Questions: Alice is a real estate broker. Rich lists a home with Alice for 89,500. Later that same day, Robert comes into Alice's office and asks for general information about homes for sale in the 80,000 to 100,000 price range. Based on these facts, which statement is TRUE? Both Rich and Robert are Alice's customers. Rich is Alice's client; Robert is a customer. Alice owes fiduciary duties to both Rich and Robert. If Robert asks Alice to be a buyer's representative, Alice must decline because of the preexisting agreement with Rich.

The answer is: Rich is Alice's client; Robert is a customer.

This statement is incorrect. In real estate terminology, a "client" is someone who has entered into a formal agency agreement with the broker, while a "customer" is someone who has not. Rich has listed his home with Alice, making him her client. Robert has only asked for general information and has not entered into any formal agreement with Alice, making him a customer.

This statement is correct. Rich has entered into a formal listing agreement with Alice, making him her client. Robert, on the other hand, has only asked for general information and has not entered into any formal agreement with Alice, making him a customer.

This statement is incorrect. Alice owes fiduciary duties to her client, Rich, but not to Robert, who is merely a customer. Fiduciary duties include loyalty, confidentiality, and full disclosure, which are owed to clients but not to customers.

This statement is incorrect. Alice can represent both the seller (Rich) and the buyer (Robert) in a transaction, but she must disclose this dual agency to both parties and obtain their informed consent. Dual agency is legal in many jurisdictions, but it requires transparency and consent from both parties involved.