If however she is stupid there is no harm in trying as long as you stay, in total, below your top price.

The Howey test is used for franchise agreements, partnership interests, pension plans, and bank instruments...mostly.The form of the agreement and what parties call it is irrelevant, courts and regulators will look at the substance of the contract.For notes, the Supreme Court created the "family resemblance test" under Reves.

Any confrontation should be avoided as it will likely harm your case, not hers. 

Or, I get to wait for someone to accuse me of harming the former borrower by not exposing the property to the highest potential buyer pool.

Personally I would never let a deal harm a friendship. 

So i figured whats the harm i'll take the class and i'll benefit by gaining direct access to the MLS.

As far as I can tell, there is no harm to accepting a colleague request because it just means (I think) that they can message you in the future.

As far as I know, TK providers don't generally negotiate on price, but there is no harm in trying.

If it still boils down to NNN lease just via different language, then the IRS will look at the substance of the transaction and rule that NNN is NNN no matter what you call it. 

It seems quite harmful to both the seller and the buyer, but great for the agents.