Agency
A Connecticut buyer's agent learns that the seller has received multiple offers. The buyer's agent should:
ATell the buyer the amounts of the other offers to help them win
BAdvise the buyer to submit their most competitive offer and explain market conditions that might help them make an informed decision✓ Correct
CWithdraw the buyer's offer to avoid a bidding war
DContact the other buyers' agents to coordinate offer amounts
Explanation
A buyer's agent should advise the client on competitive offer strategies based on market analysis and knowledge of the property, without disclosing other offers' specific terms. The agent must not contact other buyers' agents to coordinate bids (which could constitute collusion).
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AgencyA 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.
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