A code of conduct, which can also been known as code of practice, conduct standards, rules of conduct among other is a set of rules outlining the norms, rules, and responsibilities or proper practices of an individual party or an organisation or industry.
The Code of Conduct is designed to provide staff with guidance on appropriate ethical standards for work-related behaviour.
Agents are required to have a thorough understanding of the Rules and Codes of Conduct governing their business activities and act in accordance with them. Failure to do so renders the agent open to investigation, fines, and potentially puts clients and customers at risk.
Codes of conduct can be mandatory or voluntary:
- Prescribed mandatory codes provide a set of rules or minimum standards for an industry, including the relationship between industry participants or their customers. They are prescribed as regulations under Competition and Consumer Act 2010. Go to the Australian Competition and Consumer Commission (ACCC) website find out the industry codes.
- Non-prescribed voluntary codes are a form of industry self-regulation. Voluntary industry codes are usually flexible and can change in response to industry or consumer needs. They set out specific standards of conduct for an industry including how to deal with its members and customers. Go to the ACCC website to learn more about voluntary codes.
The legislation for the real estate industry sets out the codes of conduct that is expected of persons working in the industry and is dependent on the state in which they work.
The following set out the standard of conduct expected of agents and agents' representatives in their day-to-day dealings with clients (sellers and landlords) and consumers (buyers and tenants).
- VICTORIA - The Estate Agents (Professional Conduct) Regulations 2018
- NEW SOUTH WALES - Property and Stock Agents Regulation 2014
- QUEENSLAND - Property Occupations Regulation 2014
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