Agency
A listing agent who receives an offer far below the asking price is required to:
AReject the offer without presenting it to the seller
BPresent all written offers to the seller promptly✓ Correct
COnly present offers within 10% of the listing price
DCounter the offer on behalf of the seller without the seller's knowledge
Explanation
A listing agent has a fiduciary duty to present all written offers to the seller promptly, regardless of how low the offer may be. Failure to present an offer is a breach of fiduciary duty and violates license law.
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Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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.
State-Specific Concepts
License Law
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