Agency
A Minnesota seller receives two competing offers simultaneously. The listing agent's obligation is to:
APresent only the higher-priced offer to the seller
BPresent both offers to the seller as soon as possible✓ Correct
CHold the lower offer until the seller decides on the higher one
DNegotiate one offer to acceptance before presenting the other
Explanation
A listing agent has a fiduciary duty to present all offers to the seller promptly. Minnesota law requires timely presentation of all offers unless the seller has specifically instructed otherwise.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
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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