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An out-of-town property owner hired a North Carolina broker to list and sell a desirable commercial lot. The seller set the listing price at $30,000.

An out-of-town property owner hired a North Carolina broker to list and sell a desirable commercial lot. The seller set the listing price at $30,000. The Broker knew the lot was worth at least $50,000 but he did NOT tell the owner. The broker bought the lot himself for $30,000 and resold it shortly thereafter for $50,000. Which of the following is correct?

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