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Real Estate Diploma > Manage ethical practice in the property industry > Flashcards

Manage ethical practice in the property industry Flashcards

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1
Q

Is every interaction with a client governed by legislation?

A

Yes.

It is important that you take the time learn the legislation, regulations and codes of practice that have a direct impact on your procedures.

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2
Q

How can you demonstrate your accountability in regards to the transactions that you process?

A
  1. Gathering of documents.
  2. Processing of transactions.
  3. Interaction with the client; and
  4. How you meet the needs of the client.
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3
Q

Legislation, regulations, and codes of practice may include?

A
  1. Privacy Act.

The act includes 13 Australian privacy principles, and they govern standards, rights and obligations around:

  • Use of personal information.
  • An agency’s governance and accountability.
  • Integrity and correction of personal information.
  • The rights of individuals to access their personal information.
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4
Q

How does a employee expose themselves to security systems?

A

Logging into a organisations administration computer system.

  1. Administration systems - For handling tenancies.
  2. Accounting Systems - To generate payments or receive payments - To generate tax documents.
  3. External systems - Which may or may not include the generation of contracts via a third party representative.
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5
Q

Why are systems in place?

A
  1. To protect customer’s privacy.

And that the organisation is protecting not only their systems but are also protecting the organisation from litigation due to breach of law.

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6
Q

What is a security breach?

A

Giving others your login details
(Email & Password)

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7
Q

Which 8 legislations govern the real estate industry?

A
  1. Australian Capital Territory
    - Agents Act 2003 (ACT).
  2. New South Wales
    - Property, Stock and Business Agents Act 2002 (NSW).
  3. Queensland
    - Property Agents and Motor Dealers Act 2000 (QLD).
  4. Northern Territory
    - Agents Licensing Act (NT).
  5. Western Australia
    - Real Estate and Business agents Act 1978 (WA).
  6. South Australia
    - Land Agents Act 1994 (SA).
  7. Victoria
    - Estate Agents Act 1980 (VIC).
  8. Tasmania
    - Property Agents and Land Transactions Act 2005 (TAS).
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8
Q

Australia has additional commonwealth legislation, what are they?

A
  1. Financial Services Reform Act.
  2. Census and Statistics Act 1905.
  3. Copyright Act 1968.
  4. Corporations Act 2001.
  5. Family Law Act 1975.
  6. Freedom of Information Act 1982.
  7. Managed Investments Act 1998.
  8. Sex Discrimination Act 1984.
  9. Native Title Act 1993.
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9
Q

What are the key analysis that need to be considered when identifying risks?

A
  1. Source or root cause.
    - What is the reason or the root cause of the risk?
  2. Impact.
    - How does this impact business operations?
  3. Enablers.
    - Is the business allowing risks to exist within the operation?
  4. Events.
    - Was there a specific incident that occured?
  5. Consequences.
    - What is the potential consequence of the risk if left untreated?
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10
Q

What is the Australian Capital Territory Act?

A

Agents Act 2003 (ACT)

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11
Q

What is the New South Wales Act?

A

Property, Stock and Business Agents Act 2002 (NSW)

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12
Q

What is the act for Queensland?

A

Property Agents and Motor Dealers Act 2000 (QLD)

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13
Q

What is the act for Northern Territory?

A

Agents Licensing Act (NT)

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14
Q

What is the act for Western Australia?

A

Real Estate and Business Agents Act 1978 (WA)

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15
Q

What is the act for South Australia?

A

Land Agents Act 1994 (SA)

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16
Q

What is the act for Victoria?

A

Estate Agents Act 1980 (VIC)

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17
Q

What is the act for Tasmania?

A

Property Agents & Land Transactions Act 2005 (TAS)

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18
Q

What are some methods organisations employ to identify and assess the risks their business are potentially vulnerable to?

A
  1. Questionnaires.
  • Used to collect observations from staff
    about what they see as risks and their
    perspective on risk management practices
    within the organisation. Useful to identify
    risks that management did not realise
    existed within the business and to
    encourage staff to contribute to the
    process.
  1. Checklists.
  • Checklists should be utilised to develop
    formal procedures that can assist you in
    looking at the internal risk of activities.
  1. Scenario Analysis.
  • Scenario analysis involves the assessment
    of various potential future events and the
    development of scenarios that will be likely
    to pass if specific events took place.
    Scenario analysis can be helpful in risk
    management by reflecting on your analysis
    of the internal and external environment
    and determining the events that may
    impact on your organisation’s risk
    management plan.
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19
Q

What should you have to minimise risk in a organisation?

A

A Risk Management System.

What is the likelihood of an incident occurring?

If an incident occurs, what would be the magnitude of its consequence?

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20
Q

How do you identify levels of risk?

A
  1. Available records
  2. Results from inspections.
  3. Data from various sources.
  4. Relevant experience.
  5. Research.
  6. Specialist and expert judgement.
  7. Experiments.
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21
Q

What are three types of risk analysis?

A
  1. Qualitative. (Commonly Used)
  2. Semi-Quantitative.
  3. Quantitative.
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22
Q

What is Qualitative Analysis used for?

A

To obtain an indication of risk levels.

Qualitative Analysis uses scales to analyse the likelihood of an event occurring and its consequences.

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23
Q

More info on Qualititative Analysis?

A
  1. Screening Excercise & to identify risks that require more detailed analysis

Where the level of risk does not justify the time and effort spent on a more detailed analysis.

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24
Q

How is likelihood assessed?

A
  1. Very Likely
    - Constantly
  2. Likely
    - Occasionally
  3. Unlikely
    - Rarely
  4. Highly Unlikely
    - Probably Never Will
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25
Q

Consequences are >

A

Qualitatively Measured

26
Q

What are examples of consequence measures?

A
  1. Major or Serious Injury.
    - Involve significant time off work.
  2. Minor Injury.
    - Likely to spend more then a day off work.
  3. Negligible Injuries.
    - First aid only, no time off work.
27
Q

Likelyhood + Consequence =

A

Analysis Matrix

28
Q

What does Risk Mitigation Involve?

A
  1. Identify Risks.
  2. Monitor Risks.
  3. Assess Risks.
  4. Evaluate Consequences.
29
Q

What are 4 risk mitigation strategies?

A
  1. Risk Acceptance.
  2. Risk Avoidance.
  3. Risk Reduction or Control.
  4. Risk Transfer.
30
Q

What are policies?

A

Policies are documents that outline operations that an organisation has adopted to realise it’s vision, mission and strategies.

31
Q

Within a workplace what should you have good understanding of?

A
  1. Procedures,
  2. Guidelines,
  3. Policies,
  4. Standards,
  5. Codes of Practice,
  6. Ethical Requirements.
32
Q

What else should you be aware of regarding the organisation?

A

How your employer is impacted and what measures are in place to ensure compliance.

33
Q

What happens if you fail to follow regulations and legislative directives?

A
  1. Large Fines for both the organisation and the employees responsible.
  2. Potentially loss of business license in more serious circumstances.
34
Q

What does policies generally include?

A
  1. Workplace Health and Safety,
  2. Codes of Conduct,
  3. Privacy Policies,
  4. IT and security Policies.

Other general business policies that facilitate expected workplace behaviours and provide clear guidelines for all staff to follow.

35
Q

What happens if you fail to comply with organisational policies?

A
  1. Result in disciplinary action, OR
  2. Termination of employment.
36
Q

What are other policies that can be included (PT 2)

A
  1. Customer Privacy,
  2. Handling of personal and sensitive information,
  3. Technology and security policies to keep documents secure and private,
  4. Customer service policies in dealing with clients and assisting them with their financial circumstances.
37
Q

What are company procedures?

A

Procedures are written documents that outline how things are done within an organisation.

E.G: A set of organisational manuals to outline a step by step guide to perform a operational work role.

38
Q

Are company procedures governed by regulations and legislation?

A

Yes

39
Q

What are some methods to prevent unethical behaviour?

A
  1. Create a Code of Conduct,
  2. Implement unethical behaviour reporting systems,
  3. Use organisational structure to deter unethical activity,
  4. Respond to issues.
40
Q

Should every organisations have an anonymous reporting system?

A

Yes

41
Q

When a workplace displays unethical behaviour it means >

A

Leadership is lacking,

or there is no governance to oversee and manage the team.

42
Q

What list should you make public when responding to issues?

A

A list of possible consequences.

To prevent discussions about whether an action should result either in a reprimand or probation or being fired.

43
Q

What does creating a code of conduct mean?

A

Code of Conduct gives managers and employees a clear overview of what the company expects.

  1. Describing unacceptable behaviour & the consequences for employees who violate them.
44
Q

Is it ethical to publicly reprimand the employee if they have failed to breach procedure?

A

No,

If information needs to be shared, keep them professional and use the incident as a learning opportunity for the company.

45
Q

What does mitigation strategies have in common?

A
  1. Having Consistency,
  2. Following Values and Teaching Employees how to behave,
  3. Report anyone who isn’t,
  4. Respond in a consistent manner to any unethical behaviour.
46
Q

What does a Ethical Management Checklist do?

A

Determines whether the organisation complies with industry standards.

47
Q

What are the questions that apply to a Ethical Management Checklist?

A
  1. Does your organisation have an ethical statement / code of conduct? > Yes? Does it reflect your professional obligations?
  2. Does your organisation currently communicate its ethical business practices and commitment to responsible business? How?
  3. Are your statements for responsible business monitored and verified? How and by whom?
  4. Does your organisation include a session on ethics and responsible business in its induction programme for all staff?
  5. Is this featured in ongoing training?
  6. Are you aware of what categories of ethical information are gathered in your organisation? Yes? Are there any ommissions?
48
Q

What is common ethical breaches associated with the property industry?

A
  1. Mishandling of Funds,
  2. Conflict of Interest,
  3. Lapsed Licensing.
49
Q

Why should you conduct ethic audits?

A
  1. Identify ethical problems that arise in their practice environments.
  2. Examine and evaluate their existing activities to see if they are adequate
  3. Create a workable plan for changing existing practices as needed.
  4. Keep an eye on how this quality assurance policy is being implemented.
50
Q

What steps can you take to help you conduct a thorough management structure audit?

A

Step 1: Analyse the Company’s established ethical values.

Step 2: Ensure that the company’s values are reflected in the Code of Ethics, Conduct.

Step 3: Perform a risk assessment.

Step 4: Analyse property business conduct
policies.

Step 5: Test and check reporting systems.

Step 6: Audit the communication program.

51
Q

What are different types of communication?

A
  1. Emails,
  2. Face to face verbal communication,
  3. Video Conferences,
  4. Telephone Calls.
52
Q

What are the benefits of well-developed communication?

A
  1. Reduction in misinterpreted messages or
    statements.
  2. Minimising confusion or a lack of understanding.
  3. The ability to relate to colleagues and build
    interpersonal connections.
  4. Ensuring communication styles and techniques
    are appropriate to any cultural differences within
    the workplace.
53
Q

What does non-verbal communication include?

A
  1. Head Movement,
  2. Eye Contact,
  3. Tone of Voice,
  4. Gestures.
54
Q

What are verbal signs?

A
  1. Appropriate Quesitoning Skills.
  2. Summarise.
  3. Reflect.
  4. Mirror.
  5. Verbal Nods.
55
Q

How can you communicate to staff about ehtical practice?

A
  1. Email Updates.
    Emails are a reliable way of sending out information to a large number of stakeholders, both internally and externally. Emails are trackable so organisations can keep track of sent receipts and unread emails.
  2. Weekly Stand-up.
    Weekly stand ups create accountability and can address issues as they arise. They also provide an avenue for people to provide feedback and raise concerns.
56
Q

What type of information should you collect within a property agency?

A
  1. Ethical Practice.
  2. Breaches.
  3. Relay the impact on clients.

This is how you conduct the agency in a ethical way that is both transparent and communicative with clients.

57
Q

If you want to develop ethical conduct in your workplace, you must keep the value of ………… In mind.

A

Ethics

58
Q

How frequently should you communicate ethical behaviour?

A

Regularly

59
Q

What are the best methods to distribute information and to implement ethical practice?

A
  1. Leading by Example,
  2. Create Ethical Dilemmas & Situations.
  3. Ease of Access of Company Values, Conduct, Whistle-Blower Procedures.
  4. Quiz Employees on Ethical Behaviour.
60
Q

What should your workplace interactions be based on?

A

Honesty

61
Q

What should you be aware of when communicating with others?

A

Laws and Regulations that regulate the communications in your industry.

Real Estate Diploma (4 decks)

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