Final answer:
An agent representing a buyer can advise an unrepresented buyer to have the abstract examined by an attorney and on asking for repairs but should avoid giving advice on the legal sufficiency of contract terms or what price to offer.
Step-by-step explanation:
An agent that represents a buyer can provide certain types of advice to an unrepresented buyer. This would include advice on having the abstract examined by an attorney (Advice on having the abstract examined by an attorney) as it relates to conducting due diligence. The agent can also provide advice related to negotiating items such as asking for repairs (Advice on asking for repairs). However, guiding an unrepresented buyer on the legal sufficiency of contract terms (Advice regarding the legal sufficiency of a paragraph of the contract) or on what price to offer (Advice on what price to offer) could lead to conflicts of interest or unauthorized practice of law if the agent is not qualified to give such advice.
Considering the possible issue of imperfect information when setting a price, a seller of goods might reassure a buyer through providing warranties, obtaining third-party certifications, or being transparent with all available information (imperfect information).
To address the challenge of agreeing on a price when imperfect information exists, effective communication, and possibly seeking the assistance of a mediator or an independent appraiser, can serve to bridge the knowledge gap between the buyer and the seller.