A Colorado listing broker receives an offer significantly below asking price. The broker thinks it is a waste of time. The broker should:
Why Present the offer to the seller promptly regardless of the broker's personal opinion Is Correct
Answer B: Present the offer to the seller promptly regardless of the broker's personal opinion
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.
People Also Study
Related Colorado Questions
- A Colorado seller lists their home at $550,000 and receives an offer for 96% of the list price. What is the offer price?Real Estate Math
- A Colorado buyer's agent's duty to promptly communicate all offers and relevant information to their client reflects:Agency
- A Colorado buyer's agent who persuades a client to make an offer above their budget to earn a higher commission has violated which duty?Agency
- In Colorado, a broker has a duty to 'promptly present all offers and counteroffers.' This means:Agency
- A Colorado commercial property has an asking price of $1,500,000 and generates $108,000 in NOI annually. A buyer believes the cap rate should be 7.5% to reflect current market risk. What price would the buyer offer based on their target cap rate?Real Estate Math
- A Colorado listing contract gives the broker the exclusive right to sell. The sellers find their own buyer independently. Under an exclusive right-to-sell listing:Contracts
- A Colorado seller's agent is approached by a buyer who wants to make an offer on the listing. If the broker cannot refer the buyer to another broker, the broker may:Agency
- A Colorado property is sold for $525,000 with a 5.5% commission. The listing broker and buyer's broker split the commission 50/50. The listing associate receives 60% of their office's share. How much does the listing associate earn?Real Estate Math
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.
Study This Topic
Practice More Colorado Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Colorado Quiz →