Agency
In New Mexico, when a seller's agent receives a written offer, they should present it to the seller:
AOnly after reviewing it with the buyer's broker
BAs soon as practicable unless the seller has given written instructions to hold offers✓ Correct
COnly during business hours
DAfter 48 hours to allow for competing offers
Explanation
An agent's duty to the seller requires prompt presentation of all written offers unless the seller has specifically instructed otherwise in writing (e.g.
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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.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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