When a broker solicits and accepts a deposit on the purchase of real property without express written authorization from the owner to sell the property, the broker is:
a. guilty of converting a customer's funds for their own benefit.
b. guilty of violating their fiduciary duty to the owner.
c. acting as an agent for the buyer.
d. acting under a restricted listing.
Answer: c. acting as an agent for the buyer.
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Laws and regulations require independent outsider directors to lead important committees, such as audit and compensation. Why are these rules in place?
a. To ensure the best service during committee meetings b. To speed up the committee process and increase efficiency c. To ensure that personal relationships are honored during a compensation analysis d. To avoid the influence of insider directors who may sway the Board in their self-interests
The Sarbanes-Oxley Act of 2002 established the Public Company Accounting Oversight Board (PCAOB) which is a not-for-profit corporation that oversees auditors of public corporations
Indicate whether the statement is true or false