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secret profit

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secret profit

The practice of real estate agents making money on the sale of their client's real estate above the amount paid as a commission.This typically occurs when an agent recommends a sale to a friend, relative, or a corporation in which the agent owns an interest, and then the agent profits on a resale or development of the property.Secret profits violate the fiduciary responsibilities owed to the client,making the agent liable for punitive damages,payment of the profit to the client, and possible loss of the agent's real estate license.



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SECRET PROFITS Another EUR674,699 is owed for personal guarantees given by them to the bank for the liabilities of a company, Downshire Residential Property Limited.
Eleanor's legal team had argued that it was her former business partner's duty not to negotiate for the benefit of Sorn Spring Water andmake secret profits for himself.
They recommended that Natwest sell its stake in an Enron-related venture in the Cayman Islands for a knockdown price, and shared a secret profit on the side of $20m with their Enron counterparts.
 
 
 
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