Standing At The Altar

Abstract

This case provides an excellent test of a student’s basic knowledge of the residential property real estate process as it relates to having a signed buyer’s agreement, pre-approved financing and potential ethical dilemmas.  The case introduces students to the purchase of property using the expertise of a real estate agent.  It also highlights the need for a formal contract between the buyer and the realtor as well as the potential pitfalls to the buyer and realtor if a contract is not employed. 

This case is suited to students taking the first real estate course, those who are taking a course in personal financial planning or those who are preparing to become realtors.  After reading and discussing the case, students should have a pragmatic understanding what a realtor brings to the market and why a contractual relationship is necessary for all parties.