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Vincent has also been working with Jennifer to sell her rental property and to buy a new house in a nearby suburb. Vincent's real
Vincent has also been working with Jennifer to sell her rental property and to buy a new house in a nearby suburb. Vincent's real estate agency manages the property on behalf of Jennifer and collects rent which the property management fees are taken out of. Jennifer has paid for an advertising campaign to help sell her rental property and has given the agency a sum of money to be used as a deposit on a new house. Vincent has been depositing Jennifer's money into the agency's bank account like it does with all client funds because it's easier to just have one account. Answer the following questions based on the scenario: a. Explain the requirement for separate accounts in a real estate transaction. b. Explain whether Vincent has breached his fiduciary duty to Jennifer by depositing her rental income, advertising money and house deposit into the agency's account? c. What are the consequences of mixing client funds with the agency's funds in a real estate transaction? d. What should Jennifer do if she discovers that her salesperson has mixed her funds in with agency funds?
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a The requirement for separate accounts in a real estate transaction is based on fiduciary principles and legal regulations Real estate agents acting ...Get Instant Access to Expert-Tailored Solutions
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