Consumers lose out when a real estate agent acts fraudulently. This includes actions such as false and misleading advertising, deceptive conduct and misappropriation of trust funds.
So what is behind the increase in white-collar crime and fraudulent behaviour? And are there are any preventative measures that could be implemented to reduce the impact on consumers?
The scale of the problem
There are various property agency laws and codes of ethics that set out appropriate standards of behaviour for property agents.
In New South Wales, occupational licensing for property agents and certificates of registration are mandatory if working in the property industry. Occupational licensing for this category is managed under the auspices of individual state and territory Fair Trading offices.
My research concluded that education plays a pivotal role, coupled with industry experience, in combating white-collar crime in the property industry.
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