodiversity Conservation Act 1999 ( EPBC Act), The Environment Protection Act 1993
employment and industrial relations	Fair Work Act 2009 (Cth),  Industrial Relations Act 2016
foreign investment	Foreign Acquisitions and Takeovers Act 1975 (FATA),
secret commissions	Secret Commissions Act 1905

The Australian Competition and Consumer Commission (ACCC) is referred to self-governing legislative authority. Their primary character is to implement the legislation of the “Competition and Consumer Act 2010” and various other legislations that focuses upon indorsing the opposition in the market , unbiased transaction and the maintenance of the national substructure for the profit of every Australians. The associates of the ACCC are communally mentioned to as the Commission and encounter frequently, typically daily, to state the choices on the matters that are investigated under the ACCC. Matters measured at Commission comprise of the mergers, agreements and announcements, whether to instigate court records, and choices about admission to substructure amenities.

Consumer : The risks that the consumer might face includes the following:

• Types of product that they receive is under the terms of the product safety.
• Malpractices by the supplier of the product such as in regards to the delivery of the goods and the risk of the goods to be a duplicate item.  

Agency:

• Risk in regards to the value of the products.
• Risk in relation to the profit and the loss of the shares and in regards to the shareholders.

Industry:

• The risk that the industry might face includes the operational risk. It states the issues in regards to the functioning of the company.
• Compliance risk that includes the enactment of the rules that shall be followed by the employees of the company.

Personal Risk:

• In regards to getting the accurate quality and the quantity of the product purchased.
• It also includes warranties and the guarantee that is also the rights of the consumers and protect the goods from the damage.

The “ Authority to Act” is a deed or document that offers additional individual with expertise or the authority to act on the behalf of another person. This is diverse from the “Power of Attorney” as it isn't distinct as a lawful deed. A specialist to perform is also for a solitary juncture somewhat than continuing specialist transversely numerous substances. “Express authority” is the authority that states the primary has specifically assumed to the agent whether given in an oral or in a written way. “Implied authority” is the specialist as an agent to do acts that are rationally related to and essential for the actual presentation of his obligations. The gratified of the authority be contingent on the evidences of all the case and is occasionally resolute by the practices and duties of a employment, commercial or occupation.

The SCAM watch website offers the gateway for the effort of the “Australasian Consumer Fraud Taskforce (ACFT)”. The ACCC places the “ACFT” which was shaped in the year 2005. The ACFT mechanism to improve the labors and the influence of the “Australian and the New Zealand” controlling and implementation activities in their contest in contradiction of the customer deceptions and frauds. This is assumed over distribution of the evidence on the implementation actions to state the evidence operations. The “ACFT” is also intricate in the investigation upon the consumer deception. The ACFT vigorously includes the sector those are private and public collections in its material movements and inspires them to part material they may have upon the fraudulent activities.

Risk	Strategies
· Compliance Risk. · . ·	In order to manage the compliance of the rules of the agency the first step is towards the assessing of the risk and make a strategic way to resolve such issue. This can also be managed through surveillance.
Operation Risk.	In order to manage the operational risk of the agency it is required to reduce in order to mitigate the issues facing. It shall also include sharing such as budgeting and the transfer of the shares in a correct and appropriate way.
Fiscal Risk	Through budgeting and maintaining the accounts of the profits and loss in regards to the funds of the company and the agency.
Reputation Risk.	Maintain the conduct of the employees under surveillance and ensure in regards to the data violations and also look after the customer service problems and keeping the employees satisfied.

Below the “Property and Stock Agents Act 2002”( Act) and the “Property and Stock Agents Regulation 2014” (the Regulation), the Administrator can take punitive accomplishment in contradiction of the proprietors and the credential of the registering holders, and the person who violates or breaches the legislation. Punishments under the Act imitate upon the seriousness of the wrongdoings. A extreme disadvantage of $22,000 shall put on for uninhibited interchange by a company and $11,000 for an discrete. Similar consequences smear for collusive performs at public sale sales. The Disciplinary actions by the Secretary may be revised by the “NCAT”.

The role of the procedures , forms and the documents help in the maintenance of the risk in an orderly way. It states like a guideline that pave the way in which the procedure can be easily fulfilled. By the help of the documents and by following the accurate procedures the ordinance can be maintained easily and following such ordinance and the measures the rules can be easily established and formulated. It paves a particular way or the procedure following which the laws could be implemented and enacted in an easy way that shall be helpful in the reduction of the risk in the business or by any organization.

• Informed consent states that the person contributing in the assessment is fully well-versed  in relation to the assessment being shown.
• Volunteer contribution states that the individuals in contribution in the assessment free from intimidation.
• Harm can be together bodily and/or emotional and consequently can be in the procedure of: pressure, discomfort, nervousness, lessening self-esteem or an assault of confidentiality. It is overbearing that the assessment course does not in any way damage deliberately or deprived of any purposes.

The Department obtains many grievances about the issues which may have been determined by organizations before they went to the Office. A protest can give an office chances to distinguish and cure issues, some of the time with its administrations and practices. Surveying grievances may distinguish preparing needs or procedural practices where issues may should be raised to increasingly ranking staff for dynamic. A powerful objection taking care of strategy is a fundamental business practice which can push an organization to meet its lawful commitments as well as to create associations with individuals managing the office by expanding on their trust to cure a circumstance, hence demonstrating the individual's sentiment or custom is esteemed.

• Cox, S., Drew, S., Guillemin, M., Howell, C., Warr, D. and Waycott, J., 2014. Guidelines for ethical visual research methods. Parkville: Visual Research Collaboratory.
  
  
• Ehrich, L.C., Harris, J., Klenowski, V., Smeed, J. and Spina, N., 2015. The centrality of ethical leadership. Journal of Educational Administration.

References

Australasian Consumer Fraud Taskforce (ACFT)

Australian Competition and Consumer Commission

Australian Consumer Law and Fair Trading Act 2012

Competition and Consumer Act 2010

Conveyance (Sale of Land) Regulation 2017 (NSW)

Corones, S.G., 2011. The Australian consumer law. Thomson Reuters Lawbook Co.

Corporations Act 2001 (Cth) 

Cox, S., Drew, S., Guillemin, M., Howell, C., Warr, D. and Waycott, J., 2014. Guidelines for ethical visual research methods. Parkville: Visual Research Collaboratory.

Durovic, M. and Micklitz, H.W., 2016. Internationalization of consumer law: A game changer. Springer.

Ehrich, L.C., Harris, J., Klenowski, V., Smeed, J. and Spina, N., 2015. The centrality of ethical leadership. Journal of Educational Administration.

Howells, G. and Ramsay, I. eds., 2018. Handbook of research on international consumer law. Edward Elgar Publishing.

Nottage, L. ed., 2013. Consumer Law & Policy in Australia & New Zealand. Federation Press.

Paterson, J., 2009. The Australian unfair contract terms law: The rise of substantive unfairness as a ground for review of standard form consumer contracts. Melb. UL Rev., 33, p.934.

Property and Stock Agents Act 2002”( Act)

Property and Stock Agents Regulation 2014” (the Regulation)

Residential Tenancies Act 1987 (RTA)