Agency
A Nebraska buyer wants their agent to make a 'clean offer' without contingencies to beat competing buyers. The agent should:
ARefuse to submit the offer as it is too risky
BCounsel the buyer on the risks but submit the offer as instructed✓ Correct
CAdd contingencies anyway to protect the buyer
DSubmit the offer only with the broker's written approval
Explanation
The agent must counsel the buyer about the risks of waiving contingencies (losing earnest money if financing fails, taking property as-is), but must ultimately follow the buyer's lawful instruction. The buyer has the right to make competitive offers.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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.
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