POST 303 100% Solved!

You will be presented with a series of scenarios. Indicate whether the activities performed are allowed (Deal) or not (No Deal). We will then walk through the scenarios together. An LLC homebuilder building in several subdivisions has W-2 employees in model homes in each subdivision who show available properties, discuss design options, answer consumers' questions, negotiate sales contracts, accept deposits, and otherwise service the transaction from beginning to end. - ANSWERSDEAL The believed owners of 40 acres of land that has passed by intestate succession from the two prior owners hire an attorney to confirm title, which he does. The attorney discovers that the tract is landlocked due to an out-conveyance by a prior owner. The attorney negotiates easement rights with an adjoining property owner, records the easement, and is paid for his time based on his hourly rate. - ANSWERSDeal The owners now ask the attorney, having resolved the title and access issues, whether he know someone who would be interested in purchasing the property? The attorney, on the owners' behalf, contacts two different developers, both of whom compete for the property. The owners accept an offer, the transaction closes, and pay the attorney 2% of the purchase price for his services. - ANSWERSNo Deal Sellers are under contract to sell but must begin their new jobs in another state two weeks prior to settlement and won't be able to attend. The sellers sign a power of attorney giving the wife's unlicensed brother authority to sign the deed, the settlement statement, and any other documents required at closing. - ANSWERSDEAL A fully competent owner of several rental properties doesn't like to be burdened with "details" and persuades her tax preparer to handle the leasing and rent collections for her rental properties, since he reports all income and expenses when he prepares her taxes each year. The tax preparer is authorized to withhold 8% of all rents collected as his fee. - ANSWERSNo Deal Adult child is appointed as the guardian for a parent who is suffering dementia and no longer can manage their financial affairs. The guardian advertises the parent's home for lease, shows it, and after carefully vetting an applicant enters into a written lease agreement, begins collecting the monthly rent, and uses it to pay any property-related expenses. - ANSWERSDeal