Agency
In Maryland, a seller's agent who receives two offers simultaneously must:
APresent only the highest offer to the seller
BPresent both offers promptly to the seller for their consideration✓ Correct
CPresent offers in the order they were received, one at a time
DHold both offers for 24 hours before presenting
Explanation
Maryland agents have a duty to promptly present all offers to the seller. The seller decides which, if any, to accept — the agent cannot pre-screen or withhold 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.
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.
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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