You have been recently been appointed as an agent. Your principal is a real estate developer and has given you instructions to find, negotiate and conclude the purchase of a piece of land on which he proposes to build a new condominium (apartment) complex.The budget that you have been given is $1 million. The principal does not yet want his involvement in the project to become publicly known. As such, the arrangement is that you will purchase the property in your own name and then transfer it to the principal. You are aware from the discussions in which you have been involved that your principal proposes to do a high-end development and as such the complex would have two swimming pools, a fitness centre and other luxury features. You are required to review the following scenario and explain whether you would be breaching the duties of an agent. explain legal principles

You bought Pink Acre which consists of 10 acres. Pink Acre is large enough to accommodate the residential development. After the sale was completed, your principal filed architectural and structural plans with the city. The city has advised that Pink Acre is not zoned for residential development and a re-zoning for such use is not possible.