In Alabama, when a listing agent receives an offer far below the listing price, their duty is to:
Why Present the offer to the seller promptly and in a timely manner Is Correct
Answer B: Present the offer to the seller promptly and in a timely manner
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
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- In Alabama, the listing broker's duty to present all offers to the seller means:Agency
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- An agent is required to pass along all offers to the seller, but may an agent refuse to present an offer at the seller's explicit written request?Agency
- An Alabama buyer makes an offer on a home. The listing agent immediately responds that the seller is interested but wants $5,000 more. No written counteroffer is signed. Is there a binding contract?Contracts
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Key Terms to Know
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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