Deakin University
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Property transactions : a note on ethics

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conference contribution
posted on 2003-01-01, 00:00 authored by J Robinson, Richard Reed
Some activities that are applied in the property market to facilitate transactions have the potential to lead to unethical behaviour. Two conditions required for a sale price to be acceptable as market value are that the transaction is at arm’s length and the parties to the transaction are knowledgeable and prudent. The well-known difficulties associated with access to market pricing information are exacerbated by several of these activities including dummy bidding at auctions, two-tier marketing and the provision of lease incentives. Added to these is a common requirement that any negotiation be commercial-in-confidence. The lack of information has the potential to distort the market and this has been well publicised in recent times particularly in the residential market.
The definition of market value is visited and the nature of ethics in property transactions is outlined. Several examples of activities that could lead to unethical behaviour are described. It is concluded that unethical behaviour is hard to identify. Some recommendations are included for consideration and discussion.



Pacific Rim Real Estate Society Conference (9th : 2003 : Brisbane, Qld.)


1 - 9


Pacific Rim Real Estate Society


Brisbane, Qld.

Place of publication

Adelaide, S.Aust.

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Publication classification

E2.1 Full written paper - non-refereed / Abstract reviewed

Copyright notice

2003, Pacific Rim Real Estate Society

Title of proceedings

PRRES 2003 : Proceedings of the 9th Annual Pacific Rim Real Estate Society Conference

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