Flashcards: Real Estate Fundamentals and Ethics — 20 cards

Ethics — definition?

Moral principles guiding professional conduct.

Nine C’s — includes?

Competence, Courtesy, Confidence, Communication, Commitment, Consistency, Creativity, Courage, Control.

Quality assurance — purpose?

Ensure consistent, high-quality client services.

Due diligence — process?

Careful investigation before transactions.

Acting in good faith — obligation?

Prioritize client interests honestly and loyally.

Legal structures — governed by?

Real Estate and Business Agents Act 1978.

Licensing requirements — include?

Qualifications, background checks, compliance.

Agency service types — examples?

Residential, Commercial, Auctioneering, Business Broker, Stock & Station.

Agency agreement — types?

Exclusive, Open, Sole.

Agency — relationship?

Principal authorizes agent to act on their behalf.

Real estate legislation — main act?

Real Estate and Business Agents Act 1978.

Trust account — purpose?

Hold client funds securely, separate from business funds.

Trust money — includes?

Deposits, sale proceeds, rent received on behalf of clients.

Trust account management — key?

Accurate records, compliance, safeguarding funds.

Communication — essential skill?

Clear, professional exchange of information.

Marketing strategies — focus?

Target audience, engaging content, driving sales.

Client relationship management — goal?

Build trust, ensure satisfaction, foster loyalty.

Compliance — involves?

Adhering to laws, regulations, ethical standards.

Ethics — importance?

Maintain trust, professionalism, legal compliance.

Trust account records — include?

Receipts, journals, ledgers, audit trail.