Access and Interpret Ethical Practice in Real Estate

1. EBP was employed with a company in the business of real estate as a senior property manager. In the period of employment EBP conducted a breach by making 15 payments that ranged from $70 to $8800 from the trust account to the personal account of EBP. The total amount that has been transferred is $13830. These payments were in breach of the provisions of Property, Stock and Business Agents Act 2002. Owing to these breaches by EBP, the Commission declared him as a disqualified person and prohibited him from acting as a licensee for the 5 years (Civil and Administrative Tribunal New South Wales, 2019).

2. The Australian Consumer law provides protection to the consumers against the unfair practices. In the scenario the real estate company is the consumer while EBP is the business. In the given scenario, EBP’s conduct was unconscionable conduct. In this case, EBP took advantage of the other party. Due to the accessibility of EBP to the systems of the company, the payments were made without providing the information to the others. In unconscionable conduct a decision is made in contrast to the good conscience. Transferring the funds from the trust for personal benefit is an unethical practice that has been done against the consumer in this case it is the company here. The following legislation were breached in the process:

  • 192E(1)(b) of the Crimes Act 1900
  • Property Stock and Business Agents Act 2002 - failure to supervise the business of the corporation (Civil and Administrative Tribunal New South Wales, 2019).

3. Consumer protection law is an act designed for fair dealings by businesses. This act provides a way for benefiting the consumers business and community. In the prosecution case the following code of conducts were breached by the EBP:

  • Fair conduct: According to this code of conduct a member should in a manner that is fair and honest and should not engage themselves in an unconscionable conduct. This code was breached as EBP transferred an amount of $15000 for payments which were personal. This amount would have been reflected as an expense to match the spending’s. Thus, there was a misleading or deceptive conduct.
  • Tenancy: According to this code of conduct the member or the agent should furnish complete reports to the owner so as to keep them aware about the activities that are taking place. This conduct was broken as owner was unaware about the transactions that have been made.

These were the two ethics or code of conduct that were breached in the proceedings as EBP has no right to transfer the sum for personal payment from the trust amount.

4. EBP could have asked the authority for payments and then refund it appropriately. If he was in need of money then he could have taken a loan from the company through proper approval.

EBP could have consulted the director of the company and seek a written approval appropriately in a manner that allows that to make the payments. Also if the junior of EBP or the accounts team would have noticed any discrepancy than they should have reported it to the principal or report it to the Fair trading officer accordingly. In this manner steps could have been taken to avoid the discrepancy that has occurred in the unethical practice and ethical standards.

References for EBP vs Commission for Fair Trading Case Law

Civil and Administrative Tribunal New South Wales. 2019. EBO v Commissioner for fair trading, Department of finance, Services and Innovation. Retrieved from:https://www.caselaw.nsw.gov.au/decision/5d9e7ab0e4b0ab0bf6072b73

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