Key Takeaways
- The same transaction can be ethical or exploitative depending on how it is conducted.
- The exploitation test: would you be comfortable with the seller's advisor present during the negotiation?
- Legal compliance is the floor, not the ceiling—ethical practice exceeds legal requirements.
- Four pillars of ethical practice: transparency, informed consent, fair value, and dignity.
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Test Your Knowledge
1.What is the "exploitation test" for evaluating the ethics of a motivated seller transaction?
2.Which federal law specifically addresses fraudulent schemes targeting homeowners in foreclosure?
3.What is the foundation of an ethical framework for motivated seller transactions?