Mark lists Juan's home for sale. Juan tells Mark that he is willing to take $275,000 although he would love to get closer to $290,000 (listed price) so he can downsize and put his daughter through college with the proceeds. Mark is really behind on car payments and will be in major financial trouble if he doesn't make some payments soon. As such, he really needs to sell Juan's house fast. At the open house, there was an interested party that was not represented by a an agent. They seemed pretty interested so Mark told him the seller is willing to take $275,000. The couple was excited to hear this because they can't afford to go over that price anyway. Mark writes up a purchase contract for the couple, The Blakely's. Mark tells Juan he did his best to the couple up on price and that he should accept the offer. Juan accepts the offer and both parties close escrow.

• Did Mark do anything illegal? What are the ramifications of his actions? What type of agency and duties did he have with both parties?

Consider the following scenario and explain at which points each of the agents is required to make agency disclosures to each party. On March 15, a seller decides to list his house for sale with Focus Realty. An agent at Focus, Sue Park, has the seller sign a listing agreement, then promptly submits the listing information to the MLS. On April 19, Ronald Suarez, an agent with Hometown Real Estate, shows the home to a buyer he's working with. On May 1, the buyer tells Suarez he wants to buy the house. Suarez prepares an offer (a purchase agreement form), the buyer signs the form, and Suarez submits it to the listing agent, Park, who presents it to the seller the same day. On May 4, the seller tells Park, the listing agent, that he wants to accept the offer. She has him sign the purchase agreement form and then calls Suarez to let him know. The closing date will be June 12. When does Sue Park, the listing agent, have to give the seller a copy of the agency disclosure form (by what date)? When and how is she required to disclose her agency status in this transaction to the seller? When does Ronald Suarez, the selling agent, have to give the buyer a copy of the agency disclosure form? When and how is he required to disclose his agency status in this transaction to the buyer