An owner who lives out of state contacts a licensee who is in state where the owners property is listed. The owner hires the license to sell the property for$150,00. The licensee realizes that the land is in an area that had recently been rezoned for higher use. He tells the owner he will purchase the property himself. He does so and 3 weeks later, sells the same property for $175,000. Which of the following statement about this situation is correct?