Agency
A Kentucky listing agent presents an offer that is $10,000 below asking price. The seller asks the agent 'Is this buyer's best offer?' The agent should:
ATell the seller the buyer can pay more if they know this from the buyer
BRefuse to answer since the seller is not the agent's client
CNot disclose the buyer's maximum price as that information is confidential to the buyer's agent✓ Correct
DAsk the buyer's agent to reveal the buyer's maximum price
Explanation
The buyer's maximum price is confidential information belonging to the buyer and their agent. As a listing agent, you cannot disclose confidential information from the buyer's side.
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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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