Agency
A Rhode Island seller's agent receives an offer below asking price. The agent disagrees with the offer. What should the agent do?
AReject the offer without presenting it to the seller
BPresent the offer to the seller and provide their professional opinion, but let the seller decide✓ Correct
CCounter the offer without consulting the seller
DDiscourage the buyer from submitting the offer
Explanation
A seller's agent must present all offers to the seller promptly. The agent may share their professional opinion, but the seller has the right to make their own decision.
People Also Study
Related Rhode Island Questions
- A Rhode Island buyer's agent finds out their buyer-client is willing to pay $30,000 more than their offer price. The agent is approached by the listing agent who asks about the buyer's maximum. What should the buyer's agent do?Agency
- Which of the following is an example of a licensee breaching their fiduciary duty of 'obedience' in Rhode Island?Agency
- A Rhode Island seller receives an offer that is $20,000 below asking price. The seller may:Contracts
- A Rhode Island real estate salesperson receives an offer directly from a buyer on their broker's listing. What is the correct procedure?Rhode Island License Law
- When a Rhode Island buyer's agent submits an offer well below the list price at the buyer's direction, and the seller takes offense, what is the agent's position?Agency
- A Rhode Island agent discloses a property's material defects to the buyer without the seller's explicit permission. Did the agent violate their duty to the seller?Agency
- A Rhode Island broker who receives an offer on a listed property has a duty to:Rhode Island License Law
- A property sold for $315,000. The listing broker and buyer's broker each received 2.5% of the sale price. The listing agent receives 60% of their broker's share. What did the listing agent earn?Real Estate Math
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.
Study This Topic
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →