Agency
In New Mexico, a listing agent who receives multiple competing offers has an obligation to:
AOnly present the highest offer
BPresent all offers to the seller and disclose that multiple offers exist, allowing the seller to make an informed decision✓ Correct
CNegotiate each offer separately without disclosing competing offers
DAccept the first offer received
Explanation
When multiple offers are received, the listing agent must present all offers to the seller and disclose the existence of multiple offers (though specific terms of competing offers are confidential unless the seller instructs otherwise). The seller decides how to respond.
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Key Terms to Know
Right of First Refusal
A contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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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