posted 30 November 2001 02:14 PM         

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Here's an example of a real situation which was reported by the Office of Fair trading:

Two estate agents "made a secret arrangement with a potential buyer under which the two
were to receive £5,000 each for recommending an offer of £950,000 for a property and misrepresented the details relating to the offer to the seller.

After the contracts had been exchanged, but before completion, the property was advertised for auction, with a reserve price of £1-£1.2 million. It was in fact sold for £1.2m before the auction, generating
a profit of £250,000 less expenses and stamp duty."