Agency
In New Mexico, a listing broker who has not yet received a signed purchase contract from a cooperating broker should:
AAssume the offer is coming and tell the seller
BNot discuss a potential offer with the seller until a written offer is received✓ Correct
CContact the buyer directly to confirm
DTell the seller the price the cooperating broker's client is willing to pay
Explanation
Agents should not speculate about offers or relay unconfirmed price information to clients. The seller should be informed only when an actual written offer has been received and is ready to be presented.
People Also Study
Related New Mexico Questions
- A New Mexico listing broker receives an offer below the asking price. The broker must:Agency
- A New Mexico purchase contract states 'closing on or before July 15.' The actual closing occurs on July 14. This is:Contracts
- A New Mexico purchase contract that has been signed by the buyer but not yet by the seller is best described as:Contracts
- In New Mexico, what does 'earnest money applies to purchase price' mean in a purchase contract?Contracts
- A New Mexico listing is priced at $525,000. The buyer offers $500,000. The seller counters at $512,500. If accepted, what percentage of the original asking price does the counter represent?Real Estate Math
- In New Mexico, a listing broker places a property in the MLS and offers buyer's brokers a 3% co-op commission. This offer is:Agency
- A New Mexico property is listed at $325,000. The buyer offers 92% of list price. What is the offer amount?Real Estate Math
- A listing agreement in New Mexico is a contract between:Contracts
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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.
Study This Topic
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →