Agency
A Florida seller's agent receives a verbal offer to purchase. The agent should:
AAccept the verbal offer on behalf of the seller if it seems reasonable
BReduce the verbal offer to writing and present it to the seller✓ Correct
CReject the verbal offer since only written offers are valid
DTell the buyer to submit the offer to the seller directly
Explanation
While verbal offers are not enforceable for real estate contracts under the Statute of Frauds, an agent who receives a verbal offer should assist the buyer in putting it in writing and then present the written offer to the seller.
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Key Terms to Know
Agency
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.
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