A listing agent tells a prospective buyer, without the seller's permission, that the seller will accept $20,000 less than the list price. Which fiduciary duty has the agent breached?
- Accounting
- Obedience
- Confidentiality
- Reasonable care
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C. Confidentiality
An agent must put the client's interests first and keep the client's price and motivation confidential. Revealing the seller's bottom line weakens the seller's bargaining position. Accounting concerns the handling of money.
Reference: Fiduciary duties: loyalty and confidentiality
A deed of trust has three parties. Which party is the lender?
- Trustor
- Trustee
- Grantee
- Beneficiary
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D. Beneficiary
In a deed of trust the borrower is the trustor, a neutral third party is the trustee who holds title as security, and the lender is the beneficiary. The trustee is often confused with the lender but only holds title on the lender's behalf.
Reference: Deed of trust parties: trustor, trustee, beneficiary
Because of an unusually shallow lot, an owner cannot build a house that meets the required rear setback. To build anyway, the owner should apply for a:
- Variance
- Rezoning of the area
- Nonconforming use
- Building code waiver
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A. Variance
A variance permits a deviation from the zoning rules when strict application would cause a hardship arising from the property itself. It does not change the zoning of the district, and a nonconforming use is one that already existed before the rule.
Reference: Zoning variances