Real Estate Fundamentals and Ethics

Estratto della scheda di revisione

Course Outline

  1. Core Principles
  2. Legal Structures
  3. Agency Definitions
  4. Legislation & Regulations
  5. Trust Accounts & Funds
  6. Communication Skills
  7. Marketing Strategies
  8. Client Relationship Management
  9. Compliance & Ethics
  10. Trust Account Management

1. Core Principles

Key Concepts & Definitions

  • Ethics: The moral principles that govern the conduct of professionals, emphasizing honesty, integrity, and fairness in dealings with clients and the public. Under the Code of Conduct for Agents and Sales Representatives (re-drafted in 2016), agents must act in good faith and exercise due skill, care, and diligence, always prioritizing the best interests of their clients.

  • The Nine C’s of Professionalism & Management: A set of core values that underpin professional conduct, including Competence, Courtesy, Confidence, Communication, Commitment, Consistency, Creativity, Courage, and Control. These principles guide agents to maintain high standards and foster trustworthiness in their practice.

  • Principles of Quality Assurance & Client Services: Frameworks and standards designed to ensure consistent delivery of high-quality services. They involve establishing policies, procedures, and continuous improvement processes to meet client expectations, uphold professionalism, and ensure ethical practice.

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Anteprima del quiz

1. What are 'Core Principles' in the context of professional conduct?

2. What is the name of the legislation that establishes the regulatory framework for licensing and conduct of real estate agents in Western Australia?

3. What is the primary role or function of an agency in real estate practice?

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Anteprima delle flashcard

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.

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Domande frequenti

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