Agency
When a buyer tells an agent they will pay up to $300,000 but want to start at $270,000, the agent should:
ATell the seller's agent immediately to facilitate a deal
BKeep this confidential and draft an offer at $270,000 as instructed✓ Correct
CRefuse to write an offer below the listing price
DDisclose the buyer's ceiling to the seller if asked
Explanation
A buyer's agent must keep the buyer's financial capacity and negotiating position confidential. The agent should write the offer at the buyer's instructed amount of $270,000, not disclose the buyer's true ceiling.
Related Arkansas Agency Questions
- When a salesperson acts as a dual agent, which of the following statements is TRUE?
- Under Arkansas law, when must agency disclosure be provided to a prospective buyer or seller?
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