Cppdsm4080 Real Estate Industry- Ethical Assessment Answers

You have applied for a sales associate position at XYZ Realty. Write a spiel about yourself promoting all the qualities knowledge and skills you believe you can bring to XYZ Realty. 

Knowledge of legislation, rules of conduct and requirements to work in the Real Estate industry

Golden Real Estate have inspected Mr and Mrs C's home and recommended a public auction on 24th March. They have told the agent In confidence that the bank has contacted them and unless they make their outstanding mortgage payments within a reasonable time the bank will have no option but to step in. Mr and Mrs C have asked that this fact not be made known to any prospective purchaser. They have stated in writing that the property reserve will be $210,000. The reserve Is not to be disclosed. 
The agent advertises the property for sale by auction in the local newspaper the very next day: 

Desperate Vendor- Must Sell

Forced sale due to financial reasons

This 3 bedronm hems, boasts formal living with open fire place, solid timber kitchen, family room and double, garage. Only a stones throw to beach. MI offers over $160,000 will be considered. 

Phone us now on 555 987 995 

Golden Real Estate 

Discuss the Ethical and Conduct standards of Golden Real Estate this will include privacy legislation, Rules of Conduct, breach of agreement and negligence, communication strategies, agency risk management strategies, Licensee supervision and the associated penalties that are implied by the PS&BA Act 2002 and Regulations 2003. 

1. Workplace and its culture and environment is changing day by day. Workplace is becoming very vast as all types of business is not restricted to geographical locations and cultures. Therefore, it is becoming difficult in this vast environment to communicate effectively with individuals from different cultures and variations.

Having applied for the position of sales associate in the XYZ realty firm, the firm appointing me as their sales associate will get everything a company expects from its employees. I have an experience over 2.5 years in this field and is known to the industry as an honest employee. I have knowledge regarding the strategies that should be used in selling realty products in the market. There will be no obstruction in entering the markets to promote the sale of the realty products as I have a good command over the languages usually used in the market by different customers as well as other agents of the firm (Buckingham & Coffman, 2014). I have good command over the local as well as some native languages, which will help the company to grow its business over the geographical locations. Moreover, the traits that the company expects that a sales associate should have are inherent within and know how to handle complicated situation. Mostly, I believe in smart work than hard work. Previously I have worked in various places and markets of the country, as thus it will nowhere obstruct or problem for me to communicate my ideas, sharing about the company deals to my customers and other agents to develop the business in the regions and make a substantial growth rate from the present growth rate the firm has. I am very well known to the cultural diversity of the region’s the firm has its business operations and therefore it will not make any problem for me to accelerate the sales process in the regions of cultural diversity (Trevino & Nelson, 2016)..

Therefore, with overall discussion, it can be concluded that I am the suitable and the fittest person to handle the position and will be able to prove myself as the fittest of all.

2. The Golden Real Estate is firm which provides services in buying and selling of houses. In the given case, the Golden Real Estate firm helped the owner of a property i.e. Mr. and Mrs. C to make a public auction to sell their home. The owners asked the firm to keep the reason of selling the home confidential. The actual reason for selling the home is that the home is mortgage with the bank and if they do not repay the amount within stipulated time the bank will take over the property. Moreover, the property reserve is $ 2,10,000 which the owner asked the firm not to disclose to the potential customer.

Going through the case it is found that the firm in one way is doing its ethical duties in keeping the private information of its clients undisclosed. On the other hand, the client or the customers who are willing to and potential to buy the home are also customers to the firms and not disclosing the history of the property will be unethical. However, in this case, the firm cannot sell the property without disclosing the material information which Mr. and Mrs. C has asked them not to disclose. As per the Privacy Law of Australia, the firm cannot disclose the material information regarding nonpayment of debt of any person but this may cause harm to some other person who if gets the material information can save himself from loss or damage. Thus, if the firm sells the property to any other person then the firm shall be liable to violate the ethical standard (John et al., 2014). However, under the Property, stock and Business Agents Regulation 2003 the firm should maintain the ethical standard and comply with the rules of conduct mentioned under the Act. The Act covers 19core rules, which apply to the firms, which are licensed under the Act. Any contravention to the rules of conduct under the Act by the agent is said to be breach of provisions and duty of the agent as per the Act and the agent shall be penalized or disciplinary action shall be taken against the agent for the misconduct (Sirgy, 2014). Therefore in the given case Golden Real Estate shall be liable for the violating the ethical standard that he must disclose the information to its potential customers as it can save them from receiving damage or injury.

Reference:

Buckingham, M., & Coffman, C. (2014). First, break all the rules: What the world's greatest managers do differently. Simon and Schuster.

John Wiley & Sons.Boyd, D., Amidu, A. R., & Smith, M. (2014). Developing a practice-based body of real estate knowledge: A Delphi study. Journal of Real Estate Practice and Education, 17(2), 139-167.

Sirgy, M. J. (2014). Real Estate Marketing: Strategy, Personal Selling, Negotiation, Management, and Ethics. Routledge.

Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do it right.