The duty to 'act fairly and honestly' under s 5(1) of the Code of Conduct for Agents and Sales Representatives requires honesty assessed by the standards of ordinary decent people, applying the Peters v The Queen test. A real estate agent who deliberately diverts trust moneys from principals to a company in which the agent has a personal interest, without the principals' authority, acts dishonestly even if the agent expected no harm would result. The agent's subjective belief that the conduct was not dishonest is no defence.
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