Agency
Under the NAR Code of Ethics (Standard of Practice 1-15), REALTORS® must disclose to the buyer:
AThe seller's exact motivation for selling
BThe existence of offers on the property when asked by a buyer or cooperating broker✓ Correct
CThe seller's lowest acceptable price
DThe names of all other interested buyers
Explanation
NAR's Standard of Practice 1-15 requires REALTORS® to disclose the existence of other offers to prospective buyers or cooperating brokers upon inquiry, as long as the seller has not instructed otherwise in writing.
Related Arkansas Agency Questions
- In Arkansas, which written document typically establishes the seller's agency relationship with a listing broker?
- When a salesperson acts as a dual agent, which of the following statements is TRUE?
- An agency relationship requires which of the following essential elements?
- A listing agent owes fiduciary duties to the:
- A seller's agent who fails to disclose that the subject property is in a flood zone to a buyer may be liable for:
- Arkansas law requires dual agency to be disclosed and consented to in:
- Which of the following best describes a subagent?
- A listing agent learns that the seller is going through a divorce and must sell quickly. The listing agent must:
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