A NC broker's duty to 'present all offers' applies even when:
Why The offer is significantly below asking price Is Correct
Answer A: The offer is significantly below asking price
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
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Related North Carolina Questions
- A NC buyer's agent has a duty to present all offers to the seller's agent promptly. This duty reflects the fiduciary duty of:Agency
- In NC, a listing agent who fails to present all offers to the seller, selectively withholding low offers, violates the duty of:Agency
- A listing broker in NC is legally obligated to present all written offers to the seller:Agency
- In North Carolina, 'dual agency' with written informed consent means the broker:Agency
Key Terms to Know
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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