Alberta Real Estate Licensing Exam Practice · Question
A real estate professional becomes aware that their buyer client has obtained financing at a much higher interest rate than initially disclosed. What is their ethical obligation?
A licensee's duty includes putting the client's interests first and providing relevant advice, even after conditions are waived.
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Question: A real estate professional becomes aware that their buyer client has obtained financing at a much higher interest rate than initially disclosed. What is their ethical obligation?
Answer options: ✅ Advise the client of potential alternatives and implications, even if the deal is firm.
- Keep silent as the client has already signed the mortgage agreement.
- Inform the seller's agent to see if they can help.
- It is not the licensee's concern if the buyer qualified for financing.
Correct answer: Advise the client of potential alternatives and implications, even if the deal is firm.
Explanation: A licensee's duty includes putting the client's interests first and providing relevant advice, even after conditions are waived.
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