Agency
In Maine, an agent who 'sits on' an offer for two days before presenting it to the seller may be violating their duty of:
AConfidentiality
BDiligence (prompt presentation of offers)✓ Correct
CAccounting
DLoyalty to the buyer
Explanation
Maine license law requires prompt presentation of offers. Delaying without justification violates the agent's duty of diligence to their client (the seller) and may deprive the seller of the opportunity to accept or counter in a timely manner.
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Key Terms to Know
Lien
A 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.
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.
State-Specific Concepts
License Law
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