A broker has a listing on a property and locates a buyer who is willing to purchase the property for greater than the listing price. The broker does not disclose the existence of the offer to the seller and purchases the property themselves, later selling it to the original buyer. Here, the broker is guilty of:
a. breaching their fiduciary duty to the seller.
b. extracting an improper secret profit.
c. improperly converting the profits from the sale.
d. Both a. and b.
Answer: d. Both a. and b.
Business
You might also like to view...
Jeni's Splendid Ice Creams has decided to put its new Beet Cake with Black Walnut ice cream on the market. This product has entered the__________stage of new-product development process
Fill in the blanks with correct word.
Business
According to Commission Position 25 on Recording Contracts should a listing broker get into a dispute with a seller over a commission, the broker may pursue a civil action and file a lis pendens.
a. true b. false
Business