Final answer:
In summary, real estate agents in Victoria must abide by Standards of Conduct including following clients' lawful instructions except when conflicting with good practice, responding to maintenance requests promptly, knowing relevant laws, acting fairly and honestly, and adhering to the agents' code of ethics and conduct.
Step-by-step explanation:
The Standards of Conduct for agents in Victoria, as stated in the Estate Agents Regulations 2018, are designed to ensure professionalism and ethical behaviour in the real estate industry. Among the standards listed, five that agents must abide by include:
- Follow their client's lawful instructions, except if it would not be good estate agency practice.
- Promptly respond to a tenant's request for maintenance and repairs and notify the tenant of a landlord's response.
- Know the relevant laws that apply to the real estate industry and their practice.
- Act fairly, honestly, in good faith, and to the best of their knowledge and ability at all times.
- Agents code of ethics and conduct, which generally includes principles such as integrity, transparency, and professionalism.
It's important to note that while the Real Estate Institute of Australia's code of ethics may also be important, it is not specified within the Estate Agents Regulations 2018 like the Agents code of ethics and conduct is.