Agency
In Rhode Island, what must a broker do when they receive multiple offers on a property they have listed?
ASelect the best offer and present only that one to the seller
BPresent all offers to the seller promptly, disclosing the existence of all offers without breaching confidentiality of individual offer terms unless authorized✓ Correct
CWait 48 hours to see if more offers come in before presenting any
DAccept the highest offer on behalf of the seller
Explanation
A listing agent must present all offers to the seller promptly. The agent may be required to disclose the existence of multiple offers to all interested buyers, while keeping the specific terms of each offer confidential, unless the seller instructs otherwise.
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Key Terms to Know
Agency
A 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.
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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