When answering this question, it's important to demonstrate your understanding of ethical standards and legal obligations in real estate transactions. Start by explaining what constitutes a conflict of interest in this context. Then, outline the steps you would take to identify, disclose, and manage such conflicts. Provide specific examples from your experience where you successfully handled a conflict of interest, emphasizing your commitment to transparency, fairness, and adherence to legal and ethical guidelines.
Example: "A conflict of interest in a real estate transaction might occur if I were to represent both the buyer and the seller. To handle such situations, I would first identify the potential conflict and disclose it to all parties involved. I would then seek their informed consent to proceed or recommend that one party seek alternative representation. In a previous case, I was representing a buyer when I realized that my firm had a prior relationship with the seller. I immediately disclosed this to my client and provided them with the option to continue with my representation or seek another attorney. My client appreciated the transparency and chose to continue with my services, which allowed us to proceed with the transaction smoothly and ethically."
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