what are some remedies for conflicts of interest in real estate?

Question

i have read some cases and i still havnt been able to find out some remedies one can take if a conflict of interest occurs. for example if a real estate agent is selling a property and he has connection with the property through family and the person buying the property doesnt know but eventually finds out what can the buyer then do as a breach has occured?

Answer 1

The real estate agent must disclose if he/she has an interest in the property. However, what kind of breach are you referring? If the agent has interest in the property and you didn't know, it still does not mean that you lost something because of it. If this agent represented the buyer and failed to disclose that he/she had an interest in the property, well then buyer can claim that agent failed to help the buyer negotiate the best available price. But disclosure is the name of the game. The agent must disclose to all parties any kind of interest in the transaction. You could report the agent to the association of Realtors or office of banks and real estate for failure to disclose. Perhaps speak to your attorney first. Try to identify what is it that you lost due to this failure to disclose and see if your attorney will rectify it for you directly with the agent.

Answer 2

Remediation

Answer 3

if the real estate agent is licensed with the state...call the state licensing board and ask this question...

good luck :)