April 3rd, 2020
When a broker is employed to sell a property and is also given an option to purchase the property, they occupy the dual status of agent and purchaser. Before the broker can purchase the property, they must divest themselves of their obligations as an agent by making a full disclosure of all known material facts about the transaction and inform the seller of any additional offers on the property. The broker must also inform the principal of any profit the broker expects to make on the property.
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