Agency
Under Arizona agency law, when does the listing agent's obligation to present offers to the seller end?
AWhen the property goes under contract with another buyer
BWhen the seller instructs them to stop accepting offers, or when the listing expires or is terminated✓ Correct
CAfter the first offer is accepted
DWhen the listing agent retires
Explanation
The obligation to present offers continues until the seller instructs otherwise, the listing expires, or the listing is terminated. Even after a contract is accepted, backup offers should be presented unless the seller has instructed not to.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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