Agency
In Michigan, when multiple offers are received on a property, the listing agent should:
APresent only the highest offer to the seller
BPresent all offers to the seller and advise on strategies while maintaining confidentiality of competing buyers' terms✓ Correct
CDisclose all offer terms to all buyers to encourage a bidding war
DOnly present offers submitted with pre-approval letters
Explanation
When multiple offers are received, the Michigan listing agent must present all offers to the seller and advise on strategy. The agent must maintain confidentiality of competing offers' specific terms (unless the seller authorizes disclosure) to maintain fair dealing.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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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