Property to raise money to pay for medical expenses

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Reference no: EM132221811

Discuss the issues raised in the following hypothetical situations based on information learned in the textbook. A real estate licensee must treat customers fairly. Customers are entitled to know material information about property that affects its value such as defects in the premises, title problems and boundary encroachments. Clients are entitled to all this information and the licensee's opinion regarding market value, assistance in marketing the home and negotiation strategy. Clients are entitled to loyalty, confidentiality and obedience as well as other duties previously discussed. Agents should not engage in fraud in discharging their duty to clients however. Customers are to be treated fairly but not equally.

Aron has an appointment to show 83 acres of rural property he listed to a potential buyer. In discussing his appointment with another licensee in his office he learns that the property adjacent to the listed property had a test on their well water six months ago which showed the water unsafe to drink.

1. Does Aron have to reveal the existence of the test to the buyer? Does he have to reveal it to the seller who listed it with him? How should he advise the seller?

2. Aron knows the seller is selling the property to raise money to pay for medical expenses. Should he tell potential buyers about the seller's situation?

3. Aron has the water tested on the listed property and places the written report in a file at his office without telling the seller the results. Can the seller be treated by law as having the information? Why or why not?

4. Victor has been contacted by Max about listing a home. Max says "I need to get this house sold. The city is going to widen this street and when they do there will be a lot more traffic. I need to get it sold now." What should Victor's response be?

5. Lindsey is a licensee showing property to a young couple and she says "This would be a great house for first time home buyers". If the couple buys the house and later become unhappy with their purchase explain whether Lindsey's statement is actionable.

6. Caleb recently was licensed as a salesperson and has a sponsoring broker. His cousin Janet is trying to sell her house and Caleb offers to help. After getting permission from his sponsoring broker he agrees to help her market the home without charging a fee. Explain whether an agency has been created.

Reference no: EM132221811

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