1. Review and explain the ethical practice standards and ethical practice for dealing with: Privacy, confidentiality, and security of client information. (20-30 words) Conflict of interest (20-30 words) Referrals (20-30 words) Making full disclosure of property conditions (20-30 words) Price guide recommendations (20-30 words) False and misleading information on price of property (20-30 words) Following principals and client's instructions (20-30 words)

2. Case Study Sam Roberts is a salesperson with Good Luck Realty Pty Ltd. He is contacted by interstate owners who ask him to appraise their home unit. The owners advise Sam that they are anxious sellers. However, they have not visited Geelong for some time and have no idea of values in this area. Unbeknown to the owners, Sam has a daughter who is looking for a unit in their area. Sam knows that similar units in this area have sold for $450,000 - $475,000 Sam inspects the subject unit, calls the owners and tells them its price range is $380,000 -$420,000. The owners only paid $155,000 for the unit in 2004 and consider that the price is reasonable. They consequently list the unit for sale with Sam. He then sells it to his daughter.

1. Was Sam ethical in his dealings with the owner? List three things that Sam did wrong.

2. The owners decide to take legal action against Sam. List three actions they can take.

3. Can Sam charge the sellers commission for his service and explain your answer?

Read the following published real estate industry prosecution summary A former real estate agent who siphoned nearly $75,000 of clients' funds from his agency's trust account in a series of multiple small transfers, has been convicted and sentenced in the Melbourne Magistrates' Court. Jean-Noel Alain Philippe Gillet, 63, of Dandenong, transferred sums of between $50 and $300 each from the trust account of his agency, Agent 96 Real Estate, between March 2019 and January 2020. Gillet pleaded guilty to two rolled-up charges which reflected 941 instances where he had caused a deficiency in a trust account or fraudulently converted money for his own use. He was convicted and sentenced to a 12-month community corrections order, which includes a requirement to perform 200 hours of community service. He was also ordered to pay $74,613 in compensation to the Victorian Property Fund, which provides financial protection for consumers adversely affected by trust account defaults. The Fund has compensated the clients financially impacted by Gillet's actions. Consumer Affairs Victoria Director Nicole Rich welcomed the outcome. 'Trust account money belongs to consumers - and agents who misuse it are engaging in serious misconduct,' she said. Anyone who misuses trust account funds - regardless of the amounts involved - can face penalties including substantial fines, losing their licence to practice, or jail for more serious offences.' Consumer Affairs Victoria first became aware of the alleged offences after Gillet self reported personal use of trust funds by letter and phone. Develop a report (200-300 words) to discuss consumer protection requirements that includes: A summary of the unethical practice. An explanation of how the unethical practice relates to Estate Agents Act 1980 or Regulations. If you were the OIEC of an agency, what policies and procedures could be applied to stop this practice happening to ensure ethical practice. Who you would go to specialist advice on this matter.