Question
John, a real estate agent in Fort St. John, has suggested to his client Julia that she should list her restaurant for $850,000.He suggested this
John, a real estate agent in Fort St. John, has suggested to his client Julia that she should list her restaurant for $850,000.He suggested this price as it would leave some room to bargain with any potential buyers.John has told Julia the restaurant's true value is about $800,000.A potential buyer named Ben approached John - he was very interested in the restaurant and looked at the listing which showed the price of the restaurant at $850,000.Eventually John closed the sale by letting Ben know that really Julia was asking too much and to offer her $800,000.
a. Where does the real estate agent's (John) responsibility lay?
b. What are could be a potential outcome if Julia and Ben ever "compare notes" about the transaction that just took place?
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