RPL - Chapter 6: The Search for Real Estate - Topic: Broker's Duty - Fiduciary Duty 15 points This assignment contributes to the following Basic and Advanced Learning Objectives for this Module Identify the specific fiduciary duties of a real estate broker and identify the remedy for breach of a fiduciary duty. Examine a case problem to determine whether a real estate professional's duty (fiduciary or otherwise) has been breached. Discuss the extent to which the legal system should protect parties to a contract to purchase and sell real estate. Before completing this assignment, you should have completed the quizzes for this Module. Read chapter 6, pages 200-206, the National Association of Realtors List of Specific Fiduciary Duties posted to the Content section of D2L, and problem 8 on page 231. Part 1: Identify. List the specific fiduciary duties of a real estate broker who becomes an agent of a seller or buyer, using the acronym OLDCAR, and answer the question about each duty. What is not included in this duty? 0 L D C A R What is a classic example of breach of this duty? Does an agent have to tell the seller about ALL offers to purchase the seller's property? What caveat applies to this duty? What does this duty compel? What standard of care applies to this duty? Part 2: Apply - Examine a case problem. In problem 8, on page 231, Laurent breached at least 2 of the specific duties. List them and explain why Laurent's conduct was a breach. +Also, explain what remedy will be awarded to the Smalleys, List the duty that was breached in this column. In this column, explain why Laurent's conduct was a breach of that duty. Remedy: Will the Smalley's be awarded the profits of the second sale as well as the $12,000 commission previously paid to Laurent? Yes, or No: Explain: Part 3: Discuss. The relationship between a real estate broker and someone who engages them to buy or sell property is founded on a contract, an agreement between parties to do business with one another. In the video about contracts, you learned that a contract must have a legal purpose. One part of that requirement is that the contract must not violate public policy. If the agreement has the tendency to be injurious to the public or the public good, it is contrary to public policy. If a provision in an agreement violates public policy, that provision will not be enforced by a court. What if the contract between the Smalleys and Laurent had included a provision in which Laurent's fiduciary duty was waived; would that violate public policy? Some people believe that waivers of fiduciary duty should be enforceable because all parties have the freedom to contract and specify the terms of their agreement. Others argue that while that approach is appropriate for well-informed parties, many people do not appreciate the nature or implications of fiduciary duties and the effect of waiving them. What is your view on this issue; Should courts enforce a waiver of the fiduciary duty in a contract between a real estate broker and a client who has engaged them to either buy or sell real estate? State your view in the first sentence, and then explain your rationale. Use the facts of the case problem to illustrate your view. Write your answer here: