Ethel's Open House Dilemma: Unrepresented Buyer

What is the status of the unrepresented buyer in this scenario?

(a) a client to both Fred and Ethel.

(b) a customer to both Fred and Ethel.

(c) a customer to only Ethel.

(d) is not owed any of the fiduciary duties by either Fred or Ethel.

Final answer:

The unrepresented buyer is a customer to both Fred and Ethel. He is not owed any fiduciary duties by either of them.

The unrepresented buyer in this scenario is in for an interesting ride! Despite not having a real estate agent representing him, his request for Ethel to write his offer adds a twist to the situation. Let's break it down:

Explanation:

The unrepresented buyer in this scenario is a customer to both Fred and Ethel. Although Ethel agreed to write the buyer's offer, she made it clear that she exclusively represents the Ricardos and cannot represent any buyer. Therefore, she is not a client to the buyer, but rather just providing a service as a customer.

Since the buyer is unrepresented, he is not owed any of the fiduciary duties by either Fred or Ethel. Fiduciary duties are obligations to act in the best interests of a client, such as loyalty, confidentiality, and full disclosure. The buyer should be aware that he does not have a dedicated representative looking out for his interests in this transaction.

So, it's important for the buyer to understand the dynamics of this situation and proceed with caution as he navigates through the offer process without dedicated representation.