Agency
A Florida listing broker receives two offers simultaneously — one from a buyer represented by the listing broker's own company and one from an outside company. The broker's duty is to:
APresent the in-house offer first since it will result in a higher commission
BPresent both offers simultaneously to the seller with no preference✓ Correct
CPresent the higher offer first
DHold the outside offer until the seller responds to the in-house offer
Explanation
All offers must be presented promptly and fairly. The broker has a duty to present all written offers in a timely manner without giving preference to in-house offers.
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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.
Math Concepts
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