A broker who is hired by an owner to sell his property must reveal all significant and material information to the principal. Which of the following would be considered material information and must be revealed:
A: The new lender will require the buyer to maintain an impound account;
B: The agent's knowledge that a better offer to purchase is imminent;
C: The prospective buyer is of oriental descent;
D: None of the above.
Answer: B: The agent's knowledge that a better offer to purchase is imminent;
You might also like to view...
High performance companies are more likely than low-performance companies to ________
A) reject the majority of applicants B) hire based on selection tests C) have larger workforces D) have longer work hours
Which of the following does not occur for a trustee in a Chapter 7 bankruptcy case?
A) Gains and losses on the sale of assets are debited to the estate equity account. B) Unrecorded liabilities discovered by the trustee are debited to the estate equity account and credited to the liability account. C) Liquidation expenses are debited to the estate equity account. D) An income statement is prepared showing gains and losses on sale of assets.